Section 1 Part 2. General Ledger Business Unit Setup

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1 Section 1 Part 2. General Ledger Business Unit Setup Overview: This document will review the General Ledger Business Unit Definition 1. GL Business Unit Definition (including Inter/Intra Unit Setup) a. Ledgers for a Unit b. Open Period Update 2. Journal Processing Options a. Accounting Entry Definition b. Journal Entry Template and Source c. Journal Generator Template 1.2a - GL v8.9 Business Unit Setup 1

2 1: GL Business Unit Definition Navigation: Setup Financials/Supply Chain > Business Unit Related > General Ledger > General Ledger Definition Background: General Ledger Business Units ( GL BUs ) are defined as any independent part of a company that maintains its own set of books. While each BU (figures 1 to 5) keeps its own set of books, it is possible to maintain a single, centralized database, reducing the effort of maintaining redundant information for each business unit and ensuring consistent and accurate consolidated results. This enables the production of reports across business units, enabling users to see the big picture. Several significant rules define a business unit: Represents a legal entity; Maintains its own set of books; Get a separate balance sheet, financial and management reporting; Defines a significant level of control. Also one must keep in mind that: Batch processing is requested by Business Unit; Reports are printed by Business Units; Chartfields can differ by Business Unit; InterUnit Journal Transactions are created based on Business Unit; TableSet sharing is specified by Business Unit; Journal Entry error processing options can be defined by Business Unit; Security can be set up by Business Unit; Each Business Unit has a single base currency. Specific Example: See SpearMC Chartfield and Tree Presentation. In addition to walking through this document to understand Chartfields linked to a TableSet ID, this also details GL BUs. 1.2a - GL v8.9 Business Unit Setup 2

3 Figure 1 Base Currency As of Date Default SetID Holiday List Customer Vendor Affiliate Consol - For Eliminations Only (consolidate - for eliminations only) Business Unit ID Numbers ADB incremental Calc The only primary currency for the general ledger business unit, sometimes referred to as the book currency. Will be USD Benchmark for the system's current reporting period and calculations of year-to-date amounts. The as of date is a report option on PS/nVision report requests. When you change the as of date for a business unit, all reports using this option execute relative to the as of date you've specified here, so it is not necessary to change the report specifications. Determines the preliminary tableset sharing setup for this business unit. This will prepopulate the set-id for the business unit. SHARE is the Default Set ID. Identifies holiday calendars for different countries or business units. Each business unit will have its own calendar. Select this option to obtain the InterUnit ChartField value from the customer or vendor tables when you create a transaction for this business unit. Will not be used. To automate the elimination of intercompany transactions, select this option to set up this special type of general ledger business unit as an eliminations entity for consolidations processing. Only business units starting with an E should be set-up as an elimination unit when being used in the PeopleSoft Consolidations process. Will not be used initially. Identifies additional ID numbers for a business unit. Will not initially be configured. Will not be used. After the ADB ledgers have been added to the business unit. It will be selected here for the business unit for which ADB ledgers to use the incremental calculation. All ADB ledgers will have incremental calculation turned on. Will not be used. 1.2a - GL v8.9 Business Unit Setup 3

4 Figure 2 Journal Balance Option Specify how the system should handle balancing errors for the business unit. Valid values are: Recycle: Marks journal containing this error as invalid and prevents you from posting them. Once you've made the corrections and reedited the journal, you can post the journal successfully. Suspend: Posts, to a suspense account, the amount required to bring each journal into balance. The standard setting for all business units is recycle. Journal Edit Errors Option Specify how the system should handle journal edit errors for the business unit. Valid values are: Recycle: Marks journal entries containing errors as invalid and prevents you from posting them. Once you've made the corrections and reedited the journal, you can post the journal successfully. Suspend: Posts, to a suspense account, the amount required to bring each journal into balance. Access the Edit Suspense ChartFields page to specify the ChartFields and ChartFields values to specify the suspense account for balancing errors. The standard setting for all business units should be recycle to prevent unbalanced journals to be created. Control Total Option Specify how the system should handle control total errors for the business unit. Valid values are: Recycle: Marks journal containing control total mismatches as invalid and prevents you from posting them. Once you've made the corrections or changed the control totals and reedited the journal, you can post the journal successfully. N/A: Ignores any control totals previously set. The N/A option is available only for control total errors. The standard setting for all business units will be recycle as delivered. Control Totals are usually not used. 1.2a - GL v8.9 Business Unit Setup 4

5 Journal Amount Errors Option Specify how the system should handle errors when the foreign amounts and the monetary amounts are not the same sign. For example, it determines how to handle errors for a journal that has a foreign amount that is GBP 10 and the monetary amount is USD Valid values are: Accept: The Journal Edit process (GLPJEDIT) accepts the amounts and does not generate an error. Recycle: Marks journal entries containing errors as invalid and prevents you from posting them. Once you've made the corrections and reedited the journal, you can post the journal successfully. Suspend: Posts the journal to a suspense account with the monetary amount sign reversed. In the previous example, the suspense line has a foreign amount of GBP 10 and a monetary amount of USD Access the Amount Suspense ChartFields page to specify the ChartFields and ChartFields values for the suspense account for balancing errors. The standard setting for all business units will be recycle. Journal Process Date Journal Date < Open From Date Journal Date > Open To Date Allow Different Unpost Date Specify how processes determine the process date for journals. The Journal Post (GLPPPOST) and Journal Generator (FSPGJGEN) processes and many other general ledger processes support the use of the Process Date option. Valid values are: Current Date: For general ledger processes that use Process Date in their run controls, select this option to use the date at the time that the batch process runs. Process Date: Use a date that you specify in the next field for all journals in the batch. The system only permits you to enter a working calendar day. Before you run any processes that use a process date, you can use the Maintain GL BU Process Date (maintain general ledger business process date) process to perform a mass update of the journal process date. You can run this process for an individual business unit, a range of business units, or all business units. Set the standard for all business units to current date. InterUnit journals contain multiple journals, one for each involved business unit. Each business unit and its ledger group can have different accounting period open and close options. A journal date can be open for one business unit, and closed for another. You can make the Journal Edit process change the journal date if its period is closed, so the journal (if valid for all other edits) can be posted to an open period. When journal date is less than the open from date, choose to recycle the journal or to change the journal date to the open from date. If you do not want to have the system change the journal dates, set this setting to recycle. When the journal date is greater than the open to date, choose to either recycle the journal or to change the journal date to the open to date. If you do not want to have the system change the journal dates, set this setting to recycle. Select to enable users to specify an unpost date for a posted journal. This date becomes the journal date for the unpost journal when the original journal is unposted. The unposting journal carries its original journal date in the UNPOST_JRNL_DATE field. The default is not to allow unpost dates. For InterUnit journals, users cannot change an unpost date if any of the business units are not enabled for this. Otherwise, all journals in the set use the user-specified date. For suspense correction journals, the system uses the same date as the base journal. For reversals, the system uses the original journal date unless the period is closed. There is a runtime option for reversal journal date in the event that the original period is closed. Set this option to not allow, to keep journal unpost to be on the same date. 1.2a - GL v8.9 Business Unit Setup 5

Figure 3 Currency Balancing Option Specify how journal lines are balanced for a particular business unit. Valid values are: Balance by All Currencies: Balances by individual transaction currency type.

6 Figure 3 Currency Balancing Option Specify how journal lines are balanced for a particular business unit. Valid values are: Balance by All Currencies: Balances by individual transaction currency type. For example, all lines in French francs are balanced together, and all lines in Mexican pesos are balanced together. Choose this option when Keep Ledgers in Sync is selected for this ledger group. Balance by Base Currency Only: Balances all journal lines by the base currency only. If only using 1 currency (USD) and will use the Balance by Base Currency Only option. Base Currency Adjust Option Control manual adjustments to the base currency in foreign currency journals for a particular business unit. Valid values are: Allow Base Curr Adjustments (allow base currency adjustments): Allows you to directly change the base currency amount on foreign currency journal lines. Disallow Base Cur Adjustments (disallow base currency adjustments): Does not allow you to directly change the base currency amount on foreign currency journal lines. Do not allow users to adjust the Base currency lines and will select the Disallow Base Cur Adjustments option. Foreign Currencies per Journal Control the number of foreign currencies for each journal for a particular business unit. Valid values are: Multiple Foreign Currencies: Allows journals to contain lines in multiple foreign currencies. Only One Foreign Currency: Allows journals to contain lines only in the base currency and a single foreign currency. You must specify the foreign currency in the journal header. No Foreign Currencies: Allows journals to contain lines only in the base currency 1.2a - GL v8.9 Business Unit Setup 6

7 Figure 4 Specific Note: Since Workflow will probably not be used in the GL module initially, this panel has not been configured. The default Pre-Approved configuration will be used. 1.2a - GL v8.9 Business Unit Setup 7

PeopleSoft FMS Training Manual. General Ledger v8.9 Training Manual

PeopleSoft FMS Training Manual General Ledger v8.9 Training Manual Table of Contents Journal Entry Entering Journal Header Information Entering Journal Line Information Specifying Journal Entry Totals