Accounting Fundamentals - GL.ppt
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Transcript of Accounting Fundamentals - GL.ppt
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7/24/2019 Accounting Fundamentals - GL.ppt
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By Shailendra Garg
Accounting Fundamentals
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What is Accounts ?
Accounting is the art of recording,summarizing, reporting, andanalyzing financial transactions.
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Double Entry Accounting System
Each transaction that is enteredconsists of debits and credits.
And the total debits must equal thetotal credits
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ypes of Accounts
Accounts
Real Accounts
Personal Accounts Nominal Accounts
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!EA" A##$%&S
Accounts for the things'hich are physically(isible but are not human
being.
E)ample * Flat +angible
-en ac debited #ash ac credited
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!%"E &$*/ 0
!EA" A##$%&S
DE12 W3A #$4ES 2&
#!ED2 W3A 5$ES $%
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-E!S$&A" A##$%&S
!elated to anyperson or "egalEntity.
E)ample * Ser(ice Shail6s Ac debited
#ompany ac
credited
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!%"E &$*/ 7
-E!S$&A" A##$%&S
DE12 3E !E#E28E!
#!ED2 3E 528E!
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&$42&A" A##$%&S
Accounts 'hichare neither !ealnor -ersonal.
5enerally it6s aresult of acti(itybet'een the-ersonal 9 !ealAccounts.
E)ample *
CUSTOM
rSUPPLER
COMPAN!
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!%"E &$*/ :
&$42&A" A##$%&S
DE12 A"" E;-E&SES
#!ED2 A"" 2$4ES
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Scenarios*
1oo
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Books of Account : HCL
A) HCL has to pay a salary of $ 1000 to David.
B) HCL paid the alary !y Cash.
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What are the "edgers ?
Led"ers store posted "eneral led"er #ournals for a
set of chartfield values !y accountin" period and
fiscal year.
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#hartFields
The backbone of your general ledger is the chart of accounts,the fields and values that provide a common language foridentifying your company's business transactions.
A chart of accounts represents how a business gathers, stores,combines, and uses financial information in the course of itsoperations
A well-designed chart of accounts: upports audit and control of financial transactions. !rovides fle"ibility for management reporting and analysis. Anticipates growth and maintenance needs. #acilitates an efficient data processing flow
2n -eopleSoft 5eneral "edger, the components +fields thatma
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Account A$$%&T $lassifies the nature of atransaction. This field is re(uired.
&se it for corporate accounts.
Alternate Account A)TA$$T $lassifies the nature of a
transaction for regulatory
authorities. &se it for statutory
accounts.
%perating &nit %!*+AT&T $an be used to indicate a
location, such as a distribution
warehouse or a sales center.
/epartment /*!T/ $an be used to indicate who is
responsible for or affected by the
transaction.
!roduct !+%/&$T $aptures additional information
useful for profitability and cash
flow analysis, for e"ample.
&ame Field Definition
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!ro0ect / !+%1*$T/ $aptures additional information
useful for pro0ect accounting.
tatistics $ode TATT$$%/
*
dentifies non-monetary amounts.
tatistic codes are associated
with a specific unit of measure.
cenario $*A+% dentifies different budget
iterations that use different
assumptions.
$urrency $ode $&++*$2$/ dentifies currencies.
Affiliate A##)AT* &sed as one approach for
nter&nit 0ournal processing and
consolidated reporting. !rovides a
way to map transactions between
business units while using asingle intercompany account.
&ame Field Definition
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Account ypes
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peed Types%ften you'll have common transactions in which you enter the same combination of $hart#ield values
repeatedly. 3y creating shortcut keys called peed Types for these fre(uently used $hart#ield
combinations, you can greatly increase 0ournal entry efficiency and reduce errors
#or *"ample
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$hart#ield $ombination
*diting
$hart#ield $ombination *diting defines the following:-
4. #ombination Definitionsof two or more $hart#ields for a 3usiness &nit and)edger roup
5. #ombination Editing !ulesto determine the combinations of values that arevalid for these $hart#ields.
With #ombination Editing you create definitionsand rulesthat go(ern 'hich
#hartFields and #hartField (alue combinationsare validor invalid
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$ombo /efinition
Use the Combo Definition (combination definition) page to define the combination ofChartFields to edit.
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$ombo +uleUse the Combo Definition (combination definition) page to define the combination of ChartFields to
edit.
Use the ChartField Combination Rule 1 page to specify the SetID and name for the Combination Rule as well as to specify
the combination definition and effective dates for the rule
Selecting the Open ffective Date !o chec" bo# enables you to define the rule as having what amounts to an open$ended
date%that is& the field becomes unavailable and the rule will display the date '1('1()'**+ If you want to specify an end
date& you can clear this chec" bo# and enter a valid date in the ffective Date !o field+
!he Effective Date for Promptingdefaults to the current date, however& you can use this field to enter an effective date
for prompting detail ChartField values and -eopleSoft !rees dated on or prior to this date+ Since there is a range of dates
rather than an effective date on the page& you may want to enter ChartFields from any time period within the range+ .ereyou can specify the date from which to prompt for these ChartFields.
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Accounting calendar
Accounting calendar defines the time
periods to which you post your
transactions for different ledger group
and business unit combinations..
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Different ypes of #alendar
"etail Calendar#Controls the num$er and duration o% accounting
&eriods in a %iscal year't also identi%ies the ad(ustment &eriods %or
the calendar'Transactions are &osted to the o&en &eriod that
corres&onds to the (ournal date'
Summary Calendar# Grou&s or com$ines &eriods %rom a detail calendar
%or re&orting &ur&oses'
Business Calendar# denti%ies holidays and non )or*ing days'
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3o' to connect 1usiness#alendar 'ith a 1%?
Business Calendar is s&eci%ied in the +oliday List %ield on ,General
Ledger "e%inition- &age'
A i ti D t il # l d ith
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Associating Detail #alendar 'itha 1usiness %nit
On ,Ledgers .or A Unit- &age/ s&eci%y the Calendar " )ith each Ledger grou&
associated )ith a $usiness unit'
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%pdating $pen -eriods
On ,O&en &eriod u&date- &age/ the o&en &eriods %or a $usiness
unit and ledger grou& can $e u&dated'
% Ad(ustment !ear is not entered here/ you )ill not $e a$le to enter any ad(ustment
(ournals %or these o&en &eriods'
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Detail calendar
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1usiness #alendar
S&eci%y the
)or*ing days'
List o% +olidays
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What is ournal 5enerator?
eopleoft %eneral Led"er can receive and process
#ournals fro& other syste&s'!oth non(eopleoft syste&s
and eopleoft applications such as inancials* H+,*Distri!ution* and ,anufacturin". -hrou"h the ournal
%enerator /%%)* each of these syste&s can create
#ournal entries for postin" to your "eneral led"er
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-eople Soft
A-
A!
A4
1illing
-urchase
reasury
Accounting
Entry table
&on
-eopleSoft
Accounting
Entry table
#on(erting Accounting Entries 2n o -eople Softournals
5eneral
"edger
ournal
5enerator
Accou
ntin
"
0ntries
Accountin"
0ntries
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Accountin" ntry ta!le holds accountin" entries
2hich are picked up !y ournal %enerator forcreatin" the #ournals.
What is Accounting Entry able?What is Accounting Entry able?
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What is the Structure ofWhat is the Structure of
Accounting Entry able?Accounting Entry able?
#or the 1ournal enerator to e"tract data correctly from the Accounting *ntry
Table for 0ournal generation, the following fields are requiredon that table
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Sum %p
Source SystemSource System
Accounting
Entry table
Accounting Entry able
#ommitment #ontrol amount ype
System Source
#hart Field 4apping
4ulti 1oo< $rder
0ournal0ournal
GeneratorGenerator
Template
(Default values)
ournal 3eader defaults
ournal "ine defaults
Summarization options
0. 3o' to summarize
7. What to summarize
:. Alternate Summarization
Accounting Entries
General LedgerGeneral Ledger
ournals
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han< @ou