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Define & Manage Legal Entity in Oracle Fusion Procurement


Legal Entities
A legal entity is a recognized party with rights and responsibilities given by legislation.
Legal entities have the right to own property, the right to trade, the responsibility to repay debt, and the responsibility to account for themselves to regulators, taxation authorities, and owners according to rules specified in the relevant legislation. Their rights and responsibilities may be enforced through the judicial system. Define a legal entity for each registered company or other entity recognized in law for which you want to record assets, liabilities, and income, pay transaction taxes, or perform intercompany trading.
A legal entity has responsibility for elements of your enterprise for the following reasons:
• Facilitating local compliance
• Taking advantage of lower corporation taxation in some jurisdictions
• Preparing for acquisitions or disposals of parts of the enterprise
• Isolating one area of the business from risks in another area. For example, your enterprise develops property and also leases properties. You could operate the property development business as a separate legal entity to limit risk to your leasing business.


The Role of Your Legal Entities
In configuring your enterprise structure in Oracle Fusion Applications, you need to understand that the contracting party on any transaction is always the legal entity. Individual legal entities own the assets of the enterprise, record sales and pay taxes on those sales, make purchases and incur expenses, and perform other transactions.


Define Legal Entity in Procurement
Steps are listed below

Navigate to setup and Maintenance > MAnage Implementation Projects

 

Open Project and Navigate to manage Legal Entity. Click on Go to task icon.

Create new Legal entity.

Enter details with country, name etc. The Legal Address will be same as we setup in the previous article. Click on Save and Close button.

Now Navigate to Manage Legal Entity Registration. And Click on go to task icon.

Select and add legal entity just created.

Here we will manage Legislative Data Group. Legislative data groups are a means of partitioning payroll and related data. At least one legislative data group is required for each country where the enterprise operates. Each legislative data group is associated with one or more payroll statutory units. Click on Manage Legislative Data Groups, Select Legal Entity: Create New, and Go to Task.

Click on Create New icon

Here we have created KB15M_LDG for currency and country as mentioned.
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Here associate Legal entity and legislative Data Group

Click on Submit Button.
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Kalyani Balbudhe

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Kalyani Balbudhe

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