Professional Documents
Culture Documents
EBS PROJECT
Version 2.0
May 2008
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Table of Contents
1. DOCUMENT CONTROL.......................................................................................................................3
1.1. Document Revision......................................................................................................................3
2. OBJECTIVE............................................................................................................................................3
3. OVERVIEW OF ACCOUNTING PERIOD CLOSE...............................................................................3
4. SUB-LEDGER PROCESSES..................................................................................................................3
4.1. INVENTORY...............................................................................................................................3
4.1.1. Process end period..............................................................................................................3
4.1.2. Accounting and Reconcile reports......................................................................................3
4.2. CASH MANAGEMENT..............................................................................................................3
4.3. ACCOUNT PAYABLES.............................................................................................................3
4.3.1. AP Reconciliation..............................................................................................................3
4.3.2. GL Transfer........................................................................................................................3
4.3.3. Create Mass Addition.........................................................................................................3
4.3.4. Closing an AP Accounting Period......................................................................................3
4.3.5. Accounting and Reconcile reports......................................................................................3
4.4. PURCHASING............................................................................................................................3
4.4.1. Period End Checklist..........................................................................................................3
4.4.2. Receipt Accruals - Period-End Process..............................................................................3
4.4.3. Reconciling A/P Accrual Accounts Balance......................................................................3
4.5. FIXED ASSETS...........................................................................................................................3
4.5.1. Run Depreciation...............................................................................................................3
4.5.2. Projecting Depreciation Expense........................................................................................3
4.5.3. GL Journal Entries Create..................................................................................................3
4.5.4. Accounting and Reconcile reports......................................................................................3
4.6. ACCOUNT RECEIVABLES.......................................................................................................3
4.6.1. Period End Process.............................................................................................................3
4.6.2. Steps for Closing Period.....................................................................................................3
4.6.3. Accounting and Reconcile reports......................................................................................3
4.6.4. Reconcile Posted Journal Entries.......................................................................................3
4.7. GENERAL LEDGER...................................................................................................................3
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1. DOCUMENT CONTROL
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2. OBJECTIVE
This document is used to perform accounting period close and reconcile data the month-end
close for each subledger within the Oracle Applications. This includes transferring
transactions from the Oracle subledger to Oracle GL and maintaining the period statuses
within each of the modules. Each subledger has its own period statuses to be maintained to
effectively close and open the accounting periods for the module.
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4. SUB-LEDGER PROCESSES
4.1. INVENTORY
You can perform the general ledger transfer at any time during an open period—not just at
period close. The transfer loads summary or detail accounting activity for any open period
into the general ledger interface, including both inventory and work in process entries. When
more than one period is open, the transfer selects transactions from the first open period up to
the entered transfer date, and passes the correct accounting date and financial information into
the general ledger interface.
Oracle Inventory uses accounting periods to group material and work in process transactions
for accounting purposes.
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If you use Cash Management with your other Oracle applications, you should consider
changing your closing processes to ensure that:
Any reconciliation transactions created by Cash Management are properly entered.
Account balances are updated.
Reports include accurate information.
Use this report to reconcile the General Ledger cash account to a bank statement balance.
This report lists a balance and an adjusted balance for the bank statement. It also lists a
separate adjustment amount for unreconciled receipts, payments, and journal entries, as well
as bank errors.
Warning: To ensure that this report is accurate, you must first perform these tasks:
Reconcile all statements in Cash Management.
Transfer journal entry transactions from Oracle Payables and Oracle Receivables to
your General Ledger.
Post journals in General Ledger.
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The main sub processes constituting this major process are the following:
AP Reconciliation
GL Transfer
Reporting
4.3.1. AP Reconciliation
Use the Accounts Payable Trial Balance report to reconcile your accounts payable liability in
your general ledger. Compare the Accounts Payable Trial Balance to the accounts payable
balance in your general ledger system for a given period. However, because the Trial Balance
presents the outstanding accounts payable liability information, it is only valid for an accrual
set of books.
AP RECONCILIATION
Begin
4.3.2. GL Transfer
GL transfer is the process to transfer all AP accounting entries to GL. The Payables Transfer
to General Ledger program transfers your invoice and payment accounting distributions and
audit information you select to the general ledger interface (GL_INTERFACE) table. You can
then use your general ledger system to import this information, create journal entries, and post
these journal entries whenever you wish.
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This process should continue on a daily basis to facilitate the requirement of an online system.
GL TRANSFER
Begin
Yes
No
Correct data?
Review
Account for Ensure all
unaccounted
Invoices and payments are
transaction
No Payments reconciled
report
Run GL transfer
Resolve the
error
End
No
Create Mass Addition is a process to transfer assets information from invoice line
distributions in Payables to Oracle Fixed Assets by running the Mass Additions Create
program.
For foreign currency assets, Payables sends the invoice line distribution amount in the
converted functional currency. The mass addition line appears in Oracle Assets with the
functional currency amount. Oracle Assets creates journal entries for the functional currency
amount, so you must clear the foreign currency amount in your general ledger manually
Payables prevents you from closing an accounting period until you post all transactions with
an accounting date in that period. If there are unposted invoices or payments that you want to
move forward into the next accounting period, you can submit the Unposted Invoice Sweep
program to move them forward.
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You should close a period when no one is entering any invoices or payments. This way you
avoid the possibility of someone entering (without saving) a transaction in an open period,
you close the period, and someone then saves a transaction. If this does happen, just submit
the Unposted Invoice Sweep program.
Following are steps to complete the close process in Payables:
If checks are missing, goto step #2. Otherwise, goto step #4.
2. Locate the missing checks.
3. Void the missing checks.
4. Notify the Accounts Payable Supervisor that all checks are accounted for.
5. Verify that all requests for payment have been entered.
6. Verify that all manual checks have been recorded.
7. Verify that documents have been processed.
8. Report invoices on hold.
Run the Invoices on Hold report.
9. List all of the general ledger account entries made during the period.
Run Expense Distribution Detail Report.
10. Determine whether general ledger account distribution errors exist.
Review the Expense Detail Distribution report to identify any account
distribution errors. If distribution errors exist, goto task #11. Otherwise, goto task
#15.
11. Identify the errors on the Expense Detail Distribution report.
12. Deliver the annotated report to an Accounts Payable Clerk.
13. Correct the account distribution errors.
14. Inform the Accounts Payable Supervisor that account distribution errors have been
corrected.
15. Print a listing of aged accounts payable balances and a listing of all checks written during
the period.
Run the Accounts Payable Trial Balance Report.
Run the Payment Register.
16. Verify the current accounts payable aging.
Compare the total of the new aging with the prior aging after adding vouchers
and subtracting payments. If the aging is correct, goto task #20. Otherwise, goto
task #17.
17. Correct the source of the differences.
18. Verify that the corrections have been made.
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Use the Accounts Payable Trial Balance Report to verify that total accounts payable liabilities
in Payables equal those in the general ledger. To reconcile these balances you can compare
the cumulative total liability provided by this report with the total liability provided by
your general ledger.
The Trial Balance Report lists and subtotals by supplier and liability account all unpaid and
partially paid invoices that Payables has transferred to the general ledger. These invoices
represent your organization’s outstanding accounts payable liability. Therefore, to obtain the
most up–to–date trial balance, you should transfer your invoice and payment activity to the
general ledger before submitting this report.
Since this report presents your outstanding accounts payable liability information, it is only
valid for an accrual set of books. If you use future dated payments, the Relieve Future Dated
Payment Liability Payables option determines when this report considers invoice liability
relieved by a future dated payment. If the option is set to When Payment is Issued, then the
invoice amounts paid by future dated payments do not appear in this report. If the option is set
to When Payment Matures, then the invoice amounts continue to appear in this report until the
payment status is updated to Negotiable. If the option is set to When Payment Clears, then the
invoice amounts continue to appear in this report until the payment is cleared.
Use this report to review and analyze accounting entries in Payables. You can use the report
parameters to limit the report to just the accounting information you want to review.
This report is helpful when you reconcile your accounts with your general ledger. For
example, you can reconcile the prepaid expense account between Payables and your general
ledger. You can submit this report in detail and compare it to an account analysis report in
your general ledger. The report sorts accounting data by balancing segment first. Within each
balancing segment group you can specify the order of the other account segments by using the
Order By parameters. Within each account, the data is sorted by the following:
accounting date
supplier name
document number
order of creation (line ID of the accounting entry line)
Use the Posted Invoice Register to review accounting lines, summarized by invoice, that have
been transferred to general ledger. Because it presents amounts that have been charged to
liability accounts, this report is valid only for an accrual set of books.
The Posted Invoice Register is primarily a reconciliation tool. Use this report along with the
Posted Payment Register and the Accounts Payables Trial Balance Report to reconcile
balances between Payables and your general ledger. To make their output easier to read, each
of these reports can be generated for a single liability account. For example, if you are using
Automatic Offsets and the liability for your invoices is allocated across multiple balancing
segments, then you can use the Liability Account parameter to limit your reports to a single
balancing organization.
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You can generate the report in summary or in detail. When generated in detail, the report
displays invoices charged to liability accounts and the accounting information that has been
transferred to the general ledger. Also included is the supplier and amount information for
each invoice listed. Payables displays the total invoice amount in the invoice currency and the
transferred distribution amount in both the invoice currency and accounted currency for easier
reconciliation with general ledger.
Note: The posted distribution amount only includes distribution lines that have been
transferred to general ledger. When generated in summary, the report lists totals for each
liability account and does not include any invoice detail. When you run the report in detail
and you choose Journal Entry Batch as the sorting option, the output is grouped by liability
account, journal entry batch name, and invoice currency. When your sorting option is Entered
Currency, the groupings are by liability account, invoice currency, and then journal entry
batch name. Within these groups records are sorted by supplier name, invoice number, and
invoice date.
Use the Posted Payment Register to review accounting lines, summarized by payments that
have been transferred to general ledger. Because it presents amounts that have been charged
to liability accounts, this report is valid only for an accrual set of books. You can submit the
Posted Payment Register for one payment journal entry batch or all payment journal entry
batches.
The Posted Payment Register is primarily a reconciliation tool. Use this report along with the
Posted Invoice Register and the Accounts Payables Trial Balance Report to reconcile balances
between Payables and your general ledger. To make the output easier to read, each of these
reports can be generated for a single liability account. For example, if you are using
Automatic Offsets and the liability for your invoices is allocated across multiple balancing
segments, then you can use the Liability Account parameter to limit your reports to a single
balancing organization.
You can generate the report in summary or in detail. When generated in detail, the report
displays payments that relieve liability accounts and that have had their accounting
information transferred to the general ledger. Also included is the supplier and amount
information for each payment listed. Payables displays the payment amount in the entered
currency and the liability amount relieved in the accounted currency. In detail mode, the
report also displays the payment document and disbursement type for each batch of payments.
It provides a report total and subtotals for each payment document and bank account. When
generated in summary, the report lists totals for each liability account and does not include
any payment detail. When you run the report in detail and you choose Journal Entry Batch as
the sorting option, the output is grouped by liability account, journal entry batch name, bank
account, and payment currency. When your sorting option is Bank Account, the groupings are
by liability account, bank account, journal entry batch name, and payment currency. Within
these groups, records are sorted by payment number, payment date, and supplier name.
Use this report to identify and review all unaccounted invoice and payment transactions and
see the reason that Payables cannot account for a transaction. Payables sorts the report by
transaction type (invoice or payment), exception, supplier, transaction currency, and
transaction number. Run this report after you have run the Payables Accounting Process.
The report will then show only transactions that had problems that prevented accounting. You
can then correct the problems and resubmit the accounting process. Note that this report does
not include invoices that have no distributions.
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4.4. PURCHASING
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process. Purchasing creates accrual entries only up to the quantity the supplier did not invoice
for partially invoiced receipts.
Follow the steps listed below:
1. Identify the purchasing period for your receipt accrual entries. Purchasing creates receipt
accruals for all receipts you entered up to the end of this period. To prevent any period-
end disruption, Purchasing lets you provide a receipt date that is different from the date
you enter the receipts. You never have to enter all the receipts for a period before the end
of this period. You can enter these receipts later. You simply need to backdate the receipt
date. Of course, you should make sure you entered all receipts for a specific period before
you create receipt accruals for that period.
2. Enter and match all invoices you received during the period for your receipt accrual
entries.
3. Close the accounts payable period corresponding to the purchasing period for your
receipts accrual entries.
4. Run the Uninvoiced Receipts Report and analyze your uninvoiced receipts that are
accrued at period end.
5. Run the Receipt Accrual - Period-End process as many times as you need. You can use
the search criteria to choose what you want to accrue and accrue your receipts step by
step. This process creates accounting accrual entries using the journal source 'Purchasing'
and the journal category 'Accrual'.
6. Run the Accrual Reconciliation Report after period close to analyze your receipts accrued
on receipt.
7. Use your general ledger system to reverse all the receipt accrual for your period-end
accruals in the following period.
8. Close the purchasing period for your receipt accruals. When you close a purchasing
period, Purchasing automatically un-marks all the receipts you previously accrued to
make sure you can accrue these receipts again if they are still uninvoiced in the next
period.
9. After you have opened your next period in General Ledger and have either closed the
previous general ledger period or have completed all previous month receipt accruals, you
can reverse the previous month's receipt accruals in the new month. You perform this by
reversing each general ledger journal batch in General Ledger.
To run the Receipt Accruals - Period End process:
1. Navigate to the Submit Requests window.
2. Select Requests in the first field.
3. Select Receipt Accruals - Period-End in the Name field.
4. Enter the Extended Value. The default is 0.
5. Enter the Supplier to restrict period-end receipt accruals to a single supplier.
6. Enter the item Category to restrict period-end receipt accruals to a single category.
7. Enter the Period for which you want to perform period-end receipt accruals. Purchasing
automatically provides you with a list of acceptable accrual periods. This list contains periods
that you closed in your accounts payable system and either opened or did not use in your
general ledger system.
8. Save your work to begin the process.
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This process guide you run depreciation and create journal entries in General Ledger at period
end.
To run depreciation
1. Open the Run Depreciation window.
2. Choose the Book for which you want to run depreciation.
3. Choose whether you want Oracle Assets to close the period after successfully depreciating
all assets.
4. Choose Run to submit concurrent requests to run the calculate gains and losses,
depreciation, and reporting programs.
Attention: You cannot enter transactions for the book while depreciation is running.
Oracle Assets automatically runs the Journal Entry Reserve Ledger report when you run the
depreciation program for a corporate book, and the Tax Reserve Ledger report for a tax book,
so you can review the depreciation calculated.
5. Review the log files and report after the request completes.
6. If the log file lists assets that did not depreciate successfully, correct the errors and re–run
depreciation.
1. Select Rollback Depreciation from the navigator menu to open the Submit Requests
window and the parameters window.
2. On the Parameters window, specify the book for which you want to roll back depreciation.
The period automatically defaults to the current open period.
3. Choose Submit Request to roll back the depreciation.
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Depreciation projections are estimates of actual depreciation expense. You can project
depreciation expense for any depreciation book. You can run depreciation projection only for
the current depreciation parameters set up in your system.
Note: You cannot run depreciation projections using the unit of production depreciation
method on budget books.
Path:
1. Navigate to the Depreciation Projections window.
2. Enter the Projection Calendar to specify how you want to summarize the projection.
You can summarize the results by year, quarter, month, or any other interval. For example,
you can choose a monthly or quarterly calendar.
3. Enter the Number of Periods for which you want to project depreciation. You can project
depreciation expense for any number of future periods, on up to four depreciation books at
once.
4. Enter the Starting Period for your projection.
5. Check Cost Center Detail to print a separate depreciation projection amount for each cost
center. Otherwise, Oracle Assets prints a consolidated projection report for each expense
account without cost center detail.
6. Check Asset Detail to print a separate depreciation amount for each asset. Otherwise,
Oracle Assets prints a consolidated projection report without asset detail.
7. Enter the Book(s) that you want to include in your projection.
8. Save your work.
Oracle Assets submits a concurrent process to calculate the projection, and automatically runs
the Depreciation Projection Report.
Oracle Assets creates journal entries for depreciation expense, asset cost, and other accounts.
Oracle Assets automatically creates transaction journal entries for your general ledger, if you
have set up the journal entry category for that transaction type for that book.
Oracle Assets creates journal entries that summarize the activity for each account for each
transaction type.
Prerequisite: Run the depreciation program for your depreciation book for this period.
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You can use reports to track your mass additions from the time you bring them over from
your accounts payable system to the time you post them into Oracle Assets:
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You can use reports to reconcile your mass additions to your posted assets:
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Definition : The process to close the period for AR on a monthly or an annual basis.
Begin: Beginning of the AR close process.
End: The close of the period within Oracle AR, and the opening of the next period as the
current period.
S-Telecom will transfer all the transaction information to General ledger on a daily basis.
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Complete
transaction Balance AR Run GL
Run Reports
processing for Transactions Interface
the month
Yes
Expected
No
Results
Yes Errors
No
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Run Adjustment Approval Report and Adjustment Register Report to verify outstanding
and approved adjustments.
6. Open next Period
7. Print Invoices
Print Invoices created from previous steps.
Run Invoice Print Preview Report – lists all invoices selected for printing. Confirm invoice
listing.
Run Invoice Print New Invoices – prints customer invoices.
Review printed Invoices documents
8. Run Journal Entries Report
Run the Journal Entries Report and review it for any unusual accounts.
Correct accounts as needed
9. Run General Ledger Interface
Run the GL Interface program to transfer completed invoices and receipt transactions to
the General Ledger:
View the Journal Import report to ensure Status = SUCCESS.
10. Check Unposted Items
Check that there are no unposted items after the GL transfer:
Run Unposted Items Report to identify any items that failed to post during the GL transfer
for the specified GL date range.
Note: The GL Transfer Program will generate this report if there are items that you attempt to
transfer to your general ledger that are out of balance.
Run Sales Journal by GL Account Report to identify any items that are not been
transferred for the specified GL date range. (Specify “unposted” for report parameter.)
11. Post Journals
12. Run Period Close Request Set
13. Complete To Reconcile Receipts and the Aged Trial Balance.
14. Make Reconciliation Adjustments
Make any adjustments required to correct reconciliation errors from Run Period Close
Reconciliation step.
If any reconciliation adjustments are made, rerun the General Ledger Interface program
and confirm that all transaction transfer and are imported, as in Run General Ledger
Interface Step
Rerun the Unposted Items Report, to confirm that all transactions for the period have
posted to the GL.
15. Complete to reconcile: the ATB to GL, the Transaction Register to the Sales Journal, and the
Sales Journal to the GL.
16. Open/Close Periods
Control: Accounting: Open/Close Periods
Find the current Period, set Status = Closed
17. Notify GL
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Reconcile the outstanding customer balance at the beginning of a specified period with the
ending balance for the same period. The following table represents the various components
that affect a customer’s balance and the reports you can use to reconcile these components.
Use the following formula to ensure your revenue accounts match your receivables aging:
Beginning Balance
+ Transactions
+/– Adjustments
– Invoice Exceptions
– Applied Receipts
– Unapplied Receipts
= Ending Balance
Reconcile Transactions
Periodically check that Receivables transactions balance with themselves by running the Sales
Journal by GL Account and the Transaction Register for the same GL Date range. This will
ensure that all postable items are reflected on your Sales Journal.
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The total on the Sales Journal by GL Account should equal the total of postable items in the
Transaction Register. In case of any discrepancies, view your customer balances using the
Sales Journal by Customer report to find which total does not balance.
Use the following formula to ensure that the Transaction Register matches the Sales Journal:
Transaction Register (postable items)
+ 2 * Credit Memo Total
= Sales Journal (Debits + Credits)
You must adjust the Transaction Register total for any credits because they are negative on
the Transaction Register and positive on the Sales Journal.
Reconcile Receipts
Periodically check that Receivables receipts balance by running the Receipt Journal report
and the Receipt Register for the same GL Date range. Use the Receipt Journal view
information about receipts that appear in your Journal Entries report. Use the Receipt Register
to review a list of receipts for the date range that you specify.
The total of the Receipt Journal should equal the total of all receipts in the Receipt Register.
These reports display information about both invoice– related and miscellaneous receipts.
Note: You can also use Oracle Cash Management to reconcile your deposits with a bank
statement.
Run the Sales Journal and Receipt Journal for the same General Ledger date range to see what
will post to your General Ledger. Once you internally reconcile your transactions and receipts
with your Sales and Receipt Journals, you can perform external reconciliation during and after
the posting process. Posting within Receivables consists of two stages: General Ledger
transfer and Journal Import.
Run General Ledger Interface to extract transaction and receipt data from Receivables and
transfer it into the General Ledger Interface table. You then run Journal Import to create your
unposted journals in Oracle General Ledger. (You can run Journal Import automatically after
running General Ledger Interface or separately from Oracle General Ledger.) Finally, you run
a separate posting process from Oracle General Ledger to create posted journal entries.
Receivables provides reporting tools to track and reconcile the posting process.
Reconcile the General Ledger Transfer Process General Ledger Interface produces an
execution report that shows you the total debits and credits transferred from Receivables to
the General Ledger Interface table. Compare this report to your Sales and Receipt Journal
totals and verify that they match. Be sure to use the same General Ledger Date ranges for the
two journals and your GL transfer.
Receivables also produces the Unposted Items Report if there are any items that cannot be
transferred to the General Ledger Interface table. You must take into account the total
untransferred items when reconciling your Sales and Receipt Journals with the GL Interface
Execution report. Once transactions and receipts have been transferred to the General Ledger
Interface table, they are considered ’posted’ within the Receivables sub– ledger. Account
balances for transactions and receipts can be reconciled by generating the Sales Journal by GL
Account, the Receipt Journal (in ’Transaction’ mode), and the Journal Entries report for
posted items. The account totals in the Sales and Receipt Journals should match the
corresponding account balances in the Journal Entries report.
The Journal Entries report shows the transaction and receipt numbers that contribute to a
particular GL account. Run this report using the Summary by Account parameter to review
the details that make up your general ledger journal entries. This report selects all transactions
that will be posted to the General Ledger (i.e. associated transaction type has Post to GL set to
Yes). The totals for each accounting flexfield in the Sales Journal report and the Receipt
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Journal Report should match the corresponding totals in this report. You can also run this
report for unposted items to see a summarized version of what would transfer to the General
Ledger.
Note: The Journal Entries report can generate multiple reports. The ’Detail by Account’
version of this report is probably most useful for reconciliation purposes.
Use the Receipt Journal and the Sales Journal by GL Account report to see more detailed
information before running General Ledger Interface. Use the Receipt Journal to review
details of receipts that appear in your Journal Entries report. Use the Sales Journal by GL
Account report to review all transactions and the associated accounting flexfield information
for the GL date range and accounts that you specify.
Reconcile the Journal Import Process Journal Import lets you create detail or summary journal
entries in Oracle General Ledger. Choose the Detail option to see the transaction detail in
your General Ledger. In this case, the program creates one journal line for each transaction.
You can see this information when you run the Unposted Journals report from the General
Ledger, or online using the Account Inquiry window in the General Ledger. Choose the
Summary option if you do not want the invoice detail in your General Ledger and simply
want the debits and credits summarized by account.
In this case you will see one journal line for each accounting flexfield, per currency, instead
of one journal line per invoice line.
Journal Import produces an execution report that shows you the total debits and credits for the
journals it created. These totals should match the totals on the Posting Execution report.
To see your journals, run the Unposted Journals Report from General Ledger. The grand
totals on this report should match the Journal Import Execution report.
Note: If you choose the Detail option when you run Journal Import, the invoice and customer
numbers appear in the description of your journal lines so you can easily see the invoices that
affect each account.
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1. Set the status of the first accounting period in the new fiscal year to Future Entry.
Note: The first period of the new fiscal year should not be opened until all of the year–end
processing for the last period of the current year has completed.
2. (Optional) If your business rules require you to create reversing entries at the beginning of
every period, generate and post accruals from the prior period now.
3. Transfer data from all of your subledgers and feeder systems to the GL_INTERFACE table
(if run Journal import from sudledgers is set to No).
5. Close the period for each subledger. This prevents future subledger transactions from being
posted to General Ledger in the same period.
6. Review the imported journal entries in Oracle General Ledger. You can review them online
or in reports. Reviewing journal entries before posting minimizes the number of corrections
and changes that need to be made after posting.
Below is a list of useful reports:
Journal Batch Summary Report
General Journal Report
Journal Entry Report
Journal Line Report
Journal Source Report
Journals by Document Number Report (when document sequencing is used)
Unposted Journals Report.
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10. (Optional) If you did not generate and post your prior period reversals at the beginning of
this period, be sure to generate reversals now.
Note: Although it is customary to post reversing entries at the beginning of a new period,
many companies will leave this step as a period–end procedure.
11. Revalue balances to update foreign currency journals to your functional currency
equivalents.
12. Post all journal entries, including: manual, recurring, step–down allocations, and
reversals.
Note: Be sure to generate and post the step–down allocations in the correct order.
13. Review your posting results. The following reports are helpful:
Posting Execution Report
Error Journals Report
14. Update any unpostable journal entries and then post them again.
Common reasons for unpostable batches include:
Control total violations
Posting to unopened periods
Unbalanced journal entries
All errors in the journal entry batches must be corrected and resubmitted for posting.
15. Run General Ledger reports, such as the Trial Balance reports, Account Analysis reports,
and Journal reports. It is recommended you create standard report sets that are run at the end
of every period. This will help you maintain a consistent audit trail.
16. Translate balances to any defined currency if you need to report inforeign currencies.
17. If using a calendar with an adjusting period that represent the last day of the fiscal year,
close the current period and open the adjusting period.
18. Create and post adjusting entries and accruals in the adjusting period.
19. Run Trial Balance reports and other General Ledger Reports in the adjusting period after
adjustments are made.
20. (Optional) If you are required to have an actual closing journal entry that shows the
closing of your income statement accounts to retained earnings, submit the Create Income
Statements Closing Journals program. This program creates an auditable closing journal
entry.
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Future Process Definition Close End Period
21. (Optional) If you submitted the Create Income Statement Closing Journals program, post
the closing journals to update account balances. Your income statement will reflect zero
balances.
22. (Optional) If your local accounting rules require you to close your balance sheet, submit
the Create Balance Sheet Closing Journals program.
23. Post the Balance Sheet Closing Journal by submitting the Create Balance Sheet Closing
Journals program. Your balance sheet will now reflect zero balances.
24. Close the last period of the fiscal year using the Open and Close Periods window.
25. Open the first period of the new fiscal year to launch a concurrent process to update
account balances. Opening the first period of a new year automatically closes our your income
statement and posts the difference to your retained earnings account specified in the Set of
Books form.
Note: If you have already run the Create Income Statement Closing Journals program, where
the closing account specified was the retained earning s account, opening the new fiscal year
has no further impact on retained earnings because the income statement accounts now have
zero balances.
26. Run FSG reports for the last period of the year.
27. (Optional) If you closed your balance sheet at year–end, reverse the Balance Sheet
Closing Journals to repopulate balances of your balance sheet accounts for the new year.
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