In this chapter, we will cover:
Defining the chart of accounts
Setting up the ledger
Defining subledger accounting
Defining E-Business Tax accounting
Financial transactions are entered into ledgers. Oracle uses Subledgers (for example, Payables, Receivables, Assets, and Inventory) and the General Ledger to record the financial transactions. The transactions are entered in the Subledger and then transferred to the General Ledger through the Subledger Accounting engine. The General Ledger is used mainly to produce financial reports for decision-making.