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GL period closure is needed per ledger.Here is checklist with some handy notes for refrence.
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
o Import Journals
Journal Import Execution Report
Delete Journals in Error
Correct via Correct Journal Import Data
Re-import
o 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
o .. Maintain period-end exchange rates for all foreign currencies to which you want to
translate.
o .. Maintain average exchange rates for all foreign currencies to which you want to
translate.
o .. Maintain historical rates or amounts for any owner’s equity accounts to be
translated.
o .. Translate account balances to any defined currency
7. Reconcile Intercompany
8. Close GL Period
9. Consolidate Ledgers
10. Run Final Reports
If you are using intercompany segments, then steps 7 will be additional for you. Therefore
While doing Intercompany Reconcilation, you need to compare the balance of intercompany
accounts for a pair of trading partners to see if they match
Drill down to General Ledger Balances
Drill down to journals in GL, SLA and subledger transactions (invoices, etc.)
Complete Transactions
Review Unapplied Receipts
Reconcile Receipts to Bank Statement
Change Period Status to Close Pending
Create Accounting
Review Unposted Items Report
Reconcile Transaction Activity
Transaction Register
Sales Journals
Receipt Register
Receipt Journals Report
Journal Entries Report
AR Reconciliation Report
AR-GL Reconciliation Report
Third Party Balances Report
Account Analysis Report
1. Complete Transactions : that means Completing all transactions for Oracle Payables:
o
.. Complete Invoicing and Credits
.. Complete Prepayments
.. Complete Expense Reports
.. Complete Invoice Import
o you can use Invoices On Hold Report
2. 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
3. Complete Payments
4. Reconcile Payments/Bank Statements
5. Resolve Potential Accounting Issues
o Create Accounting
o Journal Entries Report
o Unaccounted Transactions Report
6. Post (GL) Payables Transactions
7. 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
Mass Addition Transfer to Assets
These are known issues and you check with corresponding metalink note.
It always encouraged to include all LIABILITY accounts in Open Account Balances Report
Definition.
Explore the Control Account feature with Third Party Balances report.
You should avoid reversing batches (or modifying Journals) in GL, if transferred by SLA.
Always use Period Close Exception report prior to closing Periods in GL and reconciling to
Account Analysis & Trial Balance reports.
You can use only SLA or GL (not both) to create manual journal entries for subledger
transaction corrections.
In FA, at period end, we require to run depreciation for depreciation books set up for the
organization, and to Create accounting for Oracle General Ledger. Oracle Assets has only a single
open depreciation period in each depreciation book.
You need to ensure that all transactions have been entered for the period being closed. Once a
depreciation period in Oracle Assets has been closed, it cannot be re-opened. Check that no-one is
entering transactions as Oracle Assets prevents transaction data entry while the Depreciation Run
Process is running. You need to complet all transactions for Oracle Assets:
2.Then if you required, you need to assign distribution lines to all assets.
If an asset has not been assigned to a distribution line, the period end Depreciation Process will not
complete, and will not close the period. Take the advantage of running "Assets Not Assigned to Any
Cost Centers Listing " report to determine which assets have not been assigned to a distribution line.
This is optional , the Calculate Gains and Losses program for retirements can be submitted prior to
running depreciation. The Calculate Gains and Losses process is performed independently for each
depreciation book.
In Release 11i when you ran depreciation you would automatically close the period whereas in
Release 12 you can now run depreciation without closing the period.
5.Create accounting
Create Journal Entries (FAPOST) is replaced by Create Accounting – Assets process (FAACCPB)
6.RollBack Depreciation for adjustment
When you are trying to do adjustment on a particular asset, FA automatically rolls-back depreciation
for that particular asset.This is one of the area where you will experience change if you are coming
from other versions.
7.Once you are sure that all the balances are correct you need to run depreciation and close the
period.
8.Create accounting
You need to make sure the step 8 must be completed only if you done transfer and posting for the
accounting entries to GL.
These steps are basically takes care of data movement , then next step for you to tie FA and GL.
For reconciliation of assets you need to take advantage of some of seeded and newly added report
that will help business user to reconcile and closing the period.
Once these report can tally, there is no way that your P & L report is not going to tally.