R12: What are Ledger Sets, when they are used and how to define them?
Posted by Mahmoud Elemam on January 9, 2011
What are Ledger sets?
Ledgers sets allow you to group multiple ledgers together to achieve processing efficiencies. For example, you can open or close periods for multiple ledgers simultaneously, translate balances for all ledgers in a ledger set, run recurring journals that update balances for multiple ledgers, or run consolidated financial reports that summarize balances across multiple ledgers in a ledger set.
All ledgers in a ledger set must share the same chart of accounts and accounting calendar/period type combination. They do not have to share the same currency. This allows you to group the primary or secondary ledgers with their associated reporting currencies to reduce maintenance efforts and streamline processing.
Note: Both the source ledger and its reporting currency (Journal and Subledger level) must have the same open periods to prevent problems during posting in General Ledger.
When Ledger Sets are used?
Some of the General Ledger features that benefit from the use of ledger sets are as follows:
• Translation and Revaluation: Translate balances and run revaluation across multiple ledgers in a ledger set.
• Open and Close Periods: Open and close periods for multiple ledgers within a ledger set from a single operation.
• Reporting: Submit standard reports and Financial Statement Generator (FSG) reports across multiple ledgers in a ledger set.
The added benefit of using ledger sets in FSG reports is to aggregate data and create summarized balances across multiple ledgers in a ledger set.
• Inquiry: Perform online inquiry on account balances or journals across multiple ledgers in a ledger set from a single view; drill down to the journal details and subledger transaction for each ledger.
How to define Ledger Sets?
To define a ledger set:
1. Navigate to the Ledger Set window.
2. Enter a name for the Ledger Set, a Short Name for the ledger set,(Optional) Enter a Description for the ledger set.
3. Choose a Chart of Accounts.
4. Choose a Calendar and Period Type.
5. (Optional) Specify a default ledger. The default ledger automatically defaults in all windows where the Ledger field is required.
Note: A Default Ledger is required for Financial Statement Generator (FSG).
6. (Optional) Select the Enable Security checkbox to secure the Ledger Set definition. If you do not enable security, all users who have access to this definition will be able to use, view, and modify the ledger set definition.
If the Assign Access function is available for your responsibility, the Assign Access button will be enabled once you select the Enable Security checkbox. Choose the Assign Access button to assign the definition to one or more Definition Access Sets with the desired privileges. For more information, see Definition Access Sets, page 1-136.
If the Assign Access function has been excluded from your responsibility, you will be unable to view the Assign Access button in the Ledger Sets window. You can still secure the Ledger Set definition by selecting the Enable Security checkbox, but only Definition Access Sets that are AutoAssigned will be automatically assigned to this Ledger Set. See your System Administrator for more information on Function Security.
7. In the Ledger/Ledger Set column, choose the ledgers and/or ledger sets to be included in the ledger set. Only those ledgers and ledger sets that share the same chart of accounts, calendar, and period type specified for the ledger set definition will be available.
If you use reporting currencies (journal or subledger level), you can choose reporting currencies to be included in the ledger set. Only those reporting currencies that share the same chart of accounts, calendar, and period type specified for the ledger set definition will be available
8. Save your work. The General Ledger Accounting Setup Program will be submitted.
Ensure this program completes successfully. Once saved, a ledger set cannot be deleted. You can only add or remove ledgers and ledger sets from ledger sets.
Note: You must have at least one ledger or ledger set assigned to a ledger