Now that you have created a project & tasks for Fusion Financial Accounting Hub as per this link, next we need to configure Oracle Fusion Accounting Hub. Amongst many other things, we will require is a GL Chart Of Accounts Flexfield. To learn basics of Value Sets, you can refer to the Oracle EBS article linked here.

In case of our Fusion FAH implementation, we will be creating a GL Chart of Account with the following segments

Entity     

Tells which company does this transaction belongs to

Line Of Business

Example for line of business is that Apple will have Mobile Phones & Laptops as two different line of business

Cost Centre

Cost centre examples are IT Department, or Human Resource Department etc

Account

Accounts segment tells the nature of transaction. For example, if an invoice liability has been created into the system or Cash has been received & reconciled in the system

You will always find that all the subledgers such as Payables, Receivables, Projects, Inventory etc send the journals to GL. These journals contain either a credit or a debit to a combination of these GL Accounting Flexfield segments. For example, you can query GL Balances to know which Line of Business has how much cash sitting with them. Or you can query which Cost Centre has most amount of expense in a period.

Anyways, coming back to value sets in Fusion Financials, we will be creating one single value set for each of the above GL segments, using the steps below.

Now, let us create the first value set

Navigation--> Setup and Maintenance--> Search value set--> Create

create a value set for Legal Entity

Capture the length of the value set segment

Now click Manage Values to enter values into Value Set

Click add to add an entry into the value set

Capture a value in the Entity/Company field

create another value set for Business Units

Define the value set value length for LOB field in GL charts of Accounts.

Click Manage values.

create Amount value Set.

create GL Account values

create a cost centre alue set.

Add some cost centres

Now all the desired value sets are created.

Anil Passi

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