Different Accounting Closing Period Status

Future: Payables allows invoice entry and accounting in a Future period. Payables does not allow payment entry or payment voiding in a Future period. Payables allows you to limit the number of Future periods based on the number you enter in the Future Periods field in the Financials Options window. After you change the status of a Future period to Open, you cannot change it back to Future.

Open: You can record transactions and account for them in an Open period. You cannot open a period if it is an adjusting period. You define adjusting periods using the Define Calendar window. Adjusting periods can have overlapping dates.

Closed: Payables does not allow transaction processing in a Closed period. You can reopen a Closed period if the corresponding general ledger and purchasing periods are also Open. You cannot close a period in which any of the following conditions exist:

• Outstanding payment batches.

• Future dated payments for which the Maturity Date is within the period but that still have a status of Issued.

• Unaccounted transactions.

• Accounted transactions that have not been transferred to general ledger.

Permanently Closed. Payables does not allow transaction processing in a Permanently Closed period. You cannot reopen a Permanently Closed period.

Legal Entity

The Legal Entity represents a legal company for which the user prepares tax reports. Tax identifiers and other relevant information are assigned to this entity.

What is the difference between gl_date,gl_posted?

Gl_date is the date the transaction took place. it can be the date when the journal entry was made or the interface was run to populate this data.
Gl_posted is the date when these entries were posted to gl (usually by running post journal entries program)

About MRC and Multi-Org?

How to close AP and GL periods?

Explain if translation is necessary when using multi reporting currency?

First let us see what is Translation? Translation is a process that allows you to restate your financial functional currency into a reporting currency.
Now let us see what is MRC? MRC is a unique feature in Oracle that allows you to maintain and report in more than one functional currency.
So with MRC you can report in more than one currency than why do you have to do translation. If the report is a consoliated report than yes translation is necessary.

What is the navigation for applying Cross-Validation?

Cross-Validation Rules :cross-validation rules Determain which combination of Valid segment values are invalid regrdless of the user s responsbility.

1.Enable The Cross-Validation Rules at Structure level
Nav:setup > Financials > Flefields > Key > segment.

2.Define the Cross-Validation Rules
Nav:setup > Financials > Flefields > Key > Rules

What is flex field qualifier? Explain the types of flex field qualifiers

Oracle Applications require flexfield qualifiers for some of the key flex field structures.

There are total of four segment qualifiers
a) balancing segment
b) natural account segment
c) cost center segment
d) intercompany segment

Balancing segment - determines the segment level at which a balanced financial transaction occurs. Meaning total debits must equal to total credits. Typically COMPANY segment would be your balancing segment.

Natural segment - Natural segment is nothing but the account heads type. In other words natural segment determines the account type. There are five types of account types assets liabilities expenses revenue and owner's equity. Typically ACCOUNT segment would be your natural segment.

Also, Flexfield qualifiers are required for certain key flexfield segments.
For example each accounting flexfield structure requires two segments qualifiers which are balancing segment and natural account segment

What is the difference between Normal calendar and special calendar?

In GL we can define 2 type of calendars. One is Calendar (normal Calendar)and another Fiscal calendar.

Normal calendar uses the year in which an accounting period begin for the system name .
Fiscal Year uses the year in which your fiscal year ends.

In case of special calendars they will defined in AP module as type Recurring invoice payment terms withholding tax key indicator.

Recurring invoice payment terms withholding tax type calendar used for respective transactions as name indicates. Key indicator type calendar used for key indicator report