Period Close activities in Oracle Apps R12

Oracle General Ledger Period close procedure:

1. Ensure Next Period is Future Enterable or Open : You need Set the status of the next accounting period to ‘Future Entry’ if it is not already, except at year-end.While doing the year-end, it is recommended that you complete all period end processing, prior to opening the first period of the new financial year.
2. Import & Post SLA & Feeder Systems
• Import Journals
• Journal Import Execution Report
• Delete Journals in Error
• Correct via Correct Journal Import Data
• Re-import
• Post Journals
3. Post All Journals (after correcting posting errors)
4. Run and Review Journals Reports
5. Run Revaluation :This need to revalue account balances to update functional currency equivalents
6. Run Translation : This is Optional , need only when you define any new currencies to which accounting balances are to be translated. In that case you
• .. Maintain period-end exchange rates for all foreign currencies to which you want to translate.
• .. Maintain average exchange rates for all foreign currencies to which you want to translate.
• .. Maintain historical rates or amounts for any owner’s equity accounts to be translated.
• .. Translate account balances to any defined currency
7. Reconcile Intercompany
8. Close GL Period
9. Consolidate Ledgers
10. Run Final Reports

Oracle Payables Period close activities:

1. Complete Transactions : that means Completing all transactions for Oracle Payables:

• .. Complete Invoicing and Credits
• .. Complete Prepayments
• .. Complete Expense Reports
• .. Complete Invoice Import
• you can use Invoices On Hold Report
1. Approve Invoices :The Payables Approval process is run to try to approve all unapproved invoices in the system, so that they can be paid by Oracle Payments and posted to the General Ledger
2. Complete Payments
3. Reconcile Payments/Bank Statements
4. Resolve Potential Accounting Issues
• Create Accounting
• Journal Entries Report
• Unaccounted Transactions Report
5. Post (GL) Payables Transactions
6. Review Accounting

1.      Payables Accounting Process Report

2.      Posted Invoices Register

3.      Posted Payments Register

                        Unaccounted Transactions Sweep

                        Close Payables Period

o    Subledger Period Close Exceptions Report

                        Accrue Un-invoiced Receipts

                        Reconcile Payables Activity to GL

0.      AP Trial Balance Report (Account definition, Data Mgr Program)

1.      Third Party Balances Report

2.      Account Analysis Report

Oracle Receivables Period close activities:

1. Complete Transactions
2. Review Unapplied Receipts
3. Reconcile Receipts to Bank Statement
4. Change Period Status to Close Pending
5. Create Accounting
6. Review Unposted Items Report
7. Reconcile Transaction Activity
• Transaction Register
• Sales Journals
• Receipt Register
• Receipt Journals Report
• Journal Entries Report
8. Reconcile Outstanding Customer Balances
• Transaction Register
• Adjustments Register
• Invoice Exceptions
• Applied Receipts Register
• Unapplied Receipts Register
• Aging Report (run for this period)
9. Post (GL) Receivables Transactions
10. Print Statements
11. Print Dunning
12. Reconcile Receivables Activity to GL
• AR Reconciliation Report
• AR-GL Reconciliation Report
• Third Party Balances Report
• Account Analysis Report
13. Close Receivables Period
• Subledger Close Exceptions Report
• Change Period Status to Closed
• Open Next Period

Cash Management Period Close activities:

1. Load & Reconcile Bank Statements
• Auto-Reconciliation Execution Report
2. Resolve Exceptions
3. Create Miscellaneous Transactions
4. Resolve Unreconciled Lines
• Bank Statement Detail Report
• Transactions Available for Reconciliation Report
5. Reconcile to GL
• GL Reconciliation Report
• Account Analysis Report for Cash Account

Fixed Asset Period close activities:

1. Complete All Transactions for the Period Being Closed
2. Assign All Assets to Distribution Lines
3. Run Calculate Gains and Losses (Optional)
4. Run Depreciation
5. Create Journal Entries
6. Rollback Depreciation and/or Rollback Journal Entries (Optional)
7. Create Deferred Depreciation Journal Entries (Optional)
8. Depreciation Projections(Optional)
9. Review and Post Journal Entries
10. Reconcile Oracle Assets to Oracle General Ledger Using Reports.
11. Run Responsibility Reports (Optional)
12. Archive and Purge Transactions (Optional)