This tutorial deals with Oracle Fusion Financials and how it functions. In this tutorial we will look at the creation and management of legal entities and legal reporting units in Oracle Fusion.
Legal Entities
The next step in configuring the enterprise structure of the project is to manage the legal entities of the enterprise.
Creating a Legal Entity
The following steps detail the method of creating a legal entity:
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Go to the required implementation project by clicking on its name from the Manage Implementation Projects page.
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Expand the task list and click on the Select link under the Selected Scope column corresponding to the Manage Legal Entities task under Define Legal Entities for Financials.
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Select the Manage Legal Entity radio button and choose the Create New option from the dropdown list. Click on the Apply and Go to Task button to create a new legal entity.
(In case there are legal entities that have already been created, select the Select and Add option to select one particular legal entity.) -
The Manage Legal Entities task page will open. Click on the Create icon to create a new legal entity.
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Enter the information in the respective fields on the screen.
If you plan on hiring employees and managing Payroll under this legal entity, be sure to check the Payroll statutory unit and Legal employer checkboxes. -
Click on the Save and Close button on the top-right of the page after entering the required information.
Fig. 1 - The ‘Select…’ link for selecting the scope
Fig. 2 - Entering the information of the legal entity being created
Legal Entity Registrations
The following steps detail the method of managing legal entity registrations:
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Go to the required implementation project by clicking on its name from the Manage Implementation Projects page.
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Expand the task list and click on the Go to Task icon corresponding to the Manage Legal Entity Registrations task under Define Legal Entities for Financials.
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Select the Manage Legal Entity Registrations radio button and choose the Select and Add option from the dropdown list. Click on the Apply and Go to Task button.
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Use the search bar to search for the legal entity created by you from the previous step. Select the name of the legal entity from the search results. Scroll down and click on the Save and Close button.
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The legal entity registration that was automatically created upon the creation of your legal entity will show up in a list on the Manage Registrations page. In order to create a new legal entity registration (for example, to register additional authorities for multiple taxes applicable for the organisation), click on the Create icon.
Legal Reporting Units
An organisation may submit reports at the country level, to the country and the state, or to the country, state, and county levels. Each of these need to have their own respective legal reporting units created.
Fig. 3 - Explanation of Legal Reporting Units
Creating a Legal Reporting Unit
To create a legal reporting unit for an implementation project, follow the steps detailed below:
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Go to the required implementation project by clicking on its name from the Manage Implementation Projects page.
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Expand the task list and click on the Select… link under the Selected Scope column corresponding to the Manage Legal Reporting Unit task under Define Legal Reporting Units for Financials.
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Select the Manage Legal Reporting Unit radio button and choose the name of the legal entity which you just created in the previous steps from the dropdown list of the Legal Entity field. Select the Create New option from the dropdown list of the Legal Reporting Unit field. Click on the Apply and Go to Task button to create a new legal entity.
(In case there are legal reporting units that have already been created, select the Select and Add option.) -
The Manage Legal Entities task page will open with a legal reporting unit created by default for the legal entity. In order to create additional legal reporting units in the case of multiple authorities for different report submission levels, click on the Create icon.
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