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Glossary
This glossary includes terms that are shared by all Oracle Financial Applicationsproducts.
4-4-5 calenda
r A calendar with 12 uneven periods: typically two four-week periodsfollowed by one five week period in a quarter. Calendars are defined inGeneral Ledger and Oracle subledger applications.Depreciation is usually divided by days for a 4-4-5 calendar. Since a 4-4-5calendar has 364 days per year, it has different start and end dates for the fiscalyear each year.
1099 form
The forms the United States Internal Revenue Service supplies to record aparticular category of payment or receipt.
1099 number
The tax identification number for a supplier. According to IRS rules in theUnited States, lack of a valid tax identification number may result in taxwithholding.Payables stores the tax identification number for each supplier. Payablesalso lets you to enter a withholding status for each supplier.
1099 types
A 1099 classification scheme used in the United States for types of payments. Each 1099 form has one or more payment types. A 1099supplier may receive payments from more than one type. The 1099-MISCform has the following types: rents, royalties, prizes and awards, federalincome tax withheld, fishing boat proceeds, medical and health carepayments, non-employee compensation, and substitute payments in lieuof dividends or interest.Payables records 1099 payments by type so that you can report themaccording to IRS requirements.
2-way matching
The process of verifying that purchase order and invoice informationmatches within accepted tolerance levels. Payables uses the followingcriteria to verify two-way matching:Invoice price <= Order priceQuantity billed <= Quantity orderedSee alsomatching.
24-hour format
A time format that uses a 24 hour clock instead of am and pm, so that 3:30would be 3:30 am, 16:15 would be 4:15 pm, 19:42 would be 7:42 pm, etc.
3-way matching
The process of verifying that purchase order, invoice, and receivinginformation matches within accepted tolerance levels. Payables uses thefollowing criteria to verify three-way matching:Invoice price <= Purchase Order priceQuantity billed <= Quantity orderedQuantity billed <= Quantity receivedSee alsomatching
.
4-way matching
The process of verifying that purchase order, invoice, and receivinginformation matches within accepted tolerance levels. Payables uses thefollowing criteria to verify four-way matching:Invoice price <= Order priceQuantity billed <= Quantity orderedQuantity billed <= Quantity receivedQuantity billed <= Quantity acceptedSee alsomatching
.
90% Test
A Financial Accounting Standards Board (FASB) test, which indicates whether or not 90% or more of the cost of the leased equipment, at lease inception, will berecovered through the present valuation of minimum lease payments using thelessee's incremental borrowing rate.
A
account
The business relationship that a party can enter into with another party.The account has information about the terms and conditions of doingbusiness with the party.
account combination
A unique combination of segment values that records accountingtransactions. A typical account combination contains the followingsegments: company, division, department, account and product.
Account Generator
A feature that uses Oracle Workflow to provide various Oracle Applicationswith the ability to construct Accounting Flexfield combinationsautomatically using custom construction criteria. You define a group of steps that determine how to fill in your Accounting Flexfield segments. Youcan define additional processes and/or modify the default process(es),depending on the application. See also
Fixed asset or long-term liabilities for which governments usually maintainseparate accountability. Governments usually maintain these transactionsin account groups known as the general fixed assets account group andthe general long-term debt account group.
account hierarchy
A hierarchical account structure containing parent and child accounts,where a range of child values roll up to parent accounts. A multi-levelparent hierarchy can exist where higher level parents are parents of lower level parents. Parent hierarchies let you define reports using parent valuesinstead of individual child values in Oralce General Ledger. Parent valuesalso facilitate summary account creation to allow you to view summarizedaccount balances online.
account relationship
A relationship that implies financial responsibility between the owners of the accounts. For example, a customer account relationship lets you applypayments to and create invoices for related customers, as well as applyinvoices to related customers' commitments.
Account segment
One of up to 30 different sections of your Accounting Flexfield, whichtogether make up your general ledger account combination. Eachsegment typically represents an element of your business structure, suchas Company, Cost Center or Account.Each Accounting Flexfield segment typically captures one element of your agency's structure, such as Fund, Division, Department, or Program.
Account segment value
A series of characters and a description that define a unique value for aparticular value set.
account site
A site that is used within the context of an account, for example, for billingor shipping purposes.
account structure
.
accounting calendar
The calendar that defines your accounting periods and fiscal years inOracle General Ledger and subledger applications. Oracle FinancialAnalyzer will automatically create a Time dimension using your accountingcalendar.
accounting classification code structure
The data elements a government activity uses to classify the financialaspects of a transaction.
accounting currency
In some financial contexts, a term used to refer to the currency in whichaccounting data is maintained. In this manual, this currency is calledfunctional currency. See
Accounting Flexfield
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