Define Accounting configuration of Enterprise Structure for Procurement in Fusion
Legal entities are discrete business units characterized by the legal environment in which they operate. The legal environment dictates how the legal entity should perform its financial, legal, and management reporting. Legal entities generally have the right to own property and the obligation to comply with labor laws for their country. They also have the responsibility to account for themselves and present financial statements and reports to company regulators, taxation authorities, and other stakeholders according to rules specified in the relevant legislation and applicable accounting standards. During setup, legal entities are assigned to the accounting configuration, which includes all ledgers, primary and secondary.
Setup are listed as follows :
1) Manage Primary Ledgers
2) Specify ledger Options
3) Review and submit accounting Configurations
Navigate to Setup and Maintenance>Implementation Project
In Manage Primary Ledger, click Create
Input the name as KB15M_Ledger
Select Scope > Assign Legal Entities> Apply and go to task
Click KB15M_Ledger under Manage Primary Ledgers
Create New
Search for KB in Legal Entities
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