Oracle Financials Cloud: General Ledger 2024Implementation Professional 1z0-1054-24 Exam Questions with Experts Answers Updated Recently

The three labels that are required when designing the chart of account structure for this project are Primary Balancing, Cost center, and Natural Account. A chart of account structure is composed of segments that represent different dimensions of accounting information, such as company, department, account, or project. Each segment has a label that indicates its function or purpose within the chart of accounts. The Primary Balancing label is required for the segment that identifies the legal entity or business unit for which financial statements are prepared and balanced. The Cost center label is required for the segment that identifies the organizational unit or function that incurs expenses or generates revenues. The Natural Account label is required for the segment that identifies the nature of an account, such as asset, liability, revenue, or expense. The Intercompany Segment label is not required when designing the chart of account structure for this project, as this is an optional label for the segment that identifies intercompany transactions between different legal entities or business units within the same enterprise. The Secondary Balancing label is not required when designing the chart of account structure for this project, as this is an optional label for the segment that identifies an additional balancing dimension other than the primary balancing segment, such as fund or region. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Define Chart of Accounts 12

Here are the steps you need to follow:

In the Setup and Maintenance work area, go to the following:

Offering: Financials

Functional Area: Financial Reporting Structures

Task: Manage Shorthand Aliases

Select the chart of accounts that you want to create the alias for. In this case, it is the Corporate chart of accounts.

Click on the Add Row icon to create a new alias. Enter the following information:

Alias Name: RevDom

Account Template: 101-2000-400000-000-000-000

Description: Revenue Domestic for Supremo Fitness, Line of Business 2, and US Operations Cost Center

Enabled: Yes

Start Date: Today’s date

End Date: Blank

Click on the Save and Close button to save the alias.

You have successfully created a shorthand alias for the US Chart of Accounts. For more information, you can refer to the following resources:

Account Aliases

Enter a GL Account Alias

Short Hand Alias in Fusion Financials Key Flexfield

How to Enable Account Shorthand Aliases

Here are the steps you need to follow:

Navigate to the Setup and Maintenance work area and search for the task Manage Chart of Accounts Structures.

Click on the Create icon to create a new Chart of Accounts Structure. Enter the following information:

Structure Code: 07COA

Structure Name: 07 Chart of Accounts

Description: Chart of Accounts for candidate 07

Number of Segments: 5

Click on the Next button to define the segments. Enter the following information for each segment:

Segment Number: 1

Segment Name: Company

Value Set Code: 07Corporate Company

Value Set Name: 07 Corporate Company

Maximum Size: 3

Balancing: Yes

Segment Label: Company

Segment Number: 2

Segment Name: Cost Center

Value Set Code: 07Corporate Cost Center

Value Set Name: 07 Corporate Cost Center

Maximum Size: 4

Balancing: No

Segment Label: Cost Center

Segment Number: 3

Segment Name: Account

Value Set Code: 07Corporate Account

Value Set Name: 07 Corporate Account

Maximum Size: 8

Balancing: No

Segment Label: Natural Account

Segment Number: 4

Segment Name: Product

Value Set Code: 07Corporate Product

Value Set Name: 07 Corporate Product

Maximum Size: 3

Balancing: No

Segment Label: Product

Segment Number: 5

Segment Name: Intercompany

Value Set Code: 07Corporate Company

Value Set Name: 07 Corporate Company

Maximum Size: 3

Balancing: No

Segment Label: Intercompany

Click on the Next button to review the summary and click on the Save and Close button to save the Chart of Accounts Structure.

Navigate to the Setup and Maintenance work area and search for the task Manage Chart of Accounts Structure Instances.

Click on the Create icon to create a new Chart of Accounts Structure Instance. Enter the following information:

Structure Code: 07COA

Structure Name: 07 Chart of Accounts

Description: Chart of Accounts for candidate 07

Chart of Accounts Structure: 07COA

Enabled: Yes

Allow Dynamic Inserts: Yes

Click on the Next button to review the summary and click on the Save and Close button to save the Chart of Accounts Structure Instance.

You have successfully created a Chart of Accounts Structure and Instance for the given scenario. For more information, you can refer to the following resources:

Chart of Accounts Structures and Instances

Chart of Accounts Components

Minimum Steps For Financial Enterprise Structures Configuration

Overview of Creating and Configuring Chart of Accounts Structure and Instances