As a core component of Oracle’s comprehensive enterprise resource planning (ERP) suite, Oracle General Ledger (GL) offers various functionalities to streamline financial transactions, monitor core reporting requirements, and support more informed decision-making.
From recording journal entries to performing complex allocations and generating financial statements, Oracle General Ledger empowers organizations with the tools needed to navigate the complexities of modern financial management.
In this article, we’ll discuss the key components and benefits of Oracle GL, exploring its significant role in driving financial transparency and efficiency, and how our senior-level Oracle consultants can help you make the most of the technology you already own.
What is Oracle General Ledger?
Oracle General Ledger is a critical component of Oracle’s enterprise resource planning (ERP) suite, offering comprehensive financial management capabilities to manage financial data and record, process, and report on financial transactions.
With robust financial management capabilities and built-in integration with other Oracle applications, Oracle General Ledger enables organizations to manage their financial journals and ledgers while supporting other critical functions, such as allocations, budgets, currency conversions, and financial reports.
Key Features of Oracle General Ledger
Flexible accounting model
Oracle General Ledger enables companies to stay up-to-date with local regulations and reporting requirements by supporting the assignment of multiple ledgers to a single legal entity and maintaining all accounting representation for each transaction.
With multi-currency and multi-language functionality, users can also ensure critical global financial requirements are met, and currency conversions, evaluations, and translations are supported across each company location.
Automated financial processing
Oracle’s General Ledger solution offers highly automated financial processing tools to facilitate more efficient data conversion and load from external systems to mass journal entries in the Oracle landscape.
Organizations can leverage intelligent General Ledger features to automate journal processing for both allocation and recurring journals and accelerate reporting, consolidation, and translation processes, enabling quicker time to value and expedited reporting timelines.
Enterprise visibility
Intelligent Oracle General Ledger features empower companies to improve visibility into overall financial performance by allowing users to manage, analyze, and reconcile balances from one unified platform and drill down to underlying sub-ledger transactions and detail balances from one drill path.
Users can also leverage Oracle Application Desktop Integrator to create and maintain a desktop extension of the General Ledger module, enabling users to create budgets and reports, update conversion rates, and complete other critical financial reporting tasks.
Financial services profitability
With standard average balance and profitability capabilities and integrations with Oracle Financial Services applications, financial services organizations can perform and assess profitability analysis and transfer pricing calculations to maintain compliance with industry and reporting requirements.
Global capitalization
Oracle General Ledger allows organizations to manage and maintain critical currency conversion, evaluation, measurement, and translation processes in a single platform. This ensures that local and global accounting standards are met and currency data is captured and reported correctly.
Internal control
By utilizing a single ledger for all financial information and syncing budget, summary, actual, average, statistical, and foreign currency balances in a single platform, Oracle General Ledger enables companies to customize their charts of accounts, improve internal control, and maintain data integrity.
Scalable chart of accounts structure
Oracle’s General Ledger suite provides organizations with complete visibility and control of their charts of accounts, enabling them to tailor their charts to meet business needs and enhance security requirements to protect sensitive financial information and prevent unauthorized access.
Getting Started with the Best
From negotiating with customers to determine critical project requirements to navigating account segments in the GL module, managing the revaluation of multiple currencies, and facilitating organization-wide change management initiatives, Surety Systems has you covered.
Our senior-level Oracle consultant team has the knowledge, skills, and experience to understand your project needs, outline a plan of action, and execute the plan to help you achieve long-term success.
Contact Us
For more information about our Oracle consulting services or to get started on a project with our team of expert consultants, contact us today.
