Wednesday, 24 May 2017

R12 - Explanation about the Segment Value

As salamo alaikum wa rahmatullah

For All segment - Allow Budgeting and Allow Posting will default to NO for parent accounts, or YES for posting accounts.
These can be changed to meet your company's needs with one Emitted restriction:Parent accounts should never ALLOW POSTING.
For the Natural Account, ACCOUNT TYPE is available and has two main purpose: to classify accounts as Assets, Liabilities, Owner Equity, Revenue, or Expense (Budgetary CR and DR are available for encumbrances), as well as to determine which accounts will roll into prior year Retained Earnings at the end of Fiscal Year.
Third Party Control Account will need to be CUSTOMER, SUPPLIER, or YES to use the Third Party Balance feature.
This feature will prevent manual transactions from being allowed to use this segment, and any combinations created with it, only allowing journal entries created in the sub ledgers. This will prevent manual miss-postings to the account and make reconciliations easier between the sub ledger and the General Ledger.
Selecting CUSTOMER restricts journal to sub ledgers where the applications is identified as CUSTOMER, and the same goes for SUPPLIERS.
Selecting either CUSTOMER or SUPPLIER will restrict posting to these accounts and prevent miss-posting. For example, a common posting error is to create a manual journal entry to the payable liability account int the general ledger,which throws this account out of balance with the sub ledger.
Setting up the payable liability account to Suppliers will restrict entries to the account to only entries from Payable.

RECONCILE needs to be set to YES to use the feature of Reconciling Accounts, usually for VAT transaction or clearing accounts.

Ma Asalaam
Passion 4 Oracle

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