1. What are the different types of value
set (or) validation types? Explain each in brief?
The validation types are 8 they are:
SNO
|
Value Set (or)
Validation Type
|
Explanation
|
1.
|
Independent
|
the nature of segment is
independent
|
2.
|
Dependent
|
this segment depends on
independent segment
|
3.
|
None
|
none is free field
|
4.
|
Pair
|
pair means range of segments
|
5.
|
Table
|
table means calculation purpose
|
6.
|
Special
|
special means based on conditions
|
7.
|
Translatable independent
|
we use it other than English
language
|
8.
|
Translatable dependent
|
we use it other than English
language
|
2. Can I increase/decrease the size of
value set?
No, only we can increase the value
set size but not decrease
3. What are the difference between KFF
and DFF?
SNO |
Key Flex field
|
Descriptive Flex field
|
1
|
This
field is Intelligent Flex field and Mandatory and there are 33 KFF in Oracle
finance out of which accounting structure is the one of the KFF in GL module
|
This
flex field is optional to capture the additional information. There is no
such limit
|
2
|
KFF
is application Specific
|
DFF
is form Specific
|
3.
|
Cross
Validation Rules are Specific to KFF
|
Cross
validation are not applicable to DFF
|
4.
|
Aliases
are applicable to KFF
|
Not
applicable to DFF
|
5.
|
KFF
is Inbuilt (Oracle Provides)
|
We
have to define DFF.
|
4. How can we identify whether DFF is
allowed for a specific form or not?
The DFF is available to a form where
the symbol “ [ ] ” (square bracket) is
displayed
5. Explain the
difference between flex field qualifiers and segment qualifiers.
Flex Field Qualifier identifies the
segment (to which it is assigned) with a specific property. There are 4 types
of flexfield qualifiers that can be assigned to segments, namely,
- Balancing segment Qualifier
- Cost center segment Qualifier
- Natural account segment Qualifier
- Intercompany segment Qualifier
è1 & 3 are mandatory flexfield
qualifiers
èOne Segment can have more than one
qualifier not vice versa.
Segment Qualifier identifies the
segment values with a specific property.
There are five types of segment
qualifiers assigned to Natural account segment qualifier, namely,
- Allow budgeting
- Allow posting
- Control account
- Account type
- Reconciliation flag
Other then above flexfield qualifier
others show only two segment qualifiers i.e.
- Allow budgeting
- Allow posting
6. What are the components of set of
books?
The components of set of books are
3C’s + 6 mandatory accounts + future period
The 3c’s are
- Chart of accounts
- Calendar
- Currency
The 6 mandatory accounts are
- Retained earnings
- Net income
- Suspense account
- Translation adjustment account
- Rounding difference
- Reserve for encumbrance
And Future period
7. What are the different types of set of
books?
Two types of set of books
- Primary set of books
- Reporting set of books
8. What are different Year types?
Two types of Year types
- Calendar year
- Fiscal year
9. What are the different statuses of
accounting periods?
The statuses of accounting periods
are
- Open
- Closed
- Permanently Closed
- Future Enterable
- Never Open
10. Why does an accounting period does
not appear in the accounting periods list of values on the journal entry form?
The periods which have the status of
closed, permanently closed and/or never open will not appear in accounting
periods list of values on the Journal entry form.
11. Whether is it allowed for entering
negative amount in journal lines?
Yes, it is possible but after
posting it will be shown in brackets “< >”
12. Is it allowed to reverse, a reversed
journal entry?
Yes, it is allowed to reverse
journal entry. We can reverse a Journal entry only once.
13. Can I post the reversal entry in
before period of actual journal entry?
No, reversal entry should be in
current date or future date in the accounting periods of actual Journal entry.
14. What is the formula for funds
available?
15. Whether system allows the reversing
journal to posted even if the original journal is posted or not?
Yes, The original journal is posted
or not. The reversal entry can be posted. Reversal meaning is to nullify the
particular account balance.
16. How will it display if I use my
segment separator in description?
It will appear as “?“ mark
Ex: my segment values are company1,
dept1, A/C
We can select the segment separator
is “ / “ in value set at the time of journal entry
posting the A/C in between “/ “ is
appear ? in description.
17. What do you mean by
Translation?
1. Translation means we can translate actual
and budget account balances from functional currency to Reporting currency.
2. Actual we perform translation for reporting purpose. We need to define average, period end and historical
rates. Average rate will be applicable to expenses and revenues, Period end
rate will be applicable to Assets and Liabilities and Historical rate for
Owners equity.
3. Run translation after we have completed all journal activity for
an accounting period.
4. If you post additional journal entries or change your
translation rates after running translation for a period, you must re-translate.
5. Additionally, if you change the account type for an account Segment value and
want to re-translate your actual account balances, you must re-enter or change
the period-end and average exchange rates for the periods you want to
re-translate.
18. What are the rules for Translation?
Rule for translation
- Prior period and future period should be open
- Define Average and Period end rates
We cannot
perform translation for the first period.
19. How can I deactivate the segment
value?
We can deactivate the segment value
by uncheck the enable box of the particular segment value in value set of the
particular segment.
20. What type of accounts will display in
list of values while entering retained earnings account in set of books?
Only Balance sheet items are display
like Assets, Liabilities and Owner’s equity.
21. Briefly list the steps for foreign
currency journals.
Before entering the foreign currency
journals we need
- Conversion type
- Conversion rate
- Conversion Effective date
22. An entire batch was reversed and
posted, while trying to reverse and post just one journal entry in the batch.
How can this be corrected?
Leave the wrong reverse entry and
reverse all other reversed entries manually and post them.
23. Can a Flex field Qualifiers be changed
after it has been created?
Cannot change.
24. Can different set
of books share the same value set?
Yes, the value set is an independent
because the value set is share different set of books.
25. What are the three options available
in oracle application with respect to foreign currencies?
Three options are
- Conversion
- Translation
- Revaluation