Create Primary Ledger
Create a primary ledger as your main record-keeping ledger. A primary ledger records
transactional balances by using a chart of accounts with a calendar, currency, and accounting
rules implemented in an accounting method. The primary ledger is closely associated with the
subledger transactions and provides context and accounting for them.
Navigator: Setup and Maintenance–> Financials–> General Ledger–>Manage Primary Ledgers.
Select + to create the primary ledgers.
Scenario
You have been assigned the task of creating a primary ledger for your company Vision
Corporation.
1. In the Setup and Maintenance work area, go to the following:
Offering: Financials
Functional Area: General Ledger
Task: Manage Primary Ledger
2. Click the Create icon.
3. Complete the fields, as shown in this table.
Field Value
Name Vision Corporation
Description Vision Corporation primary ledger for recording transactions.
Chart of Accounts Vision Corporation Chart of Accounts
Accounting Calendar Standard Monthly
Currency USD
Accounting Method Standard Accrual
1. Click Save and Close.
Note: You can’t change the chart of accounts, accounting calendar, or currency for your ledger
after you save the ledger.
Specify Ledger Options
This example demonstrates specifying the ledger options for a primary ledger. Your company,
InFusion Corporation, is a multinational conglomerate that operates in the United States (US)
and the United Kingdom (UK). InFusion has purchased an Oracle Fusion Enterprise Resource
Planning (ERP) solution including Oracle Fusion General Ledger and all of the Oracle Fusion
subledgers.
After defining your InFusion America Primary Ledger, in the Setup and Maintenance work area,
go to the following:
Offering: Financials
Functional Area: General Ledger
Task: Specify Ledger Options, with the ledger scope set
Note: Both primary and secondary ledgers are created in the same way and use the same user
interface to enable their specific ledger options.
Reviewing General Options
1. Accept the default name and description for the selected ledger.
2. Review the currency and chart of accounts for the specified ledger, which are
automatically provided.
Setting Accounting Calendar Options
1. Review the accounting calendar that defaults from your ledger.
2. Select Jan-2019as the first open period for your ledger.
Select a period after the first defined period in the ledger calendar to enable running translation.
You can’t run translation in the first defined period of a ledger calendar. In this example, your
calendar began with Jan-2016.
1. Enter 3in the Number of Future Enterable Periods
Any value between 0 and 999 periods can be specified to permit entering journals, but not
posting them in future periods. Minimize the number of open and future periods to prevent
entries in the wrong period.
Selecting Subledger Accounting Options
1. Accept the default accounting method from your ledger.
2. Select US American Englishas your journal language.
Completing the Period Close Options
1. Enter your retained earnings account: 101-00-31330000-0000-000-0000-0000.
This account is required. General Ledger moves the revenue and expense account balances to
this account at the end of the accounting year.
1. Enter your cumulative translation adjustment account: 101-00-31350000-0000-000-
0000-0000.
The Cumulative Translation Adjustment (CTA) account is required for ledgers running translation.
1. Don’t enter a value for the Default Period End Rate Typeor Default Period Average
Rate Type
The values entered here are used as the default for balance level reporting currency processing.
InFusion America Primary Ledger is using the subledger level reporting currency processing.
Specifying Journal Processing Options
1. Complete the fields, as shown in this table.
Field Value
Enable Suspense General Ledger
Default Suspense Account 101-00-98199999-0000-000-0000-0000
Rounding Account 101-10-98189999-0000-000-0000-0000
Entered Currency Balancing Account 101-10-98179999-0000-000-0000-0000
Balancing Threshold Percent 10
Balancing Threshold Amount 100
1. Enable the following entry and import options:
Enable journal approval: Enable the journal approval functionality.
Notify when prior period journal is entered: Notify the user when a
prior period date is selected on a journal entry.
Allow mixed and statistical journals: Enter both monetary and
statistical amounts on the same line in a journal entry.
Validate reference date: Require a reference date in an open or
future enterable period.
Separate journals by accounting date during journal import: Create
individual journal entries for each accounting date.
2. Select InFusion America Accrual Set from the list of values in the Journal Reversal
Criteria Setfield and click the Run Auto Reverse after open period option to reverse
accrual journal entries automatically when a new period is opened.
3. Click the Enable intercompany accountingoption to enable automatic balancing for
primary, second, and third balancing segments on intercompany journals and
transactions.
To complete the intercompany accounting functionality, you must define intercompany rules.
Note:
This example describes setting options for a standard ledger. You can convert a
standard ledger to an average daily balance ledger before the first period is
opened by selecting the Enable average balancescheck box on the Specify Ledger
Options page.
You can also convert an average daily balance ledger to a standard ledger before
submitting the Review and Submit Accounting Configuration task, provided the
average daily balance ledger wasn’t created through the rapid implementation
process.
