Create a Primary Ledger
Create a primary ledger as your main record-keeping ledger. A primary ledger records transactional balances by using a chart of accounts with a calendar, currency, and accounting rules implemented in an accounting method.
The primary ledger is closely associated with the subledger transactions and provides context and accounting for them.
Scenario
You have been assigned the task of creating a primary ledger for your company Vision Corporation.
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In the Setup and Maintenance work area, go to the following:
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Offering: Financials
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Functional Area: General Ledger
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Task: Manage Primary Ledger
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Click the Create icon.
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Complete the fields, as shown in this table.
Field
Value
Name
Vision Corporation
Description
Vision Corporation primary ledger for recording transactions.
Chart of Accounts
Vision Corporation Chart of Accounts
Accounting Calendar
Standard Monthly
Currency
USD
Accounting Method
Standard Accrual
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Click Save and Close.
Note:You can't change the chart of accounts, accounting calendar, or currency for your ledger after you save the ledger.