In today's world of Globalization, most of the Organizations have their presence in more than one country. In such an arrangement, It becomes difficult for Organizations to ensure compliance with requirements of Various Statuary bodies spread across the globe. A simple example could be a GAAP and an IFRS representation of the same transaction for an Organization having presence in the US and in India. Another example could be an Organization that is looking for only "Cash Basis" of transaction reporting for one part of the globe while an "Accrual Basis" may be needed for the other. The "Secondary Ledger" feature comes across as a simple, effective and time-saving solution for such scenarios. Secondary Ledger, a feature introduced in Release 12 of the EBS Application, allows one to represent their Accounting Transactions in more than one form of Accounting Representation. Secondary ledgers can be used to represent your primary ledger's accounting data in a form that differs in one or more of the following from the primary ledger: Chart of accounts‚ Accounting calendar/period type combination‚ Currency‚ Subledger Accounting Method Prior to R12, there were limited options for companies requiring different currencies or a statutory chart of accounts. One could have at the most created a GL Consolidation that allowed you to map to a different chart of accounts or currency, but the GL financial consolidation would not have included the transaction detail of the subledgers, so reconciliation was a time-consuming process. Out of the limited options available, some of the users tend to use the traditional "Excel" dump to record and group the transactions based on the requirements of the new Accounting representation needed. Ofcourse, this approach being manual, is prone to errors. Secondary Ledger can drastically reduce the number of spreadsheets used, and will therefore lessen the amount of time and effort that goes in to setting up a consolidating ledger for routine reporting. This presentation is aimed at providing a detailed discussion on Secondary Ledgers, Setup, Its various representation versions and how could they be put to use for real life business scenarios, along with pointers that could help in reconciliation. We also plan to include small detail on "Reporting Ledger" that offers an extension to the traditional MRC feature from 11i into R12 application.
Anshu Anand, a Principal Software Engineer with Oracle India Pvt India Ltd, has 10 + years of comprehensive experience with Oracle Financial Control, Financial services and Credit Analysis. She has been associated with 'Oracle India Pvt Ltd' for more than eight years now. Prior to this, she has worked with Organizations like General Electric and Delloitte. Holds strong exposure to Oracle Financials Products like General Ledger, Client Applications Desktop Integrator (ADI)/ Web ADI, Advanced Global Inter company Integration (AGIS) and Daily Business Intelligence (DBI). She has delivered various Global Trainings, Customer Webcasts and Whitepapers and has authored various articles. Her work has been acknowledged and awarded at Individual, Team and Global levels.
Siva Chittapragda has 10 Years of Techno Functional experience in Oracle Consulting, Implementation and Product support including various applications releases .He is a Certified Financial Management Implementation Specialist in General Ledger and Accounts Payables. Currently, he is a part of the "Global Support Team" for Oracle Applications E-Business Suite - Financial Control team.