1) What is Flex field? What are different types of Flex field?
Flex field is used to capture information of your Organizations. Key Flex Field, Descriptive Flex Field.
Flex field is used to capture information of your Organizations. Key Flex Field, Descriptive Flex Field.
2) Difference between KFF and DFF?
Kff is Unique identifier, Stored in segment Column. DFF Is used to capture additional information, Stored in attribute Column.
3) How many KFF are in GL?
Only one KFF in Gl that is GL Accounting Flex Field.
4) How many segments are in Accounting Flex Field?
Max 30 segments and min two segments.
5) What are flex field Qualifiers?
Flex field Qualifiers is used to identify the segments. Various types of flex field qualifiers are listed below:
a) Balancing Segment Qualifier.
b) Cost Center segment Qualifier.
c) Natural Account Segment Qualifier.
d) Intercompany Segment Qualifier.
6) What is ledger and in which table ledger is stored?
Ledger is a Financial Reporting entity which Consist of four.
a) Chart of Accounts
b) Currency
c) Calendar.
d) Accounting Method.
Ledger is stored in GL_SETS_OF_BOOKS
7) What is Profile and what are different types of Profiles.
Profile is the changeable option that affects the way your application runs. There are two types of profile.
1. System defined
2. User defined
8) In Which tables Journal entries created.
Important table’s are-
1. Batch: GL_JE_BATCHES
2. Header: GL_JE_HEADERS
3. Lines: GL_JE_LINES.
9) What is a Roll up group?
Rollup group is to identify a group of parent values for reporting or other application purposes. It is used to create summary accounts for reporting purposes.
10) What are Security Rules and Cross Validation Rules? How it can be set?
Security Rules:
Security Rule to limit the access of different segment values for different responsibilities
To assign security rules:
1. Navigate to Security Rules window & Security rules
2. Assign it to application and responsibility that uniquely identifies the responsibility to which we want to assign security rules.
Cross Validation Rule:
A cross–validation rule defines whether a value of a particular segment can be combined with specific values of other segments. Cross–validation (also known as cross–segment validation) controls the combinations of values that we can create when we enter values for key flexfields.It is assigned to Chart of account.
11) How do you define Parent-Child Relationship for segment values?
In segment value enable the parent value, define the child range and enter the low high ranges of child value
12) What is Chart of Accounts? What are its pre-requisites?
Chart of accounts
The account structure your organization uses to record transactions and maintain account balances.
Pre-Requisites for Chart of Accounts
1. Segment
2. Value Set
3. Flex field Qualifier
4. Values
5. Segment Qualifier
13) What is an Accounting Calendar?
Accounting calendar is to specify the number of periods in the year for the purpose of transaction and marinating accounting data.
14) What is step-down Auto Allocation?
You must create journal batches in a specific sequence when using step -down auto allocation. Order your journal batches so that the posted result of one step are used in the next step of the Auto Allocation set.
15) What is FSG? What are the components of FSG?
Financial Statement Generator
A powerful and flexible tool that can be used to build customized reports without programming. Reports can be defined online with complete control over the rows, columns and contents of the report.
Components of FSG
1. Row set
2. Column set
3. Row order
4. Content set.
16) What is Year -end closing steps? How will you get Opening balances for a new year?
1) Run “Post all Journals"
2) Run “Close process - Create Income statement closing Journals”
3) Run “Close process - Create Balance Sheet closing Journals”
4) Close the period - Nav to Setup - Open/close, Select the period as close.
17) In Value set, how will you restrict wrong entry of values and also ensure security rules?
Using format validation we can specify the format type, Maximum size, Maximum & Minimum value, Precision and so on to restrict the wrong entry of values
By enabling security type as Hierarchical security or Non-Hierarchical security we can create security rule to ensure security.
18) Set up steps for Translation?
Define a period in the calendar that proceeds the first period we want to translate.
Define a period in the calendar following the period we want to translate.
Enter period and historical rates for the targeted currency.
Review the setting of the profile option GL: Owners Equity translated as PTD.
19) What is the difference between revaluation and translation?
Translation is a process that allows restating functional currency account balances into a reporting currency using average, periodic, or historical rate.
Whereas revaluation is a process that allows revaluing assets and liabilities denominated in a foreign currency using a period-end (usually a balance sheet date) exchange rate and any gain or loss is accounted.
20) What is the security provision in FSG?
Using system administrator responsibility, we can define security rules to control what financial information specific users can print when they run FSG reports.
To enable FSG security:
1. Define security rules for specific account segment values.
2. Assign security rules to specific responsibilities.
3. Set the profile option FSG: Enforce Segment Value Security to Yes.
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