Question

Explain how a revenue journal might to modified for the following specific business(choose 1). Discuss the process of posting from revenue journal to general ledger.

- Dunbar Auto Repair Business

- Dunbar Movie Theater.

- Mifflin Hut Snack Bar, Restaurant, and Lounge.

Answer 1

You choose a ledger set, an accounting period, and currency as the view criteria for the Close Monitor display. You can alter this selection at any time.

For example, change the currency displayed by:

• Working with a global ledger set.

• Shifting the focus to a lower level ledger set that is aggregating at the continental level, such as North America, that uses a different group currency.

• Including the ledger with the relevant currency representation that matches the selected group currency that the Close Monitor financial data is displayed in.

Note: If matching financial data for a ledger in the selected currency is not available, a message is displayed stating that the requested financial data is not available.

The Close Monitor supports different zoom levels to enable you to:

• Accommodate viewing a larger ledger set hierarchy in its entirety, given the limited display area of the user interface.

• Show detail information for each node which can vary, decreasing and simplifying in content as you zoom out further to be able to accommodate showing more nodes in a single view.

• Hover over the more summarized node and view a punch out of that particular node that shows the complete set of information available at the 100% zoom level.

• Leave the zoom level at 100% and move around the display to other ledger sets or ledgers currently not in view.

Note: A view control panel that can be exposed on demand allows you to adjust the zoom level, pan across the hierarchy, flip the display tabs, and switch the hierarchy display format.

Period Close Components: Explained

While implementing your accounting configuration, optionally define and maintain the period close components to customize your accounting configurations setup.

Period close components include allocations, period entries, revaluation, and historical rates.

If you use allocations, revaluation, or translation, configure the following tasks under the Define Period Close Components parent task in your implementation project:

• Manage Allocations and Period Entries

• Manage Revaluations

• Manage Historical Rates

Manage Allocations and Period Entries

Manage Allocations and Period Entries is a manual task in the implementation project. Use the Calculation Manager to create allocations and other formula journal templates for generating periodic journal entries automatically. Base formulas on multiple criteria.

You must perform an external procedure outside the Setup and Maintenance work area to complete this task. To set up your allocations rules, navigate to the Journals work area and click the Create Allocations Rules task from the Tasks pane. This task navigates you to Calculation Manager, a framework that enables you define your allocation rules and formulas using a graphical interface and intuitive step-by-step wizards.

Manage Revaluations

Defines currency revaluation options, such as the range of accounts to revalue and the gain or loss accounts. Revaluation is done to adjust foreign entered amounts due to currency fluctuations. Navigate to the Manage Revaluations page, and define and generate your revaluation definitions.

Manage Historical Rates

Historical rates are the weighted average rate for transactions that occur at different points in time. Used by the application to calculate the conversion rate on equity account balances during foreign currency translation of the balance sheet.

Navigate to the Currency Rates Manager page to define and maintain your historical rates that are used in the translation process. In Oracle Fusion General Ledger, you can currently define historical rates using an ADF Desktop Integrator spreadsheet.

To create historical rates, specify the required Ledger and the other optional fields, as needed. Click the Create in Spreadsheet button to open the spreadsheet for uploading.