Oracle General Ledger – Functional Interview Questions

Oracle General  Ledger – Functional Interview Questions

 Hello Friends, As a series to get improve on Financials , here some more General Ledger Questions, I consider these as functional and advance questions.

Can a flexfield qualifier be changed after it has been created?

No. Once a segment qualifier has been designated for a specific segment and has been saved, it will permanently have the attributes with that qualifier.

For example, you accidentally designate the cost center segment as the natural account segment. Even though you do not compile this, the system saves the changes. And once it has been saved, it will have all the attributes designated for the natural account qualifier, even after it has been changed back, resaved with the correct qualifier and compiled. This is the inherent functionality of the software.

Unfortunately, there is no real easy solution for this issue. The only option is to create a new chart of accounts and attach a new set of books.

 

 

 

 

Does the Accounting Flexfield needs one segment flagged with the Intercompany qualifier?

The intercompany segment is an optional Intercompany feature for the Intercompany Segment Balancing.

It is not required in order to do intercompany balancing.

It is just another way to do the intercompany balancing, instead of using different natural accounts to track intercompany balances, you can use the intercompany segment in the Chart of Accounts to record the same detail.

It is more just a matter of preference of how you want to track the intercompany transactions.

 

 

 

 

 

Can different Sets of Books share the same Value Set?

If there is a set of books that uses a particular value set and a new book is created, it can use the existing value set.

When the Account Flexfield Structure is created, simply choose the existing value set from the List of Values.

However,if you use an existing value set, the new structure will also inherit the existing values in the value set. It does not create an empty value set to be populated.

 

 

 

 

Can the Accounting Flexfield Segment name be changed?

Nothing about a flexfield structure should be changed since this could seriously impact your existing data and cause inconsistencies

The LOV (list of values) prompt and window prompt that appear on the segment form can be changed so the users can see the segment with a different name.

1.      Navigate to Setup: Financial: Flexfield: key: segments

2.      Query all

3.      Unfreeze your flexfield

4.      Open the segment summary screen

5.      Choose the segment you wish to change

6.      Change the LOV and window Prompts and insert the new name.

7.      Save your work

8.      Freeze the Flexfield which should launch a concurrent request.

9.      Check the log and make sure the compile worked OK.

 

How to add a new value to an existing segment?

On the Segment Values form, insert a new row with your new value.

Make sure the segment qualifiers are set correctly (Allow Posting and Budgeting).

If this is the natural account segment, specify the Account Type also.

 

 

 

 

 

How to delete a segment value?

 There is no supported way to delete a segment value. Segment values can only be disabled not deleted.

 

How to enable an existing Future-Use accounting flexfield segment?

 Do the following, on the Key Flexfield Segments form:

1. Unfreeze the accounting flexfield
2. Change the Window Prompt name to a valid name (do NOT change the segment name)
3. Update the Default Type and Default Value (if necessary)
4. Freeze the accounting flexfield and recompile

How to re-enable an account value?

 In order to re-enable an account value or remove an end date, do the following: 

1. Unfreeze the accounting flexfield structure
2. Re-enable the account value or remove the end date of the segment value.
3. Re-freeze the accounting flexfield structure and recompile.
4. Log out of the applications and log back in.

 

Is there a way to load values for a specific segment outside of the form?

 

iSetup is the Oracle product that provides supported APIs to load values into Oracle Applications flexfields.

To load code combinations ADI may be used. Uploading zero amount journals will create new code combinations.

In this case Dynamic Insertion should be enabled and all account segment values need to exist before the new account code combinations will be dynamically created.

What is the difference between Hierarchical and Non-hierarchical Security Type?

 

 

 

• Hierarchical Security: This feature combines Flex Value Security and Flex Value Hierarchy.
  The end result is ?a flex value is secured if one of it?s parents is secured?, i.e. if a parent value is excluded then all the children are also excluded.

 

 

With non-hierarchical security, the child values do not inherit the parent security.

 

Which tables store segment values and descriptions? 

• FND_FLEX_VALUES_TL
• FND_FLEX_VALUES.

 

Thanks - Shivmohan Purohit 

 

 

 

Oracle Projects – Revenue Generations and Credit Memo Questions

Why does the Invoice Class show as Invoice instead of Credit Memo when an invoice reduction event is created?
A:  This is the intended functionality.  In the case of Invoice Reduction Events, there is no specific invoice to credit, therefore they are created with the class of Invoice instead of Credit Memo.

What accounting is performed when an invoice write-off is initiated in Projects?

A:   The Revenue and Invoice Accounts function is called by AutoAccounting when the credit memo type is a Write-Off.  The accounting that is performed is a credit to the Receivable Account and a Debit to the Expense Account that has been set up for Write-Offs in the AutoAccounting setup. Revenue would not be affected by a Write-Off.  The expense would offset the revenue in the income statement.

 What happens when an invoice is canceled?

 

A:  When an invoice is canceled, the transactions that make up the invoice are returned to an unbilled status and made available for rebilling during the next billing cycle.  After an invoice is canceled, the PRC: Generate Draft Invoice process creating the Credit Memo replaces the columns      PA_CUST_REV_DIST_LINES_ALL.DRAFT_INVOICE_NUM and PA_CUST_REV_DIST_LINES.DRAFT_INVOICE_LINE_NUM with NULLs for the expenditure items being credited.  This results in the “missing” details in the original invoice and the credit memo.

How does Oracle Projects handle on account credit memos?

A:  From a Projects perspective, the only way to manage an “on account” credit memo is to create the independent crediting invoice using a negative manual event.When the time comes to apply the credit to the proper invoice, create a positive event (debit memo) to offset the negative invoice then create a standard credit memo against the appropriate invoice.

 

How are partial write-offs handled when the invoice has tax?

 A:  When you do a partial write-off in Projects, it credits a small portion of each invoice line. If you need to write-off a particular line of a Projects invoice, a partial write-off should be done in Projects and interfaced to Receivables so that the two modules are in synch.  From Receivables, incomplete the invoice and adjust it.  Using this method will ensure that the modules stay in sync and only the lines that you want to write-off will be written off.

 

Under what circumstances would I delete an invoice rather than canceling it?

 A:  An invoice can only be deleted if it has not been released. Once the invoice is released, it would need to be canceled to create an offsetting credit memo. Deletions do not create credit memos.

 

Is it possible to apply a credit memo to an invoice that has already been paid in Receivables?

A:  If the Invoice Type in Receivables has Overapplication = Yes, you should be able to interface the credit to Receivables.  If you do not wish to set Overapplication to Yes, you can unapply the cash receipt in Receivables and refund it to the customer or apply it to another invoice.

 

Why does the Generate Draft Invoices for a Range of Projects process automatically release revenue?

A:  When revenue is generated for a range of projects, revenue items are given a status of Released; when it is generated for a single project, the status assigned is Pending.  Because the status is released for revenue generated for a range, Projects automatically releases this revenue when the Interface Revenue to General Ledger (GL) process is run.  If there is a need to manually release revenue, you will have to run the PRC:  Generate Draft Revenue for a Single Project.  When ready, the revenue can be released manually from the Revenue Review window.

Why is revenue automatically released when releasing some invoices?

A:  When you release an invoice which is based on revenue details (such as a Time & Materials (T&M) invoice), Oracle Projects automatically releases the associated revenue.

Why is the project level bill rate schedule not recognized when generating draft revenue?

A:  Revenue is generated based on the Bill Rate Schedule saved at the task level.  Entering the Employee Bill Rate Schedule at project level is only allowed for default purposes; not for calculations.

What are the possible values for TRANSFER_STATUS_CODE in the PA_DRAFT_REVENUES_ALL table?

A:  When revenue is successfully generated, the status is set to P (Pending).  After running the Interface Revenue to General Ledger process, the status is set to A (Accepted) for successfully transferred revenue or X (Rejected in Transfer) for revenue that is rejected.  When the Tieback Revenue From General Ledger process is run, there will be no change to the A (Accepted) items but those items rejected by the GL will be set to R (Rejected) and will require correction and re-interface.

Is it possible to unrelease revenue?

A:  It is only possible to unrelease revenue if none of the following actions have been performed:

1. Released draft invoices for this draft revenue
2. Subsequently generated draft revenue
3. Summarized draft revenue for the project

Is it possible to generate partial revenue when a Hard Limit exists on an Agreement?

A:  No.  Projects accrues revenue for an event only if enough funding is available to accrue the full event amount. You can, however, accrue expenditure item revenue up to hard revenue limits by partially accruing the potential revenue.  The expenditure items are marked as partially accrued; they can be fully accrued by adding more funding prior to the next revenue generation run.

How to Review and Adjust Oracle Project Invoices

How to Review and Adjust Oracle Project Invoices
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Reviewing Invoices

You should review each invoice before you approve and release it for
billing. Use the Invoice Summary window or the Invoice Review
report to review invoices.
You can review invoice information such as:

- invoice amount
- invoice lines
- currency attributes
- expenditure items that back up invoice items
- invoice customer

In addition to reviewing invoice information, you should also review
an invoice to ensure that it did not encounter any generation errors or
distribution warnings during generation and to monitor the status of
your invoices. If you encounter a draft invoice with a generation error,
you should correct the error and regenerate the invoice.

Invoice Review Windows

The Invoice Summary, Invoice Lines, and Invoice Line Details windows
are folder-type windows. In these windows, many of the fields,
including the currency fields, are not displayed in the default folder.
You may want to create folders that display the fields you need, for the
types of entries you need to make.

To review invoices:

1. Navigate to the Find Invoices window.
2. Enter selection criteria and choose Find to view invoices in the
Invoice Summary window.

To review detailed invoice information:

In the Invoice Summary window, select an invoice and choose the
Open button to review detailed invoice information.

Adjusting Project Invoices

You can adjust anything on draft invoices before you approve and
release them. You can perform many of the same actions on an invoice
that you can on project expenditures.

If you perform an adjustment on an invoice?s expenditure
items and events, you need to submit the appropriate process
to reflect those adjustments. For example, if you change an
expenditure item?s status from billable to non?billable, you
need to submit the appropriate processes to recalculate cost,
regenerate revenue, and regenerate the invoice.

When you regenerate a project?s unreleased draft revenue and
unreleased draft invoices, Oracle Projects deletes the project?s
unreleased draft revenue and invoices and creates new draft revenue
and invoices.

To adjust an invoice:

1. Navigate to the Invoice Review window.
2. Find the invoice you want to adjust.
3. Choose the Open, Lines, and Details buttons to open the Invoice
Line Details window.
4. From the Tools menu, choose the adjustment you want to make.
5. Choose Run Request from the Invoice window to process the
adjustment.

To split an invoice or invoice line:

Choose Split from the Tools menu for the invoice or line you want
to split. In the Split Invoice (Line) window, enter the Split Quantity
you want to allocate to the first invoice or line, and choose OK to
mark the invoice or line for a split adjustment.
Distribute costs, and generate draft invoice to process the
adjustment.

To transfer an invoice or invoice line:

Choose Transfer from the Tools menu for the invoice or line you
want to transfer. In the Transfer Invoice (Line) window, enter the
Project Number and Task Number to which you want to transfer
the invoice or line, and choose OK to mark it for transfer.
Distribute costs, and generate draft invoice to process the
adjustment.

To cancel a released invoice:

You cannot delete a cancellation (credit memo) once Oracle
Projects performs the cancellation.

1. Choose the Credit button in either the Invoice Summary or Invoice
window.
2. Choose Cancel Invoices.
3. When you choose OK, Oracle Projects submits a process to create a
credit invoice.

To write off an invoice:

You can write off an invoice only if it has a status of Accepted.
1. Choose the Credit button from either the Invoice Summary or
Invoice window.
2. Enter the write off amount for the invoice.
3. Choose OK. Oracle Projects submits a process to write off the
invoice.

To create an independent crediting invoice:

1. Find the project for which you want to create the credit invoice in
the Projects, Templates Summary window.
2. Open the project and select the Events option under Billing
Information.
3. Enter an Invoice Reduction type event for the project or top task, as
appropriate based on your invoice format.
4. Save. When the Generate Draft Invoices process is run for your
project, a credit invoice will be created.

To delete an unreleased draft invoice:

1. Find the invoice you want in the Invoice Summary window.
2. Choose Run Request.
3. Click on the Delete Invoices option button.
4. Choose OK.