Question { Ramco, 3048 }

What is the Process of Fixed Asset From Inducation to
Disposal & what are the journal entry in GL , AP AND IN
OTHER MODULES

Answer

Here are the steps
1. Create a Purchase Order. Distribution line will have asset clearing account (defined in item master). No Accounting entries
2. Receipt of the Asset: Asset clearing account - Dr and Accrual A/C - Cr
3. Create Invoice and match with PO/Receipt: Accrual A/C - Dr and Liability A/C-Cr
Make sure that Track as asset flag is enabled and accounting entries are created and transferred to GL
4. Run "Mass additions create" program. This program transfers the invoice distributions to fixed assets module
5. Prepare mass additions - Here change the status of the line to POST and then add the details like category, location, asset key, etc.
6. Run post mass additions - This will create assets in asset master.
7. Run depreciation. Accounting entries are created for Asset addition, Depreciation, etc and transferred to GL.
Asset addition
============
Asset Cost - Dr
Asset Clearing - Cr

Depreciation
===========
Depreciation expense - Dr
Accumulated Depreciation - Cr

Question { Wipro, 3087 }

For what kind of necessary information we Interact with
Vendors with regard to AP

Answer

Not clear. Interact with vendors? You mean the deploying company or the suppliers of the implementing company? We don't interact with the suppliers of the implementing company. So I assume you are asking for discussion details with the deploying company.

First we need to understand the whole process of Payables in the current setup and how they want to perform in Oracle Apps to decide the number of Operating Units (How they want to secure the data, how and where(division/place) invoices are received and entered, how and where invoices are paid, etc). Once Org structure is finalized (including intercompany related information), we need to interact with them to collect the setup related data.
This is an ongoing process till UAT is completed successfully.

Question { HCL, 2514 }

"Testing Client Specific Business Rules" explain.

Answer

If there is any customisation, then we need to have client specific test cases with expected output. Not sure if this is want you want...

Question { Genesis, 2652 }

Can somebody provide me the GL and AP implementaton guide

Answer

R12 documentation can be found here...Just google it...

https://docs.oracle.com/cd/B34956_01/current/html/docset.html

Question { Wipro, 5624 }

why we create diff calenders for each module

Answer

We don't create different calendars in different modules except special calendars in AP and depreciation and prorate calendar in FA.
In AP, special calendars are created for Payment Terms, Withholding Tax, etc which can be entirely different from accounting calendar.
IN FA, depreciation calendar decides the accounting periods for depreciation, but not necessarily match with GL accounting calendar. Prorate calendar mainly decides when and howmuch to depreciate in the first year and the last year (retirement year). Prorate calendars can be monthly, bimonthly, daily (365 days a year), etc.

Question { 3638 }

How to open the new future periods in GL while we are in P2P
or in O2C

Answer

Question is not clear.
If you need to open GL period, then go to GL responsibility which has got access to open/close period and then open the period.

Question { 2130 }

Can any one please tell me when and how the a/cing entries
will be generated from various modules when the
transactions are generated
Please help me in this matter

Thanks
KNRao

Answer

When? - When you run creating accounting (Final and Final Post), accounting entries are created. You can do create accounting for a single document or run concurrent program for a specific document type or for the OU.
how? - Accounting entries are created based on the rules setup in subledger accounting module for each event.

Question { 4067 }

Hi, I actually finished my oracle financials R12 course
recently and am planning to attend an interview next
week...so can any one help me with some of the important
interview questions? I am actually keeping 2 yrs fake
exp....

Answer

Did you go through all the Oracle Apps questions in this website? If you are comfortable in answering the questions, then you can start attending interviews...

Question { 5524 }

Hello sirs,
Can any body could Explain how to raise invoice through
Electronic method and later i want to mak payment through
cheque method. What set up I Need to do for that. I Faced
this question in the interview

Answer

Invoice through electronic method? In Oracle Fusion, there is a feature called Invoice image processing. i.e if we send a scanned copy of a invoice to a particular mail id (mail id will be given by oracle and licencing is separate for this feature), then oracle extracts the relevant information from the file (scanned copy) and creates an invoice. Not sure if this is what you wanted.

Question { HP, 9660 }

We have raised the requisition and PO,
and also raised the Invoice and made the payment but did not
match with PO.
What we need to do with that pending PO ?

Answer

Question is not clear. No impact if PO is not matched if invoice distribution accounts are entered properly (Accrual A/C). So accounting wise, there is no impact.

If the question is that PO has to be matched, then we need to reverse the payment and cancel the invoice and then re-enter another new invoice and match with PO/Receipt.

Question { L&T, 3097 }

What is primary set of book?

Answer

Primary set of books is the one in which the subledger and GL accounting transactions are directly entered. COA structure used in subledger transactions is from the primary ledger. Secondary ledgers are attached to Primary ledgers and transactions flow from primary ledgers to secondary ledgers.

Question { L&T, 3097 }

What is primary set of book?

Answer

Primary set of books is the one in which the subledger and GL accounting transactions are directly entered. COA structure used in subledger transactions is from the primary ledger. Secondary ledgers are attached to Primary ledgers and transactions flow from primary ledgers to secondary ledgers.

Question { Hexaware, 9961 }

What is the major differance between Multi-Org setup in 11i
and R12 instance

Answer

Here are the few differences which I could recollect (Used R11 long back)...

1. SOB name is change to Ledger
3. 3C is changed to 4C (Accounting convention is added - Accrual or Cash)
3. MO: Security profile - We can create a security profile and attach more than one operating unit thereby giving access to more than one operating unit in a single responsibility (Create and set the profile option).
4. Ledger set - Access to more than one ledger in a single responsibility.

Question { Logica CMG, 2465 }

how to create a journal source by user9

Answer

Is your question correct? Not a difficult one to create a source. just few fields.

Go to GL responsibility --> Setup --> Journals --> Source and create a source. There are lot of seeded sources. Check before creating a new one. Following fields are important.
1. Import Journal References - For subledger journals, all references are maintained for drilldown purpose
2. Require Journal Approval. - If we need to approve the journal before posting for a source, we need to enable this (We should have enabled approval at the Ledger level too).
3. Freeze Journals - If checked, we can not modify the journals in GL after import from other sources like AP, AR, etc (Freezing is preferred)

Question { 3332 }

What is the value/Amount Oracle takes for COGS Account
(while shipment is done)? What is the value the Oracle taken
when the revenue account is created during AR Invoice creation?

Answer

COGS account is debited and Inventory account is credited during shipping. The amount is taken as qty*item cost from inventory item (not sale order price).
When invoice is created in AR, Receivable account is debited and Revenue account is credited. Here the amount is taken as qty*sale order unit price.
If sale order unit price is higher than item cost plus sales and distribution cost, then the company will enjoy the profit.