Why did the newly added ledger and legal entity not show up in the list when assigning business functions in Oracle Fusion Financials?

When assigning the business functions, the list of values for the Primary Ledger and default Legal Entity are empty or do not show newly added values.

Cause: The Review and Submit Accounting Configuration was not performed after ledger or legal entity were added.

Solution: Submit the Review and Submit Accounting Configuration for the ledger from the Define Accounting Configuration task list in the Setup and Maintenance work area.