Openning Balances

[TANVEERSHAHZAD]

Dear All,
I am Abdul Jabbar Khan Functional Consultant.
I am implementing FA kindly tell me.

(i) How we will lod the very initial data in FA mean openning balances.
(ii) Whether we will enter in clearing accounts or cost accounts.
(iii) what will be the recociliation of these openning balances with GL.

I am thanking you in anticipation

Regards
Abdul Jabbar
Functional Consultant Ora-Tech Systems Pakistan.
khan_abduljabbar@yahoo.com
+923445864234

[AmanKhan]

hi Jabbar,

Plz provide details abt the opening balances , period etc.

It depends on data.... You have 2 options, either you can move it from AP or from ADI into Assets. If the assets are in bulk then you should use ADI to upload assets.

Regards,

Aman

[TANVEERSHAHZAD]

Dear Aman,
When we generate the accounts in FA it is

Cost account Dr.
Cost clearing account Cr.

The account for Addition category journals is created either we come through mass addition or through manual addition.And the same account is transferred in GL.
Brother the cut of date is 30 Jun 2006 the opening balances will be loaded in 01 Jul 2006.

I want to know that.

( I ) Is there any need of knowing the acconts in which we load the amount in FA.or we need only the book value and other parameters till cut off date.

( ii) when we will enter the JV for each asset cost what entry we will have to pass so that the account for entering the opening balance.
Normally in running FA when we submit the request Create Journal Entries it creates the Journal Entries

Cost Account xx Asset Dr.
Cost Clearing Account xx Asset Cr.
The clearing account from AP and FA nullify each other then the actual entry becomes.

Cost Accont Dr.
Bank

I basically want to know that what will be account treatment of asset addition when we load opening balances. And other features if I have missed .

( iii ) kindly tell me also the openning balances reconceleation process FA with GL.

I am thankful to you very much for a kind response.

Regards
Abdul Jabbar Khan
Application Consultant Oracle Apps
Ora-Tech Systems Islamabad Pakistan
Khan_abduljabbar@yahoo.com
+923445864234