Period Closure Activities For Oracle Apps

Period Closure Activities For Oracle Apps

The following is a note on the period closure process entailing the checking of transactional data, running of transfers of transactional data to the General ledger, reviewing/reconciling of reports and closure of periods in Oracle’s modules. These activities can be taken up roughly in the sequence in which they have been detailed below. Several of these activities (like GL transfers, reconciliations) can be performed concurrently prior to the closure of periods. However, the specific activity of closing of periods in respective/relevant modules should take the following order:

Close Period in Payables

1. Close Period in Purchasing
2. Close Period in Inventory
3. Close Period in FA
4. Close Period in Receivables
5. Close Period in GL

S.No	Activity	Reports To Check	Remarks
AP1	Run Payables Accounting concurrent Process	View Payables Accounting Process Output for any exceptions Frequency: Daily
AP2	Payables transfer To GL Process and POST Journal	Review Journal Import Execution report for exceptions Frequency: Daily
AP3	Open Next AP Period	Frequency: Month End	From Control Payables Period
AP4	Run Unaccounted Transaction Report	Review Output Frequency: Month End
AP5	Sweep Unaccounted Transactions If any to next period OR correct the accounting in the current Period	Review output Frequency: Month End	Sweeping  can also be done from Control Payables Period while closing the period
AP6	Reconcile AP Trial Balance To GL	Review For Following Reports a. Posted Invoice Register b. Posted Payments Register c. Review Payables Trial Balance Report and Reconcile. Frequency: Month End
AP8	Run Mass Addition Create	Review output Frequency: Month End
AP8	Close Current Payables Period	Frequency: Month End	From Control Payables Period
PO1	Open New Purchasing Period	Frequency: Month End	From Control Purchasing Period Ensure AP8 is done.
PO2	Run Journal Import for Purchasing GL Batches and POST Journals to GL	Frequency: Daily	Please run import in summary Form.
PO3	Close Purchasing Period	Frequency: Month End
FA1	Review and Post Mass Addition	Frequency: Weekly
FA2	Enter Manual Assets	Frequency: As and when
FA3	Execute Asset Maintenance Transactions	Frequency	Transactions like Retirements, Transfers..
FA4	Run Depreciation	Review output Frequency: Weekly
FA5	Run Report Sets and reconcile with GL	Report Set a. Cost Summary/Detail Reports b. Reserve Summary/Detail report c. Reconcile Addition/Reclass/Transfer/Adjustment d. Account Reconcile Reserve Ledger Report
FA6	Run Depreciation with Period Close checked	Review output Frequency: Month End	System Closes the current period and opens the next period
AR1	Ensure All Transactions are completed Ensure a l invoice- able  shipments are auto invoiced in AR	Run Margin Analysis Load Run( for Current Period ) Run Margin Analysis Report for OM Review Output of Sales and Shipments Frequency: Month End
AR2	AR  transfer To GL Process and POST Journal	Review Journal Import Execution report for exceptions Frequency: Daily / Weekly
AR3	Run Period End Report Set Reconcile AR India Trial Balance To GL	AR Reconciliation Report Other Reports: Aging Reports  - For  Beginning Balance  Transaction Register-  For Invoice, CM/DM Transactions  Adjustment Register -  For Adjustments  Invoice Exception Report  - For Invoice Exceptions  Applied Receipts Register - For Applied Receipts  Unapplied Receipts Register - For Unapplied Receipts  Aging Reports  - For Ending Balance  Frequency: Monthly
AR4	Open Next AR Period	Frequency: Monthly
AR5	Close Current AR Period	Frequency: Monthly
INV1	Resolve Pending, Un costed  /Inventory Transactions	Steps to be followed for each organization 1.             Navigation: Transaction----->Pending Transaction-------->query for process flag type error--------->find Identify the job order number from source tab and validate the job order number, item number and qty  needs submission or not. if it is a valid transaction then to post the same in inventory check the submit box on the left side corner and save the transaction After 5 minutes check whether the transaction is submitted. If it is submitted it will not appear in the pending transaction screen,. If it is not getting eliminated, check for error description and correct the error and submit it again. If it is not a valid transaction, doubly verify and give the list to us for elimination. 2.             Pending receiving transaction Navigation: Receiving------->Transaction status summary-----find Check these are valid MIN number. if it is valid then delete the line and recreate the balance transaction from receiving transaction menu. If it is not a valid transaction then delete the transaction. 3.             Pending OM resolution check whether any delivery id is appearing in  India Excise invoice generation program if available it means that inventory is not depleted from staging sub inventory then check the order number using the delivery id from ship confirm localized form if it is a valid transaction then note down the item number from ship confirm localized form From inventory module go to reservation and check for any reservation against the item. If any reservation is created for any non pick released order then delete the reservation From inventory module go to transaction open interface form and enter the item number and if this item is available in this form then delete the item from this form. Check for this item availability of stock in staging subinventory.the qty in staging sub inventory should be equal or greater than the qty picked for this order. now follow the below navigation path and submit the program Navigation:shipping------->Interface------->run the interface trip stop report using delivery id as input check if the report is successful Now go to on hand qty and check the qty is depleted from staging sub inventory. .               Navigation:WIP----->Pending Move Transaction-------->query for process flag type error--------->find Identify the job order number from source tab and validate the job order number, item number and qty  needs submission or not. if it is a valid transaction then to post the same in inventory check the submit box on the left side corner and save the transaction after 5 minutes check whether the transaction is submitted. If it is submitted it will not appear in the pending transaction screen,. if it is not getting eliminated, check for error description and correct the error and submit it again. if it is not a valid transaction, doubly verify and give the list to us for elimination. Navigation:WIP----->Pending Resource Transaction-------->query for process flag type error--------->find Identify the job order number from source tab and validate the job order number, item number and qty  needs submission or not. if it is a valid transaction then to post the same in inventory check the submit box on the left side corner and save the transaction after 5 minutes check whether the transaction is submitted. If it is submitted it will not appear in the pending transaction screen,. if it is not getting eliminated, check for error description and correct the error and submit it again. if it is not a valid transaction, doubly verify and give the list to us for elimination. Frequency: Month End
INV2	Check for Zero/Unusual Costs (Material, Resource etc.)	Run & Review Purchase Price Variance Report WIP Account Distribution Report Frequency: Monthly
INV3	Update Standard Costs Before Inventory Period Close	After above Review Frequency: Monthly
INV4	Run Inventory Close Cycle> GL Transfer for Each Inventory Org.	Review Material Account Distribution Summary Report (Parameters: Account, Transaction Type, GL Batch). Frequency: Daily / Weekly
INV5	Run & Review Inventory Reports Reconcile Inventory/WIP Valuation to GL	Reports                                                               ·         Inventory Value Report                     ·         All Inventories Value Report     ·         Sub inventory Account Value Report            ·         Period Close Value Summary Report                            ·         WIP Value Report for the month cum to date option ·         Receiving Account Distribution Report            ·         Receiving Value Report ·         Material Account Distribution Summary Report ·         WIP Account Summary Report        ·         Purchase Price Variance Report & IPV Frequency: Month End
INV6	Run Inventory Close Cycle> Close Inventory Periods for Each Inventory Org. (Closing spawns one last GL batch)	Review Material Account Distribution Summary Report (Parameters: Account, Transaction Type, GL Batch) Frequency: Monthly After PO Period Close	Closed Inventory Period cannot be reopened. *Closing a period executes the general ledger transfer automatically.  However, one can also run this process without closing a period using the Transfer Transactions to General Ledger form.  Since a closed period  cannot be reopened, running this process before period close allows one to proof the interfaced transactions and make adjustments to the period via new inventory transactions as necessary. On Period Closure, the button for “Values At Close” on the Accounting Close Cycle>Inventory Accounting Periods form can be clicked to obtain period end summarized values of inventory by each sub-inventory.(This will correspond to the Period Close Value Summary Report.)
GL1	Ensure All Journals from different Journal Sources have been imported . Generate Reversal, Allocations & Recurring journals Review all categories in journal batches Post and verify journal post concurrent process is in order.	Journal Sources: Payables:  Purchase Invoices, Payments Purchasing: Receiving , Receiving India Fixed Assets: Additions, Reclass, Transfers, Retirements, Depreciation, Adjustments Receivables: Sales Invoices, Trade Receipts, Credit Memos, Debit Memos, Adj RG Register Entry: RG Register Data Entry Inventory: MTL, WIP(includes EAM) LMW Payroll LMW Other Branches Frequency: Monthly	Journals can be reviewed and posted on a weekly basis to have current and up to date data in GL for MIS reporting. Choose to Post Sub ledger Transfers in Summary mode. Inventory GL Transfers (MTL & WIP) happen in Summary mode.
GL2	Review Journals	Review Journal Import Errors. Correct Journal Interface lines for errors. Frequency: Monthly
GL3	Open Next Period	Frequency: Monthly	Will Open next period and one Future Entry period.
GL4	Enter Currency Daily Rates	Frequency: Monthly	Enter for Date range
GL5	Run Trial Balance & MIS Reports	Run Trial Balance Summary1 Report Review GL and ADI  Reports for MIS Frequency: Monthly	Depending on the currency of Postings in the GL, the ADI reports will reflect current financials on any day of a month.
GL6	Close Current GL Period	Frequency: Monthly	Do not “Permanently Close” the period. Opening of the next fiscal year, in Apr. transfers revenue data to the P&L account as defined in the set of books. Changes in the previous year will be carried forward and impact this account.