What is Period Close?
Closing is the process of accounting for all transactions at the end of each period so all supporting information is transferred to the General Ledger. Sub-ledgers cannot be closed if the required transactions in that period are not processed. Sub-ledgers are E-Business Applications that post (transfer accounting records) to the General Ledger: for example, Payables, Receivables, Inventory, etc.
1. Order Management / Shipping
2. Cash Management / Treasury
3. Payables
4. Receivables
5. Purchasing
6. Inventory / Costing
7. Projects
8. Assets
9. General Ledger
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Payables
- Complete All Transactions for the Period Being Closed
- Run the Payables Auto-approval Process for All Invoices / Invoice Batches
- Review & Resolve Amounts to Post to the General Ledger
- Reconcile Payments to Bank Statement Activity for the Period
- Transfer All Approved Invoices Payments, Reconciled Payments to the General Ledger
- Review the Payables to General Ledger Posting Process After Completion
- Submit the Unaccounted Transactions Sweep Program
- Close the Current Oracle Payables Period
- Accrue Uninvoiced Receipts
- Reconcile Oracle Payables Activity for the Period
- Run Mass Additions Transfer to Oracle Assets
- Open the Next Payables Period
- Run Reports for Tax Reporting Purposes (Optional)
- Run the Key Indicators Report (Optional)
- Purge Transactions (Optional)
- Complete All Transactions for the Period Being Closed
- Review the Current and Future Commitments (Optional)
- Review the Outstanding and Overdue Purchase Orders (Optional)
- Follow up Receipts-Check with Suppliers
- Identify and Review Un-invoiced Receipts (Period End Accruals)
- Follow Up Outstanding Invoices
- Complete the Oracle Payables- Period End Process
- Run Receipt Accruals – Period End Process
- Reconcile Accounts – Perpetual Accruals
- Perform Year End Encumbrance Processing. (Optional)
- Close the Current Purchasing Period.
- Open the Next Purchasing Period.
- Run Standard Period End Reports (Optional)
- Complete All Transactions for the Period Being Closed.
- Check Inventory and Work In Process Transaction Interfaces.
- Check Oracle Order Management Transaction Process.
- Review Inventory Transactions.
- Balance the Perpetual Inventory.
- Validate Work In Process Inventory.
- Transfer Summary or Detail Transactions
- Close the Current Oracle Payables and Oracle Purchasing Periods
- Close the Current Inventory Period
- Open the Next Inventory Period
- Run Standard Period End Reports (Optional)
- Complete All Transactions for the Period Being Closed
- Ensure all Interfaces are Completed for the Period (Optional)
- Review Open Orders and Check the Workflow Status
- Review Held Orders
- Review Discounts
- Review Backorders
- Review and Correct Order Exceptions
- Reconcile to Inventory
- Reconcile to Receivables (Optional)
- Run Standard Period End Reports
- Complete All Transactions for the Period Being Closed
- Reconcile Transaction Activity for the Period
- Reconcile Outstanding Customer Balances
- Review the Unapplied Receipts Register
- Reconcile receipts.
- Reconcile Receipts to Bank Statement Activity for the Period
- Post to the General Ledger
- Reconcile the General Ledger Transfer Process
- Reconcile the Journal Import Process
- Print Invoices
- Print Statements (Optional)
- Print Dunning (Reminder) Letters (Optional)
- Close the Current Oracle Receivables Period
- Reconcile Posted Journal Entries
- Review Unposted Items Report
- Open the Next Oracle Receivables Period
- Run Reports for Tax Reporting Purposes (Optional)
- Run Archive and Purge programs (Optional)
- Complete All Transactions for the Period Being Closed
- Assign All Assets to Distribution Lines
- Run Calculate Gains and Losses (Optional)
- Run Depreciation
- Create Journal Entries
- Rollback Depreciation and/or Rollback Journal Entries (Optional)
- Create Deferred Depreciation Journal Entries (Optional)
- Depreciation Projections(Optional)
- Review and Post Journal Entries
- Reconcile Oracle Assets to Oracle General Ledger Using Reports.
- Run Responsibility Reports (Optional)
- Archive and Purge Transactions (Optional)
- Change the Current Oracle Projects Period Status from Open to Pending Close
- Open the Next Oracle Projects Period
- Complete All Maintenance Activities
- Run Maintenance Processes
- Complete All Transaction Entry for the Period Being Closed
- Run the Final Cost Distribution Processes
- Interface Transactions to Other Applications (AP, GL, FA)
- Generate Draft Revenue for All Projects
- Generate Invoices
- Run Final Project Costing and Revenue Management Reports
- Transfer Invoices to Oracle Receivables
- Interface Revenue to General ledger (Project Billing Only)
- Run Period Close Exception and Tieback Reports
- Change the Current Period Oracle Projects Status from Pending Close to Closed
- Advance the PA Reporting Period (Optional)
- Update Project Summary Amounts
- Restore Access to User Maintenance Activities
- Permanently Close the Oracle Projects Period (Optional)
- Reconcile Cost Distribution Lines with General Ledger (Optional)
- Load Bank Statements
- Reconcile Bank Statements
- Create Miscellaneous Transactions
- Review Auto-reconciliation Execution Report
- Resolve Exceptions on the Reconciliation Execution Report
- Run Bank Statement Detail Report
- Run Transactions Available for Reconciliation Report
- Resolve Un-reconciled Statement Lines
- Run the GL Reconciliation Report
- Run the Account Analysis Report for the General Ledger Cash Account
- Review the Account Analysis Report
- Correct any Invalid Entries to the General Ledger Cash Account (Optional)
- Perform the Bank Reconciliation
- Ensure the Next Accounting Period Status is Set to Future Entry
- Complete Oracle Sub-ledger Interfaces to Oracle General Ledger
- Upload Journals from ADI (Applications Desktop Integrator) to Oracle General Ledger
- Complete Non-Oracle Sub-ledger Interfaces to Oracle General Ledger (Optional)
- Generate Reversal Journals (Optional)
- Generate Recurring Journals (Optional)
- Generate Mass Allocation Journals (Optional)
- Review and Verify Journal Details of Unposted Journal Entries
- Post All Journal Batches
- Run General Ledger Trial Balances and Preliminary Financial Statement Generator Reports (FSGs)
- Revalue Balances (Optional)
- Translate Balances (Optional)
- Consolidate Sets of Books (Optional)
- Review and Correct Balances (Perform Reconciliations)
- Enter Adjustments and / or Accruals and Post
- Perform Final Adjustments
- Close the Current Oracle General Ledger Period
- Open the Next Oracle General Ledger Period
- Run Financial Reports for the Closed Period
- Run Reports for Tax Reporting Purposes (Optional)
- Perform Encumbrance Year End Procedures (Optional)
- Purchasing:Purchasing Responsibility > Setup > Financials > Accounting > Control Purchasing Periods
- Inventory:Inventory Responsibility > Accounting Close Cycle > Inventory Accounting Periods
- GL:General Ledger Responsibility > Open/Close
- AP:Payables Responsibility > Setup > Calendar > Accounting > Accounting Periods
- AR: Receivables Responsibility > Control > Accounting > Open/Close Period
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