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What is the function of Oracle general ledger?

Key Features Gain Efficiencies with Highly Automated Financial Processing. Automate journal processing for recurring and allocation journals. Establish and Maintain Superior Internal Controls. Increase Enterprise Visibility. Capitalize on Global Opportunities. Improve Financial Services Profitability.

What is primary ledger in Oracle EBS?

A primary ledger records transactional balances by using a chart of accounts with a calendar, currency, and accounting rules implemented in an accounting method. The primary ledger is closely associated with the subledger transactions and provides context and accounting for them.

How many types of ledgers can be configured in Oracle?

Each accounting setup requires a primary ledger and optionally, one or more secondary ledgers and reporting currencies. Reporting currencies are associated with either a primary or secondary ledger. The number of ledgers and subledgers is unlimited and determined by your business structure and reporting requirements.

What is a general ledger in ERP?

The General Ledger (GL) is the primary accounting record for a business. It tracks all financial transactions and is used to generate the companys financial statements, including the Income Statement and Balance Sheet.

What is meant by general ledger?

General ledger definition A general ledger, or GL, is a means for keeping record of a companys total financial accounts. Accounts typically recorded in a GL include: assets, liabilities, equity, expenses, and income or revenue.

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