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.
Accounting and reporting sequence in oracle cloud || what is accounting and reporting sequence in oracle cloud || difference between accounting and reporting sequence in oracle cloud
