Set of Books

A set of books determines the functional currency, account structure, and accounting calendar for each company or group of companies.

 Set of books consist of 3 C's .i.e.,
1)Chart of Accounts
2)Currency 
3)Calender


There are two basic type of Set of books (SOBs):

1) Primary Set of Books  (which consist of functional curency)
2) Secondary Set of Books  (which consist of reporting curency)
 If you need to report on your account balances in multiple currencies, you should set up one additional set of books for each reporting currency. Your primary set of books should use your functional currency. Each reporting set of books should use one of your reporting currencies.
When you define a set of books, you can also choose to enable budgetary control for the set of books. If you choose this option, encumbrances will be created automatically for your transactions in General Ledger, Oracle Purchasing and Oracle Payables. Enabling budgetary control is the first step in setting up funds checking.
When defining a set of books, you can also choose to enable average balance processing. If you choose this option, General Ledger will track and maintain average and end-of-day balances.
Attention: Before you can use a newly defined set of books, your system administrator must associate the set of books with one or more responsibilities. This is done using the profile option GL Set of Books Name. Your responsibility determines which set of books you use.
    Future Periods to allow for journal entry within this set of books.
General Ledger automatically assigns a status of Future Entry to accounting periods following the latest open period in your calendar, based on the number of future enterable periods you define here. If you change the number of future enterable periods for your set of books, General Ledger does not change additional period(s) to the Future Enterable status until you open a new period using the Open and Close Periods window.

 Tip : Minimize the number of future enterable periods to prevent users from accidentally entering journal entries in an incorrect period.

Budgetary Control

Using budgetary control requires funds reservation for any transactions you enter in General Ledger, Oracle Purchasing or Oracle Payables. You can only post journal entries that pass funds reservation. If you enable this option, you must enter a reserve for encumbrance account for the set of books.If you do not enable budgetary control, you cannot perform funds check or reservation in General Ledger, Oracle Purchasing or Oracle Payables.
Budgetary controls can be enabled or disabled even after a set of books has been defined and transactions entered.

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