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Sunday 13 May 2012

GL Interview Questions & Answers


                  GL Interview Questions & Answers
          ================================

1.Question :
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Can anyone tell me about MRC and Multi-Org

Answers:
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Let me brief you about both MRC and Multi Org. MRC stands for Multi reporting currency . which means you should have different SOBs, One must be primary and others are reporting... (max. 8).

Where as Multi Org concept is we will set up a organisation where we will have a Business group then SOBS then Legal entities then Operating units then Inventory organisations and lastly sub Inventory catagerory.. This set up will help to avoid multiple installations and have only one installation. We will attach all sub ledgers like AP, AR etc at Operating level and GL and FA at SOB level..

HR at Business group level.. There is a lot to discuss on this topic. please refer any avilable oracle material for more details.



Multi-Org define multi organization and their relationship among them within a single installation of oracle apps.
such as set of book , business group, legal entity,operating unit and inventory.

2.Question :
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Can I delete a budget?

Answers:
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No


We can not delete the budget but we can do the adjustments. After adjustment, the budget value will be replaced with new value. Adjustment can be +ve or -ve.

3.Question :
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Can I update/adjust an existing account range in my budget organization?

Answers:
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Yes you can update an existing account range in Budget Organization.

4.Question :
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What is a funding budget?

Answers:
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A budget against which accounting transactions are checked for available funds when budgetary control is enable for your set of books.

5.Question :
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Why don't my budget amounts appear on FSGs?

Answers:
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In Coulum we have to mention the no. for control and also in report set we have put the budget defined in control field

6.Question :
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How many 'Current' budgets can you have?

Answers:
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For each set of books you can have only one current budget at a time.

7.Question :
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I was able to post a budget journal to a closed period, why?

Answers:
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Yes you can do so, reason being budget journal is not linked with your accounting period. Once you have open the budget period then you can book budget journal for that whole period.

8.Question :
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Is there a limit to the number of periods in a budget year or how many years a budget can span?

Answers:
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One can define budgetary control for n number of years however, one year can have maximum of 60 fiscal periods.

9.Question :
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Can you disable budgetary control for a set of books?

Answers:
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Yes, you can disable budgetary control for a set of book by unchecking the 'Enable Budgetary Control' check box in the Budgetary control tab page of the define set of books window.

10.Question :
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How can we integrate AR or AP to GL ?

Answers:
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we integrate AR or AP to GL through Set of Books


They are integrated to GL through GL_INTERFACE table.

11.Question :
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In GL there is no org id. So how do we differentiate the data from different operating units ?

Answers:
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In GL you will have Set of Books Id defined for each set of books you define for the organizations. Using SOB's ID you will distinguish the Books or Organizations.



We can use the COA if we use the company name or org name as one of the semgments

12.Question :
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At what stage is the subledger data posted to GL ?

Answers:
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Basically after entering the transactions, report will be taken to verify the transactions. In case, if approval is needed, it is approved after verifying the transactions. Once you are sure that the transactions are correct, the same can be posted to GL. Once it is posted, most of the informations for the posted transaction can not be modified in the subledger. In case of any wrong entry, you need to follow the reversal procedure.

Practically, the verification of transactions are done only during the initial stages after implementation. Once the system becomes stable, it is not followed strictly.

Note : Make sure that GL period is open for the transaction GL date.

13.Question :
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What is the difference between GL date and GL posted date ?

Answers:
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GL Posted Date : It is the defaultly current date, but you can change it.

GL Date : Beginning and ending GL dates that will be picked up when interface is executed.

14.Question :
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Why cant interest rates be set uniqely supplierwise in payables module.whereas interest rate is applied to all suppliers the same rate.

Answers:
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Terms and conditions differ with each supplier.

15.Question :
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What are different types of Journal entries?

Answers:
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There are 4 types of journal entries.

1. Basic Journal Entry - Used for most of the accounting transactions
2. Reversing JE - Created by reversing the existing journal entry
3. Recurring JE - Defined once and then generated for subsequent
accounting period
4. Mass Allocation - Created to allocate the revenues and assets to a
group of resources(cost centers, depts, divisions,etc) from a single
Journal.

Journal are Different Types
1.Functional Currency Jv: This Journal,we enter Local Currency trasaction purpose..
2.Foreign Currency Jv:this Journal, we enter other than local currency transaction purpose...before we define exchange rates

3.Suspense Jv :this Journal,when ever debit is not equal to credit that time, we enable in set of books window Suspense button,then it works otherwise it's not working

4.Tax Jv :this Journal, calculate
taxation of Purchased items

5.Reverse Jv:this Journal when ev er we enter roung journal, at the time of we using..we have two methods...one is Debit to Credit and second one is sign (+ to -)
6.Recurring Jv :this one is We define one template, we use Periodically, these are 3 types
1.Standard 2.Skeleton 3.Formula

7.Mass Allocation Jv :Set of Expenses or Set of Revenue allocate different parts using Formula A*B/C
A is Total Cost Pool..B is Usage Factor...C is Total Usage Factor...
9.Batch Jv :Group of Journal we Enter At a time,We Define Control Amount
10.Stat Jv: This Jv we have One side of Amount either debit or Credit.....

16.Question :
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What is an Invoice? How man

Answers:
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AR invoice is a document sent to the customer with details like, Bill-to customer code, product code, qty sent, price, currency, credit terms, tax details,etc. Based on this invoice, customer will make payment to the company and the same is applied against the invoice.

AP invoice is the document received from the supplier and contains informations such supplier details, product code, qty, price and tax details. This invoice is entered in the AP module and payment is made to the supplier against this invoice.

17.Question :
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What is Set of Books? What are the four conditions when you change your SOBs

Answers:
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set of book is a combination of currency,calendar,chart of accounts.

four conditions when u change ur sob is:

1.check ur currency

2.check ur calendar

3.check ur chart of accounts

4.u have to assign ur sob to ur responsibilityh

18.Question :
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What are different period types?

Answers:
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If it is accounting period types, then there are three pre-defined types, namely month, quarter and year. User can also add period types.

If it is period status, then there are 5 period status, namely Never opened, Open, Future Enterable, closed and Permanently closed.

19.Question :
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y types of invoices are there in AP and AR?

Answers:
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Types of invoices:
Invoice
Credit Memo
Debit Memo
Gaurantee
Charge Back
Deposite


Type of Invoices in AP
1. Credit Memo
2. Debit Memo
3. Standard
4. Prepayment
5. Mixed
6. Expense Report Invoice
7. PO Default Invoice
8. Quick Match Invoice

20.Question :
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What is the difference between cross-validation rules and security-rules?

Answers:
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Cross Validation Rule:Rules that define valid combinations of segment values a user can enter in an account. Cross-validation rules restrict users from entering invalid combinations of account segment values.

Security Rule:It determines the accounting transaction user can view at differenty levels of hierarchy, such as at Site Level -->Application Level --> Responsibility Level --> User level.


security rule 1: this rules are enable at each individual segment level
cross validation rule 1: this rules are enable at whole structure level

security rule2:no list of values not displayed for those combination where security was been enable

cross validation rule 2: all the list of values are displayed but will get error message for invalidation code combination

21.Question :
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In how many ways can you enter a journal in GL?

Answers:
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1. Manual entry
2. Subledger Entry
3. Spreadsheet Entry
4. Recurring Entry
5. Mass Allocation

22.Question :
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What are different types of invoices and what is a recurring invoice?

Answers:
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Types of Invoice :

Standard,CM,DM,Expense,Pre-Payment

Recurring Invoice is a type of invoice which occurs at definite intervals of time. The best example for a recurring invoice is Rent paid to the Owner.

23.Question :
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What are the setup steps for AP, AR, and GL?

Answers:
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For GL:
1. Set of Books(Chart of Accounts)
2.Calander
3.Currency

For AP:
1.Suppliers(Creditors)
2.Invoice
3.Look up codes
4.Selection of Set of Books
5.Payment Terms
6.Financial & Payable Option
7.Define Banks

For AR:
1.Flexifiled
2System option
3.Payment Terms
4.Open period
5.Auto Accounting
6.Transcation Type
7.Transcation Source

24.Question :
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How do we integrate AP or AR to GL ?

Answers:
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GL is like AR->GL<-AP

AR and AP both transfer the data in GL .

AR Contains all Invoices/Receipts /CM/DM and same way AP also have AP Vouchers.


We integrate the AR or AP accounts to the GL with the help of Reconcilation Accounts in SAP. The Reconciliation Accounts are G/L accounts where all entries made in the AR or AP accounts are reflected live. Reconciliation accounts cannot be entered directly.

25.Question :
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What is the difference between GL date and GL posted date in GL ?

Answers:
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GL date is the date used to determine the correct accounting period for your transactions where as the GL posting date is the date when the journal entry is posted th GL.

26.Question :
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In GL there is no org id. So how can we differentiate the data different operating units when no other modules are given ?

Answers:
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HR data is at business group level.

GL Data is differentiated based on set of books id.

AP and AR data is mostly at operating unit level.

Inventory, BOM, WIP data is at inventory organizaiton level.

27.Question :
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What is FSG and its use ???

Answers:
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Overview of the Financial Statement Generator

Financial Statement Generator (FSG) is a powerful report building tool

for Oracle General Ledger. With FSG, you can:

? Generate financial reports, such as income statements and balance

sheets, based upon data in your general ledger.

Note: If you have average balance processing enabled in your

set of books, you can report on functional, foreign?entered, or

translated average balances.

? Define segment value security rules to restrict financial

information contained in FSG report output generated by specific

users and responsibilities.

Note: To apply segment value security rules, the profile option

FSG: Enforce Segment Value Security must be enabled. See: FSG:

Enforce Segment Value Security: page B ? 9

? Define your reports with reusable report objects, making it easy to

create new reports from the components of reports you?ve already

defined.

? Design custom financial reports to meet specific business needs.

? Print as many reports as you need, simultaneously.

? Print the same report for multiple companies, cost centers,

departments, or any other segment of your account structure, in

the same report request.

? Schedule reports to run automatically.

? Produce ad hoc reports whenever you need them.

? Print reports to tab?delimited files for easy import into

client?based spreadsheet programs.

In addition, you can use the Report Wizard feature of Applications

Desktop Integrator to design and submit your financial reports, as well

as view the results, directly from a spreadsheet.


28.Question :
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I'm confused about intercompany journal balancing.

As far as I can tell, it does one or both of:

1) If you enable it you *can* post incorrect (i.e. imbalanced) journals. And if you disable it you can't (i.e. all journals must balance - A GOOD THING, RIGHT?)

Answers:
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Option 1 is the correct one.

If we enable it then we can post unbalanced intercompany journals i.e debit <> credit for a balancing entity. For this we have to define intercompany accounts in setup-->Accounts-->Intercompany accounts, which will post the unbalance part to this intercompany account.

And if you disable it you cannot post the journals which are out of balance.

29.Question :
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Expain ADI and it's features

Answers:
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Broadly following are the feature / elements of ADI

1.Journal Wizard.

2.Budget Wizard.

3.Report Wizard.

4.Account Hierarchy Editor.

5.Analysis Wizard.

6.Request Center.



ADI
- automatic data integrator, an oracle feature where you can use an excel template drawn from oracle.
- this template can be used and re-used if the nature of journal entries are recurring in nature
- for example. manual journal entries in GL. you can extract a template from oracle and input journal entries. this can be used online and offline. Offline because it can be saved in excel. If to be used on the following month and the same account and amount, you can simply edit the gl month period and upload direct to gl.
- this is also be used for budget purposes. Budget template drawn from oracle and after input of data it can be loaded direct to GL.


30.Question :
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What is meant by ADI?

Answers:
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ADI is used to interface spreadsheet uploads with Oracle applications data. ADI allows users take advantage of many of the data-entry shortcuts of a spreadsheet, such as copying and pasting cells, dragging and dropping ranges of cells and using formulas to calculate journal line amounts. ADI validates the data entered against the accounts, security rules and reference information that are defined in the General Ledger (GL).

31.Question :
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Can anyone pls say me wat is EDI and its functions?

Answers:
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EDi - Electronic Data Interchange, to send the data to another server/destination via EDI server.,edi is a toll where in whenever the customer is sending the PO it gets saved in this toll, again when the supplier after supplying the material will send an invoice through EDI ,wherein the EDI of the customer will match the PO with the invoice and the invoice will get processed automatically, in case if it is not matching it will be in the error sheet

32.Question :
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What is planing budget

Answers:
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The plan for the future expenses is planning budget. It is a paper work. There is no funds rerequirement. It does not require journals. There is no restrictions for estimating of funds.

33.Question :
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What is Consolidation in GL?

Answers:
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When we have multiple setup and combine primary and secondary books getting the financial reports is called consolidation



We will use consolidation reports at the time of period end closing



consolidation is the process of transfering data from one ledger to another ledger.using consolidation we can transfer the data from subsidary ledgers to parent ledger for a multiple setup.

34.Question :
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How to import data to General Ledger by Feeder System?

Answers:
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Can upload Journal Entries using ADI (Application Desktop Integrator) functionality.


ADI is used to interface spreadsheet uploads with Oracle applications data. ADI allows users take advantage of many of the data-entry shortcuts of a spreadsheet, such as copying and pasting cells, dragging and dropping ranges of cells and using formulas to calculate journal line amounts. ADI validates the data entered against the accounts, security rules and reference information that are defined in the General Ledger (GL).

35.Question :
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What are the journal entries in Procure to Pay Cycle?

Answers:
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when we receive the material after approve of purchase order 1 . when the Material Received at the Gate Receiving A/C Dr Material AP accrual A/C Cr2. When the Material delivered to The Inv Org Material A/c Dr Purchase Price Variance A/c Dr Receiving A/c Cr3. When the Invoice Is enterd into the Payable with Matching Of PO Material Ap Accrual A/c Dr Invoice Price Variance A/c Dr AP Liability A/c Cr


36.Question :
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What is the difference between gl_date,gl_posted

Answers:
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Gl_date is the date the transaction took place. it can be the date when the journal entry was made, or the interface was run to populate this data.

Gl_posted is the date when these entries were posted to gl (usually by running post journal entries program)

37.Question :
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What is the difference between gl_date,gl_posted

Answers:
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GL_POSTED_DATE :-Date on which transaction is posted to the GL accountGL_DATE :=GL Date to default to invoices during invocie creationFor more details you can look into the e-TRM of GL.





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