Step 1 - Define Your Ledgers (Required)

 You need to define at least one set of books before you can implement and use Oracle Assets. A set of books includes an accounting calendar, a functional currency, and an Account structure.

The Account defines the structure of your general ledger accounts. If you have not defined your Account while setting up a Set of Books, you need to set the Account to match your accounting structure and provide valid values for expense, cash, and accounts payable liability accounts.

If you previously defined your set of books while setting up a different Oracle Financials product, proceed to the next step.

If you have not defined your set of books, you must complete the following steps:

• Define your chart of accounts. See: Defining Your Chart of Accounts.

• Define your accounting period types and accounting calendar. See: Defining Period Types and Defining Calendars.

• Define the functional currency for your set of books. See: Defining Currencies.

• Define a set of books and assign it a calendar, functional currency and account structure. See: Defining Sets of Books.

• Have your system administrator assign your set of books to a responsibility