Oracle Financial Cloud New Feature

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Learn how to configure dependencies between chart of accounts segments using related value sets

 Introduction:

A related value set is an Independent type value set whose values are related to another Independent type value set. Use this feature to automatically display a list of related values in a segment value choice list, based on what value was selected in a preceding segment in your chart of accounts.

 

For example, if you have Company and Division segments in your chart of accounts, and the company US East has transactions in only the Car and Truck divisions, while the company US West deals with only the Motorcycle and Car divisions, you can define relationships between the Company and Division segments to enforce the relationships between their segment values.

 

The order of the segments in a chart of accounts impacts the behavior of related value sets. For example, if the value of the Company segment determines the valid values for the Division segment, then the Company segment must precede the Division segment when defining the order of the segments in a chart of accounts.

The meaning of a segment value is unique within each value set. Going back to the previous example, the Car division segment values have the same identity when paired with the company US East or the company US West. In other words, Car division segment values cannot represent one thing when paired with US East, while representing another when paired with US West.

 

Using the relationship feature, you can potentially reduce the need of having to define huge numbers of cross-validation rules and consequently benefit from the cost incurred on otherwise maintaining those rules.

 

You will also realize an improved performance during data entry, since there is no need to repeatedly scan through a huge number of cross-validation rules before deciding that a new account combination is indeed a valid one.

 

Finally, it reduces the possibility of entering wrong account combinations, since the value set relationship automatically applies valid value filters to the succeeding segments.

 

Process to enable this feature:

1.     Navigate to Setup and Maintenance> Financial Reporting Structures> Manage Chart of Accounts Value Sets:




 

2. In the Search Criteria Search for Validation Type- INDEPENDENT and Click on Search:

 



3. Select the line for which you want to create Related Value set

 





4. Click on Related Value Sets Tab

 

 




5. Click on Actions to Create/ Edit /Delete

 

 




6. Select the Related Value set code and Click on Save

 

 




7. Click on + Icon to add the Values.

 

 




8. Once the desired values have been added Click on Save and Close

 

 




9. Click on Save and Close

 

 




10. Navigate to Manage Chart of Accounts Structures

 

 




11. Click on Search

 




12. Check the Deployment Status. Click on Deploy Flex field

 

 




Note: For the value set relationship to take effect, redeploy the chart of accounts structure. It is not necessary to perform this step when you only create or update the related values.

13. Click OK

 

 




14. Click on Done

 




Result Validation

1. Navigate to General Accounting> Journals> Task Icon> Create Journals

 

 

 



 

 

 

 

 

                            

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