Features of Oracle General Ledger

Following are the features of Oracle General ledger.

§  Enable Average Balance Processing for Specified Sets of Books

If you want to use average balance processing in General Ledger, you must enable the functionality for a specific set of books. With this feature, you can enable average balance processing only for those sets of books that require it. This ensures that you incur no additional overhead unless you need average balance processing

§  Capture Average Balances

General Ledger calculates and stores the necessary aggregate balance information needed to compute average balance amounts as of any day in the year.

§  Effective-Date Transaction Processing

A transaction's effective date determines which end-of-day and aggregate balances are updated by General Ledger. These balances, in turn, determine the calculated values of your average balances.

§  Transaction Calendar Control

Certain organizations that need average balance processing, such as financial institutions, are required to post transactions only on business days. Posting on weekends or holidays is not allowed, although some organizations do post period-end accruals on non-business days.

§  Control Transaction Balancing by Effective Date

Normally, General Ledger requires that total transactions balance for an entire period. When average balance processing is enabled, the system checks total transactions for each effective date to ensure that debits and credits balance. When they do not, General Ledger rejects the transactions, or, if you have enabled suspense posting, the system creates a balancing entry to the suspense account

§  Allowing Back-Value Transactions

You can post transactions with effective dates prior to the current date. When you do so, the effect on average balances is determined by the effective date, rather than the system or current accounting date. General Ledger adjusts the ending and aggregate balances of the affected accounts as of the effective date and all subsequent dates.

§  Maintain Averages for Summary Accounts

If you use summary accounts, and choose to enable average balance processing, General Ledger will maintain average, as well as standard, balances for your summary accounts. General Ledger automatically updates your summary average balances, as well as the standard average balances. You can use summary average balances in allocations and financial reports.

§  On-line Inquiry

You can use the Average Balance Inquiry form to review on-line information about the average or end-of-day balance of any balance sheet account. You can view summary or detail balances, as well as drill down from your summary balances to see the detail. Also, you can customize your view of the average and end-of-day balances to show only the information you want, in the order you want it.

§  Standard Reports

General Ledger provides two standard average balance reports:

• Average Balance Trial Balance--displays standard and average balances for selected accounts, as well as period, quarter, and year average-to-date balances, for any as-of date you specify.

• Average Balance Audit Report--displays the detail activity used to create aggregate balances and related average balances maintained by General Ledge

§  Custom Average Balance Reports(FSG)

With General Ledger's Financial Statement Generator, you can design custom reports that use average balances. You can even create reports which include average and standard balances.

§  Allocations and Recurring Journal Formulas

With average balance processing enabled, you can use average balances as input to any formulas you use to create MassAllocations, MassBudgets, and recurring journals. You can use any of the three average balance types (Period, Quarter, or Year Average-to-date), as well as end-of-day balances.

§  Multi-Currency Accounting

General Ledger fully supports using average balances for foreign currency conversion, revaluation, and translation. General Ledger maintains average and end-of-day balances for all of your transaction currencies, as well as your functional currency

§  Consolidation

General Ledger fully supports using average balances for consolidations, including both the transactions consolidation method and the balances consolidation method. You can consolidate average balances from different sets of books, using different currencies, calendars, and charts of accounts.