Do your Cross Currency Receipts fail Create Accounting?
By Mmcasey-Oracle on Apr 16, 2014
A common error when running the program Create Accounting in Receivables is:
The subledger journal entry does not balance by entered currency and there is no entered currency balancing account defined for ledger XYZ.
Please define an entered currency balancing account for the ledger of update the entered debit and entered credit amounts for each subledger journal entry line.
The cause of this error is balancing account setup at the ledger level is missing.
The account type that should be used for this account is a clearing account. The net functional entries are balanced to zero per receipt and the account should be defined as a balance sheet account (asset or liability).
In 11i the suspense account was used during journal import. This has changed in Release 12 due to Subledger Accounting Method.
Entered Currency Balancing Account should be defined at Primary Ledger level for Accounting in Cross Currency to take place accurately, for cross-currency receipt applications.
To fix this issue you need to define an entered currency balancing account for the ledger or update the entered debit and entered credit amounts for each subledger journal entry line.
To fix this do the following:
Responsibility: Receivables Manager
Navigation: Setup > Financials > Accounting > Ledger > Accounting Setups
Query the ledger that is raising the error
Click on update Accounting Options Icon
Under Primary Ledger section, locate the concerned ledger
Click on Update icon
Please verify the section: Subledger Accounting
A value must be provided for the field: Entered Currency Balancing Account
To view an illustration of how this is used, please see the following document:
Subledger Accounting: Create Accounting Error - The Subledger Journal Entry Does Not Balance by Entered Currency and There is No Entered Currency Balancing Account Defined for the Ledger Doc ID 969260.1