Track Journals By Year - Doc Sequence???

[admin]

For reference you can download Apps Admin document from tutorial section and I had covered DFF in that document. thanks

[Nitin]

Hi,

Please tell me that in scenario if all the 22 Attributes which are standard in descriptive flexfield have been used, can any more attributes be created for being used.?

How can we check whether all have been used or not.
Thanks

Nitin

[vijayasarathyr]

Dear All,

Firstly Oracle Financials is the best ERP to maintain a company's finance.
Secondly, Making or tuning too much of the ERP to work or map for our processes, sometimes harm the system performance.
Third coming to the queries and suggestions:

I don't understand how come you can enter journals for the period 2004 when you are in 2006 or 2007. This is not standard acconting practice. As asked by one of you, Hows is the period still open for posting? How do you take financial reports for the year end without an ultimate Retained Earnings account for the next year?

If considering this is in place at the client site you are in:

I would suggest my way of doing this:

A. I will not mind crearing Journal Category for every year (one for the year) as it is yearly activity.

B. I will have two sequence created one for 2004 and another for 2006. While I enter entries for 2004 through ADI, I will put an end date for 2006 Sequence and vice versa for 2006.

Having said this, if the reporting was your problem, can't you tell the client that reporting can be made even without Document sequencing as the Date of Journal will be there for defining and running the report?

To sum it up, I don't agree with your way of accounting and the suggestions given by other colleagues of ERPStuff in this issue.

[Nitin]

Hi,

I have explained here that the transactions are "Foreign Currency Transactions" and accounting is happening like this to reduce forex fluctuations impact..Its standard accounting practice for foreign currency transactions.Please refer the International Accounting Standard for this.

Different sequences and categories are standard practice i agree, but creating a new category every year would be cluttering the system with lot of unwanted options making routine journal process difficult hence some use of "standard descriptive flexfield" has been suggested by the other esteemed colleagues here.

Please let me know if some addition may be made along this approach.

Thanks

Nitin