Hi All,

Can anyone give me simple 2 line summary of Set of Book Components(Chart of Accounts, Calendar and Currency) components in Oracle Apps. i mean just why are they required for a company in general?

Thanks in Advance,
Sreekanth Jala

Hi Sreekanth Jala,

A set of books determines the functional currency, account structure, and accounting calendar for each company or group of companies.

If u need to report on u r account balances in multiple currencies, u should set up one additional set of books for each reporting currency.

U r primary set of books should use your functional currency. Each reporting set of books should use one of your reporting currencies.

When u define a set of books, you can also choose to enable budgetary control for the set of books. If you choose this option, encumbrances will be created automatically for your transactions in General Ledger, Oracle Purchasing and Oracle Payables.

Enabling budgetary control is the first step in setting up funds checking.

Regards,
Rijus.
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