This below article will give you information on the difference between project accounting period, an accounting period, and a general ledger period
Project accounting
periods are used to track budgets and forecasts, summarize project amounts for
reporting, and track project status. Project accounting periods are maintained
by business unit. You can set up project accounting periods to track project periods
on a more frequent basis than accounting periods.
For example, you can define
weekly project accounting periods and monthly accounting periods. If you use
the same calendar as your accounting periods, the project accounting periods
and accounting periods will be the same, although the statuses are maintained
independently.
Accounting periods, which are used to derive
accounting dates, are maintained by ledger and use the same calendar as the
general ledger periods. Period statuses for the accounting period and general
ledger period are maintained independently.
Fig: As shown in the below diagram you can define weekly project accounting periods and monthly accounting periods, as shown in the image.
Follow the steps for set up project accounting period that are different from accounting periods?
Complete these tasks to set up project accounting
periods that are different from accounting periods.
- Set up the accounting calendar and manage the accounting period statuses in Oracle Fusion General Ledger.
- During project business unit implementation,
specify the project accounting calendar for each business unit.
- Verify that the option to maintain common accounting
and project accounting periods is not selected.
- Copy the accounting calendar into the project
accounting period table, which copies the period start and end dates.
- Manage the period statuses for project accounting
periods.
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