Now that you have created a project & tasks for Fusion Financial Accounting Hub as per this link, next we need to configure Oracle Fusion Accounting Hub. Amongst many other things, we will require is a GL Chart Of Accounts Flexfield. To learn basics of Value Sets, you can refer to the Oracle EBS article linked here.
In case of our Fusion FAH implementation, we will be creating a GL Chart of Account with the following segments
Entity
Tells which company does this transaction belongs to
Line Of Business
Example for line of business is that Apple will have Mobile Phones & Laptops as two different line of business
Cost Centre
Cost centre examples are IT Department, or Human Resource Department etc
Account
Accounts segment tells the nature of transaction. For example, if an invoice liability has been created into the system or Cash has been received & reconciled in the system
You will always find that all the subledgers such as Payables, Receivables, Projects, Inventory etc send the journals to GL. These journals contain either a credit or a debit to a combination of these GL Accounting Flexfield segments. For example, you can query GL Balances to know which Line of Business has how much cash sitting with them. Or you can query which Cost Centre has most amount of expense in a period.
Anyways, coming back to value sets in Fusion Financials, we will be creating one single value set for each of the above GL segments, using the steps shown below.