Skip to main content

CONTROL OR THIRD PARTY ACCOUNTS IN R12 GENERAL LEDGER

CONTROL OR THIRD PARTY ACCOUNTS IN R12 GENERAL LEDGER

 
Very often the GL Super Users create manual journals either directly from the screens or using the Web ADI to upload the journals straight into General Ledger. However account codes used in these manual journals are secured via value set security and the cross validation rules. But this level of security is not enough. For the sake of an example, the GL Users must not be allowed to tamper with the amount of expenditure a company has made on Office Furniture for their offices. Let us say that all the GL Account segment value Office Furniture related expenses are 5115.
A feature named Third Party account is a feature of R12 which helps keep the Subledger like Payables or Receivables in sync with General Ledger.

The control account functionality of 11i is now called Third Party account in R12. Some accounts should only be entered via the Subledger, and not be allowed for manual journal creation in GL. Hence for those entries, we can enable the qualifier to flag those as Third Party account.
In the value set definition screen, query the segment value as shown in image below. In this case, the Account Segment value is 5115. Against the segment qualifier, in Third Party Control Account, select value = Supplier, because in this example we will control the charges to this account segment via Payables whilst ensuring that Supplier details are specified. In other words, this configuration will ensure that you cannot put a charge against office supplier into GL unless you have specified the Supplier from whom the goods were purchased.



Now create a Journal from GL Super User as shown below.




Now let us try to create a manual journal from Payables.


Click create journal

Create journal lines using the account segment value of 5115. IMPORTANT - Do not enter the supplier details as yet in the expanded line section.


You will again get a message stating that the Account code combination x.y.5115.z.a for line is a control account. Please provide a third party site for such subledger journal entry line that uses a control account. 


Now expand the lines region and in Third Party section capture the Supplier Name and Supplier Site, whilst ensuring that the Third Party Type=Supplier.


Now you can create a journal line with the Supplier details.

Comments

Post a Comment

Popular posts from this blog

R12 Oracle E-Business Tax Configuration Guide

Applies to: Oracle E-Business Tax - Version: 12.0 to 12.2 Information in this document applies to any platform. Abstract R12 Oracle E-Business Tax Configuration Guide Document History R12 Oracle E-Business Tax Configuration 1. Tax Basic Tax Configuration Tax Definition: comprises the tax data that you set up for each tax regime and tax that your company or institution is subject to. The Tax Authority designates the regulations and rates that apply to the tax regime. Required Task List a) External Dependencies Create First Party: Legal Entity and Establishments Create Reporting and Collecting Tax Authorities b) Tax Configuration Create Tax Authorities Party Tax Profiles Create Tax Regimes Create First Party Legal Entity Party Tax Profile Create Tax Create Tax Status Create Tax Jurisdictions Tax Rate Responsibility: Tax Manager Path: Tax Managers -> Tax Managers -> Home Complete the following setup tasks: -Legal Entities and Establishments -Reporting and Collecting Tax Authorities ...
1 comment
Read more

Create Accounting for a Payment generates errors 95333 and 95359

Create Accounting for a Payment generates errors 95333 and 95359 Error: 95333: A conversion rate does not exist to convert USD to AUD for the conversion type Corporate and conversion date 20-MAR-09 for line -25. Please use the Daily Rates form in General Ledger to enter a conversion rate for these currencies, conversion date and conversion type. 95359: There is no accounted amount for the subledger journal entry line. Please inform your system administrator or support representative that: The source assigned to the accounting attribute Accounted Amount has no value for extract line number 88547. Please make sure the source assigned to the accounting attribute Accounted Amount has a valid value, or assign a different source to this accounting attribute. Solution: 1. Specify a conversion rate for the currencies and conversion date mentioned in the error message 95333 Navigation under the General Ledger responsibility: Setup > Currencies > Currency Rates Manager > Daily Rates ...
15 comments
Read more

R12: Payables Holds Explained – Why They are Applied and How to Remove

Invoice Validation checks the matching, tax, period status, exchange rate, and distribution information for invoices you enter. If an invoice has a hold, you can release the hold by correcting the exception that caused Invoice Validation to apply the hold by updating the invoice or the purchase order, or changing the invoice tolerances. Then resubmit Invoice Validation to release the hold. In the Invoice Holds tab, you can manually release certain invoice holds, even if you have not resolved the matching error condition. Here are some of the regular holds and explanation Account Holds Payables uses holds with this type to identify invoices with invalid or incorrect accounts. An invalid account prevents payment of an invoice and prevents Payables from creating accounting entries for an invoice or payment. Dist Acct Invalid:  Invoice distribution distributed to invalid account. To release the holds you must correct account and resubmit invoice validation. ERV Acct Invalid: ...
Post a Comment
Read more