General Ledger Management

General Ledger serves as the central repository for an agency's financial information, providing the foundation for financial reporting, budgetary control, and period-end processing. Oracle Fusion General Ledger consolidates accounting information from subledgers, maintains the agency's chart of accounts, and supports the accounting and closing processes required for federal financial management.

You can use U.S. Federal Financials to generate federal budgetary accounting that's compliant with the guidelines laid down in the United States Standard General Ledger (USSGL) maintained by the U.S. Department of the Treasury.

Accounting for federal government transactions has two parts: proprietary and budgetary accounting. Proprietary accounting uses the standard Oracle Receivables subledger accounting rules while budgetary accounting uses the predefined federal-specific subledger accounting (SLA) rules. The Create Accounting process creates the budgetary and proprietary accounting data and transfers it from Accounting to Subledger Accounting (SLA) and to General Ledger.

At the end of a fiscal year, federal agencies must close accounts and carry amounts forward in compliance with Office of Management and Budget (OMB) requirements. The year-end process includes liquidation of unobligated commitments, generation of closing entries in general ledger, and carrying forward obligated balances to the next fiscal year.

You can use U.S. Federal Financials to close open requisitions and generate year-end closing journal entries.

The following table describes how U.S. Federal Financials enhances General Ledger activities:

General Ledger Activity	U.S. Federal Financials Feature
Enter purchase orders	US federal requisition subledger accounting US federal purchase order subledger accounting
Enter invoices Enter payments Confirm treasury schedules	US federal invoices subledger accounting US federal payments subledger accounting US federal treasury confirmation subledger accounting
Enter invoices Create adjustments Create debit memos Create credit memos Create standard receipts Create miscellaneous receipts	US federal invoices subledger accounting US federal adjustment subledger accounting US federal debit memo subledger accounting US federal credit memo subledger accounting US federal standard receipt subledger accounting US federal miscellaneous receipt subledger accounting
Create and post journal entries	Federal-specific General Ledger attributes US federal year-end close