The setup for a set of books has now changed dramatically. The set of books has been renamed to Ledgers
, and the method to set up a ledger has been now been changed to a setup wizard
.
Before we get into details of how we use the Accounting Setup Manager (ASM) we should review a new data element that has been around since the implementation of E-Business Suite, but has now gained an importance and prominence in the setup process.
The legal entity is now an integral part in the transactional setup in E-Business Suite and has become important in the ledger creation process.
You have to define a legal entity before you start creating a ledger in the Accounting Setup Manager. The legal entity owns all the transactions in the tables, though the ledger (the legacy set of books) and Operating Unit are still present. The legal entity importantly owns a bank account and can be transacted only for subledgers (AP, AR) that are linked through the ledger to that legal entity. Legal...