How Financial Reporting Reports and Account Groups Are Generated

Use the Generate Financial Reports and Account Groups process to create Financial Reporting reports and account groups for each general ledger balances cube for a specified chart of accounts and accounting calendar.

You can submit the process at any time.

How the Reports and Account Groups Are Generated

Submit the Generate Financial Reports and Account Groups process from the Scheduled Processes work area. Select the chart of accounts and accounting calendar, which identify the balances cube and ledgers for which to generate the Financial Reporting reports and account groups.

Specify values for the top parent revenue and expenses account:

• Top Revenue Account

• Top Operating Expenses Account

• Top Cost of Sales Account (optional)

The top parent accounts are used as the basis for deriving the accounts referenced in the reports. The immediate descendants of the top parent accounts are used to define the rows on the Financial Reporting income statement reports. Depending on whether both the top operating expenses and top cost of sales accounts are selected, different variations of the Financial Reporting income statements are generated. If the optional top cost of sales account is provided, the income statements Financial Reporting income statement reports also include a gross margin section.

Tip: You can pick a specific tree and tree version for each parent. All three parent account values can be from different trees and tree versions. Ideally, you would choose a common tree and tree version for all of the parent accounts. The hierarchy basis for all of the rows in the generated reports is then consistent.

For the balances cube identified by the chart of accounts and calendar in the request submission, the process creates an individual set of the following Financial Reporting reports:

1. Income Statement

2. Consolidated Income Statement

3. Rolling Quarterly Income Statement

4. Rolling Monthly Income Statement

5. Trial Balances by Ledger Currency

6. Trial Balances by Entered Currency

Note: To prevent the unnecessary proliferation of such Financial Reporting reports, unless the original reports created were renamed or deleted, resubmitting the process doesn't generate new Financial Reporting reports.

The process also generates the following three account groups for the balances cube, to be shared among all of the ledgers that are part of that balances cube:

• Revenues: Defined to display in the Revenues infolet. Automatically set as the default for the General Accounting Infolets home page unless an existing account group is already set as the default.

• Expenses: Defined to display in the Expenses infolet. Automatically set as the default for the General Accounting Infolets home page unless an existing account group is already set as the default.

• Close Monitor Summary Income Statement: Defined to display in the Close Monitor. Can be assigned to your ledger sets when you complete the Close Monitor setup.

Note: A new set of account groups is generated for a balances cube with each submission of the process.