Link for Interview questions of all modules
- GL FAQ’S 1(Dileep kumar)
- GL FAQ’S 2
- GL & SLA FAQ’S
- What are Converstion , Revaluation, and Translation
- CONVERSION: Conversion refers to foreign currency transactions that are immediately converted at the time of entry to the functional currency of the set of books in which the transaction takes place.
- REVALUATION: Revaluation adjusts liability or assets accounts that may be materially understated or over stated at the end of a period due to a fluctuation in the exchange rate between the time the transaction was entered and the end of the period.
- TRANSLATION: Translation refers to the act of restating an entire set of books or balances for a company from the functional currency to a foreign currency.
- HOW MANY TYPES OF CONVERSION RATES ARE THERE IN ORACLE GL?– There are 5 basic types of conversion rate types predefined in Oracle GL:
- SPOT: An exchange rate based on the rate for a specific date. It applies to the immediate delivery of a currency.
- CORPORATE: An exchange rate that standardize rates for your company. This rate is generally a standard market rate determined by senior financial management for use throughout the organization.
- USER: An exchange rate that you enter during foreign currency journal entry.
- EMU FIXED: An exchange rate that is used by countries joining the EU during the transition period to the Euro currency.
- USER DEFINED: A rate type defined by your company to meet specific needs