General Ledger Default Accounts

Account Name Closing: Retained Earnings Adj Closing: Translation ustment Description General Ledger posts the net balance of all income and expense accounts from the prior year against your retained earnings account. Account Type Ownership/S tockholder's Equity/Fund Balance Ownership/S tockholder's Equity/Fund Balance

jUsed for any net ad ustments resulting from currency translation or revaluation.

Fixed Assets Default Accounts

Account Name Proceeds of Sales Gain Proceeds of Sale Loss Proceeds of Sale Clearing Cost of Removal Gain Cost of Removal Loss Cost of Removal Clearing Net Book Value Retired Gain Net Book Value Retired Loss Reval Reserve Retired Gain Reval Reserve Retired Loss Intercompany Accounts Receivable Intercompany Accounts Payable Deferred Depreciation Reserve Deferred Depreciation Expense Account Generator Defaults Description Retirement account to record the gain from sale of fixed asset. Retirement account to record the loss from sale of fixed asset. Retirement clearing account to record Retirement account to record the gain on Cost of Remova Retirement account to record the Loss on Cost of Remova Retirement clearing account to record Retirement account to record Net Book Value Retired Gain Retirement account to record Net Book Value Retired Loss Retirement account to record retirement of Revaluation Reserve Account resulting in a gain Retirement account to record retirement of Revaluation Reserve Account resulting in a loss Intercompany Accounts Payable account for intercompany transfer transactions Intercompany Accounts Receivable account for intercompany transfer transactions Deferred Depreciation Reserve Account j Used as an offset account for entry against depreciation reserve when doing reserve ad ustments in a Tax book Determines the segment values the account generator workflow will use for the cost center segment, product segment, future1 segment and future2 segment. Account Type Revenue Expense Asset Revenue Revenue Liability Revenue Expense Revenue Expense Asset Liability Liability Expense

Asset

Payables Default Accounts (Payables Options and Financial Options)

Account Name Description Default Liability Account for all new suppliers you enter. You can override this value during supplier entry. If you use AccrualBasis accounting, then the Liability Account for an invoice determines the liability Account(s) charged when you create accounting entries for invoices. Account to Record Prepayments When Payables accounts for future dated payments, it uses the Future Dated Payment Account from either the supplier site or the payment document. Account used to record the discounts you take on payments. Account used to record the exchange rate variance gains/losses for your inventory items. Account used to record the exchange rate variance gains/losses for your inventory items. Default realized gain account for payments from each of your bank accounts. Account Type

AP -Trade

Liability

Prepayment Future Dated Payment Discount Taken PO Rate Variance Gain PO Rate Variance Loss Realized Gain

Asset Liability Expense Expense Expense Expense

Realized Loss

Default realized loss account for payments from each of your bank accounts. Payables uses this account for currency rounding at thefollowing times: You use multiple currencies and the payment currency does not round within the payment currency precision. The functional currency amounts of payments do notequal the amount recorded as the liability. You have enabled automatic offsets and the cash account is pooled, and you have rounding errors. Account to which tax amounts for the tax code is charged. Account to which tax amounts for the tax code is charged. Account to which tax amounts for the tax code is charged. Account to which tax amounts for the tax code is charged. Account to which tax amounts for the tax code is charged. Account to which tax amounts for the tax code is charged.

Expense

Rounding

Expense

Tax Account WHT 0.5% Tax Account WHT 2% Sales Tax10% Sales Tax15% Sales Tax20% Sales Tax 05%

Liability Liability Liability Liability Liability Liability

Payables Tax Authority Supplier Site (Bureau of Internal Revenue)Default Accounts

Account Name Liability Account Prepayment Account Future Dated Payment Account Realized Gains Account Realized Losses Account Tax Account Cross Currency Rounding Account Header Rounding Account Description The Liability Account for this supplier site's invoices The Prepayment Account for this supplier site's invoices The Future Dated Payment Account for this supplier site's invoices Receivables posts changes in your functional currency to your Realized Gains or Losses account in your general ledger if there are differences in exchange rate gains or losses. Receivables posts changes in your functional currency to your Realized Gains or Losses account in your general ledger if there are differences in exchange rate gains or losses. Tax Account to use as the default value in the Tax Codes and Rates window. Account to record any rounding error amounts created during across currency receipt application for currencies that have a fixed rate relationship. You need to define a rounding error account if you create cross currency receipts. Account to record any rounding differences that occur when converting foreign currency transactions to your functional currency. Account Type Liability Asset Liability Expense

Expense Liability

Expense

Expense

Receivable Activities Default Accounts

Account Name Earned Discounts Activity GL Account Unearned Discounts Activity GL Account Write Off Activity GL Account Miscellaneous Cash Activity GL Account Bank Charge Activity GL Account Bank Error Activity GL Account AutoInvoice Clearing Freight Unearned Revenue Description Earned Discounts Accounts Unearned Discounts Account Bad Debt Expense Miscellaneous Cash Account Bank Charge Account Bank Fees Account The clearing account for your imported transactions. Receivable uses the clearing account to hold any difference between the specified revenue amount and the selling price times the quantity for imported invoice lines. The freight account for your transaction. The unearned revenue account for your transaction. Receivableuses this account when you use the Bill In Advance invoicing rule. The unbilled receivable account for your transaction. Receivables uses this account when you use the Bill In Arrearsinvoicing rule Account Type Revenue Revenue Expense Revenue Expense Expense

Asset Asset Revenue

Unbilled Receivable

Asset

Receivables Tax Codes Default Accounts

Account Name Cash (Bank Account with Currency (KD) Cash (Bank Account with Currency USD) Cash Clearing Bank Fees Bank Errors

Description Cash account you are associating with a bank account. Cash account you are associating with a bank account. Clearing account for unreconciled invoice payments or receipts Charges incurred for transacting with banks. Differences between transactions occurring with an organizations bank accounts and what is displayed in bank statements. If you use Automatic Receipts in Receivables and are requiredto send receipt information to your customer before applying the receipt, the receivable is maintained in the Accounts Receivable account until it is confirmed. Upon confirmation, it is reversed from the Accounts Receivable account and placed into the Confirmed Receipts account. Accounts for future dated payments at either the payment document or supplier site level. The account in which you deposit remitted receipts. The account in which you deposit unapplied receipts. The account in which you deposit unidentified receipts. The account in which you deposit onaccount receipts. If the exchange rate changes between invoice entry and payment, Payables automatically calculates the realized gain and records it in this account. If the exchange rate changes between invoice entry and payment, Payables automatically calculates the realized loss and records it in this account. Clearing account for unreconciled invoice payments or receipts Charges incurred for transacting with banks. Differences between transactions occurring with an organizations bank accounts and what is displayed in bank statements.

Account Type Asset Asset . Asset Expense Expense

AR Confirmed Receipts

Asset

Future Dated Payment AR Remitted Receipts Unapplied Receipts Unidentified Receipts On Account Receipts Realized Gain

Liability Asset Asset Asset Asset Expense

Realized Loss Cash Clearing Bank Fees Bank Errors

Expense . Asset Expense Expense

General Ledger Intercompany Default Accounts

Account Name Due From Account Due To Account Description Inter company Receivable Account Inter Company Payable Account Account Type Asset Liability

Inventory Default Accounts

Account Name Material Account Outside Processing Account Material Overhead Account Overhead Account Resource Account Expense Account Revenue Clearing Description Asset account that tracks material cost. For average costing, this account holds your inventory and intransit values. Once you perform transactions, you cannot change this account. Asset account that tracks outside processing cost. Asset account that tracks material overhead cost. Asset account that tracks resource and outside processing overheads. Asset account that tracks resource cost. Expense Account used when tracking non-asset item. The default general ledger account used to collect transfer charges when this Organization is the shipping organization. This is usually an expense account. The default general ledger account used to collect the purchase price variance for inter organization receipts into standard cost organizations. This is usually an expense account. This account is not used with the average cost method. The default general ledger account used as an interorganizationclearing account when this organization is the shipping organization. This is usually an asset account. Interorganization clearing account when this organization is thereceiving organization. This is usually a liability account. Account Type Asset Asset Asset Asset Asset Expense Revenue

Purchase Price Variance

Expense

Receivable Payable

Asset Liability

Intransit Inventory Purchase Price Variance Invoice Price Variance Inventory AP Accrual Sales Cost of Goods Sold Average Cost Variance Account Receiving Inventory Account Clearing Account Goods Dispatched Account

The default general ledger account used to hold intransit inventory value. This is usually an asset account. For average cost organizations, this account is the default material account. The variance account used to record differences between purchase order price and standard cost. This account is not used with the average cost method. The variance account used to record differences between purchase order price and invoice price. This account is used byAccounts Payable to record invoice price variance. The liability account that represents all inventory purchase order receipts not matched in Accounts Payable, such as the uninvoiced receipts account. The profit and loss (income statement) account that tracks the default revenue account. The profit and loss (income statement) account that tracks the default cost of goods sold account. The account used to book the Average Cost Variance The accounting flexfield for the default Receiving Accrual Account The account that is used for intercompany receivables in the procuring organization when the receiving organization is not the same as the procuring organization. The sales order issue transaction uses this account if the Oracle Order Management workflow cannot determine COGS Account.

Asset

Expense

Expense

Liability Revenue Expense Expense Asset Asset

Expense

Purchasing
Account Name Expense AP Accrual Account Description This is the account used by Oracle Purchasing to accrue your payable liabilities when you receive your Expense items Account Type Liability

Sub Inventory Default Accounts

Account Name Material Account Outside Processing Account Material Overhead Account Overhead Account Resource Account Expense Account Description Asset account that tracks material cost. For average costing, this account holds your inventory and intransit values. Once you perform transactions, you cannot change this account. Asset account that tracks outside processing cost. Asset account that tracks material overhead cost. Asset account that tracks resource and outside processing overheads. Asset account that tracks resource cost. Expense Account used when tracking non-asset item. Account Type Asset Asset Asset Asset Asset Expense