How to create accounting and reporting sequence in oracle cloud

In our Previous post we have discussed in detail about accounting and reporting sequence in oracle cloud. In this post we will see how to configure the accounting and reporting sequence in oracle cloud in detail.

Steps to configure/create accounting and reporting sequence in oracle

Below are the detailed steps on "How to configure/create accounting and reporting sequence in oracle cloud"

1. Navigate to setup and maintenance and search for the task - > Manage Accounting and reporting sequence

How to create Accounting and reporting sequence in oracle

How to configure Accounting and reporting sequence in oracle cloud

2. Under the sequence tab click on the (+) icon to crate a new sequence

How to create / configure accounting and reporting sequence in oracle cloud

3. Enter the sequence name , description , sequence version name , start date and Initial number of the sequence. Click Save and close

How to configure Accounting and reporting sequence in oracle

4. Now Navigate to sequencing assignment and click on (+) Icon

How to configure Accounting and reporting sequence in oracle

5. Select the ledger name , Journal entry , sequencing even , then under sequences select the sequence which you have created in the column "Name". click Save and close.

How to configure accounting and reporting sequence in oracle|| Steps to configure accounting and reporting sequence in oracle

What is Accounting and reporting sequence in oracle cloud

In this post we will see accounting and reporting sequence in detail in oracle cloud. We will also see the importance of accounting and reporting sequence in oracle cloud. Also we will we see the major differences between the accounting and reporting sequence in oracle cloud.

The accounting and reporting sequence in Oracle Cloud involves several steps, which are designed to ensure that financial transactions are accurately recorded and reported.

What is a sequence?

A sequence is a unique number generated by the system and assigned to an application transaction, which is used to uniquely identify the transaction in the system.

For example each transaction in the system in general ledger is assigned a unique sequence in ascending order, a missing number in the sequence would probably denotes that the journal is deleted and raises a flag for auditors.

What is accounting and reporting sequence in oracle cloud?

What is Accounting sequence ?

Accounting sequence is assigned to a GL journal once the journals are posted and is assigned to a subledger transaction / journals once they complete accounting.

What is Reporting sequence?

Reporting sequence is assigned to a GL journal or a subledger journal transaction once we perform the period closure. Once we close the period in general ledger , the system it self triggers a child program "Create reporting sequence" and assigns reporting sequence to the journals.

What is journal entry type and sequencing event in accounting and reporting sequence?

1) Journal entry type : General ledger

Sequencing event : Posting

This combination will create the accounting sequence for the general ledger journals.

2) Journal entry type : General ledger

Sequencing event : Period Close

This combination will create the reporting sequence for the general ledger journals.

3) Journal entry type : Subledger

Sequencing event : Subledger Accounting

This combination will create the accounting sequence for the subledger journals.

2) Journal entry type : Subledger

Sequencing event : Period Close

This combination will create the reporting sequence for the subledger journals.

Overall, the accounting and reporting sequence in Oracle Cloud is designed to provide a structured and standardized way to record and report financial transactions. By following this sequence, organizations can ensure that their financial data is accurate, reliable, and easily accessible for decision-making purposes.

In our next post we will see the configuration of accounting and reporting sequence in oracle cloud.