This forum is to discuss different features/issues of Oracle Financials modules ( GL - General Ledger, AP - Accounts Payable, AR - Accounts Receivable, FA - Fixed Assets & CM - Cash Management ).
You can use FSG feature to configure the BS and P&L. You can go through oracle support website and oracle GL user guide if you want to know more about FSG. Also search in this forum.
The most suitable setup for balance sheet, profit & loss are using the FSG (like Saravanan said). it's more dynamic tools & you can easily design & use it.