6.1 Chart of Accounts Flashcards
What does the Chart of Accounts application enable the administrator to do?
set up default general ledger accounts and resource codes for standard accounting functions
Where are the values for the different GL components defined?
More Actions > GL Component Maintenance
How are general ledger account codes created?
link together GL component values
How to specify active or expired GL account?
use dates
expired - simply set date in the past
Where to change GL Account configuration?
Chart of Accounts > Add/Modify Account Structure
What can be modified using the Add/Modify Account Structure button?
length
type
screen delimiter
required y/n
Where are default placeholder characters defined?
Database Configuration
Where can an organization-specific placeholder be defined?
Organizations application
Validate GL Component Combinations
What does this validation rule enforce?
Hint: options
users can use either:
a combination of existing components, or
only the component combinations that are specified as general ledger accounts
List the validation options
Deactivate GL Validations
Validate GL Component Combinations
Validate Financial Periods
Require Valid GL Account for All Transactions
Validation Rules > Validation Options
Deactivate GL Validations
Describe
If you deactivate general ledger validations, the entries in general ledger account fields are validated against values in the Chart of Accounts application.
If you reactivate this setting, general ledger fields are not validated.
You can enter values in general ledger fields but cannot specify additional settings.
Validation Rules > Validation Options
Validate GL Component Combinations
Describe
If you validate general ledger component combinations, only valid general ledger account entries are accepted.
If you do not use this option, any combination of valid component values is accepted.
Validation Rules > Validation Options
Validate Financial Periods
Describe
If you validate financial periods, checks are performed to ensure that a transaction occurs within an open, valid financial period.
If you do not use this option, validations are not performed against defined financial periods.
Validation Rules > Validation Options
Require Valid GL Account for All Transactions
Describe
If you require valid general ledger accounts for all transactions, transactions without a valid general ledger account are not allowed. Without this selection, valid general ledger debit and credit accounts must be present on all transactions.
Where are financial periods for general ledger accounts created?
created manually by clicking the Financial Periods action
