How to setup Accounting Flexfield

For setting up a Ledger,
Step1: We already defined Accounting Calendar
http://orclapp.blogspot.in/2012/11/how-to-setup-gl-accounting-calendar.html
Step2: We need to setup our Accounting Flexfield. Solution Fallows.

Solution:
Navigation: General Ledger Super User > Setup> Financials > Flexfields > Key > Segments
Key Flexfield Segments form opens
Query for 'Accounting Flexfield' under Flexfiled Title
Place the cursor under Code and click on add New

Add the details as follows:
Code: Tata Coa, Title: Tata Coa, Description: COA for Tata Group
Finally Save

Click on Segments on the above form
Here i am defining Tata Accounting Flexfield with 5 segments as below

Place the Cursor on Company segment and click on Value Set button
and create a Value Set as below for Company Segment.

Note:
This means, values for Company segment

• Is of Size 2
• considered as Characters
• Right-Justify and Zero-fill Number enabled. Means, if we enter as "1", system take it as "01"
• Min Value = 01
• Max Value = 99

=> Assign this Value Set to the 'Company' Segment in the 'Segment Summary' screen above
=> Similarly create Value Sets for Division, Location, Department. Only change is select Min Value as '00'

Value Set of Account segment as below

Finally Segment Summary form looks as below

Flexfield Qualifers:
Flexfield qualifiers identify a segment in a flexfield.
There are 2 mandatory qualifiers we have to set for a Accounting Flexfield.

1. Balancing Segment:

General Ledger uses your balancing segment to ensure that all journals balance for each value of your balancing segment. --debits equal credits--

Setup:
Select 'Company' segment and click on Flexfield Qualifiers button
Enable Balancing Segment Qualifier like below

2. Natural Account Segment:
A natural account segment contains values representing account types.
Eg. Type of the account is Expense, Asset, Liability or Revenue etc.


Setup:
Similarly enable Natural Account Segment qualifier for Account Segment.

Finally,
=> Enable Allow Dynamic Inserts temporarily.
=> Enable Freeze Flexfield Definition
=> Save and Click on Compile Button to compile our Tata Coa KFF