How to Create Accounting Calendar Manually in Oracle Cloud Fusion Financials

In this article you will understand, how to create Accounting Calendar Manually in Oracle Cloud Fusion Financials without Rapid Implementation.

It will cover:

• What are the Calendar Features?
• What is Period Frequency?
• What are Accounting Calendar Considerations?

What are Calendar Features?

To Create a calendar to define an accounting year and the periods that it contains.

• Specify common calendar options that the application uses to automatically generate a calendar with its periods.
• Define your calendar with at least one year before the period in which you start entering transactions.
• Make choices carefully when specifying the options, because it is difficult to change your accounting calendar after a period status is set to open or future enterable.
• Optionally, define multiple calendars and assign a different calendar to each ledger.

What is Period Frequency?

• Use period frequency to set the interval for each subsequent period to occur, for example, monthly, quarterly, yearly, 4-4-5, 5-4-4, or 4-5-4.
• Adjusting Period Frequency
• Use the adjusting period frequency to control when the application creates adjusting periods.
• The default is None which adds no adjusting periods.

What are Accounting Calendar Considerations?

How can set Start Date:

• Specify a calendar start date that is a full year before the start date of the year of the first translation period for your ledger.
• Remember translation cannot be run in the first period of a calendar. Translation requires that the first period that is ever translated for the ledger must be at least the second defined period in the ledger’s calendar because it derives an opening balance based on the prior period’s ending balance.
• Consider how many years of history to load from your previous system.

How to Define in Oracle Cloud Application?

1. From within your implementation project,

Navigation: Navigate > Define Common Applications Configuration for Financials > Define Enterprise Structures for Financials > Define Financial Reporting Structures > Define Calendars > Manage Accounting Calendars > Go to Task.

1. Use the Manage Accounting Calendar page to create and edit calendars.

2. Click the Create

1. Enter the desired information into the Name and Description Enter PentaSol calend.

2. Enter the desired information into the Start Date Enter 8/1/17.

3. Select Monthly in the Period Frequency field.

4. Accept the defaults in the Period Name Format.

1. Select the Once at yearend list item in the Adjusting Period Frequency

2. Click the Next

1. Use the Create Accounting Calendar : Period Details to review the calendar period data. Only year 2018 has been created.

2. Click Save and Close

3. Then, Click on the name of your calendar.

4. Click the Add Year button to add year 2019. Note: You can only add one year at a time between saves.

1. Click Save and Close.

2. Click the Done