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1.1 Before submitting the Payables Accounting Process
1. Run the following Standard reports. a) Invoice Register (with Unvalidated Invoices parameter as “YES”). This report gives the details of invoices entered into the system, but no action is taken i.e. the status of the invoice is Never Validated. b) Invoice on hold Report. This report gives details of all the invoices that are on hold in the system. Pass the Parameters as shown in the Screen Shot below, give the period end date in the To Entered Date field. Resolve the Holds in the period end so that no Invoices are carried forward to the next period during the Year End Close. In the Month End Closing you can also choose to Sweep the Invoices in the next period. . 2. Based on the information from above reports, take necessary action on invoices. Approve the Unvalidated Invoices, Account for the Unaccounted Invoices, Release Holds where ever the Invoices are placed on Hold. 3. If payment batches are used, confirm all the Payment Batches. 4. Submit the Payables Accounting Process Program to account for transactions. All the transactions needs to be accounted before transferred to General Ledger. 5. Run and Review the Standard report Unaccounted Transactions Report. Review any unaccounted transactions and correct data as necessary. Then resubmit the Payables Accounting Process to account for transactions corrected. 6. Unposted Payable Journal entries will be found in the GL and it will be posted into the General ledger. 7. This will be queried in the Journal Entry form with source as “Payables” and posting status as “Unposted”. These Journal entries will be reviewed and Posted into the GL. If Autopost is scheduled for Payables Invoices, query for any unposted journals that are remaining after the programe runs. Review and post the remaining entries.
8. After running the “Payables Accounting Process Program” program, run ‘Create Mass Additions’ program from Account Payables responsibility. This program transfers all the account lines that are marked as ‘Track as Asset’ and have corresponding Clearing Account set up in Fixed Assets. (You cannot run this program before Payable Transfer to General Ledger program is run, as it considers all lines to be interfaced to the Fixed Assets must be transferred to the General Ledger). 9. Reconcile with the General Ledger .The following standard reports from payables module can be used for reconciliation. 1. Account Payables Trial Balance. 2. Posted Invoice Register. 3. Posted Payment register.
1.2 Opening/Closing of AP periods
Module: AP Module. Navigation: Accounting > Control Payables Periods. 1. Complete the Transfer to General Ledger from the Payables for the period to be closed. 2. Select the period to close. Select ‘Closed’ from list of values in the Period Status and save the record. I 3. If any invoice/s, debit/credit memo, prepayment, expenses reports are not approved, these will be swept into the next or decided open/future period. If sweep is required, future period should be opened before sweeping is done. 4. Select the Next period to open. Select ‘Open’ from list of values in the period status and save the record.
Fixed Asset period closing procedures
1. Create all transactions (mass additions, retirements etc) before running the Depreciation Program. Check for the Mass Additions with the Status of “NEW”. 2. Before running the depreciation, Project the depreciation by running the Projections. Select the projection calendar, number of periods, Starting period, the corporate book and click on the ‘Run’ button. Total Depreciation for the period will be shown as the output in the concurrent request output. 3. Run the depreciation program without closing the period. 4. Module: Fixed Assets. 5. Navigation: Depreciation à Depreciation. Select the corporate book and the period. Do Not Check the Check Box‘ Close Period ’ 6. Verify The Journal Entry Reserve Report for the calculation of Depreciation and whether depreciation is calculated for all the assets. After checking the results go to next step. 7. Now run the Depreciation program with the check box ‘Close Period’ Checked. 8. Transfer information from fixed assets to General Ledger. (Module: Fixed Assets. Navigation: Submit RequestàCreate Journal Entries in Fixed Asset. Choose the Corporate Book and period for parameters as shown below. 9. This process creates the Journal Entries Automatically in the General Ledger. Journal import from general Ledger need not be run both for Primary as well as Reporting Set of Books. 10. Verify the Unposted Entries in the journal Entry Screen. 11. Post the journal Entries.
2.1 Opening / Closing the Period in Fixed Assets:
1. If the Depreciation is run with the Check Box ‘Close Period’ Checked, the period will be closed and the next period will be opened automatically. Note: In Fixed Assets, once a period is closed, it cannot be reopened.
3 Cash Management period closing procedures
Ensure the following before closing the Payables & Receivables. • Any reconciliation transactions created by Cash Management are properly entered. • Account balances are updated. • Reports include accurate information. Specifically the following steps are recommended. 1. Reconcile all your bank statements. 2. Transfer all transactions from Payables to your General Ledger interface tables. 3. Run Journal Import in General Ledger. 4. Post journals in General Ledger. 5. Run the GL Reconciliation Report from Cash Management for each bank account. This report compares the statement balance you specify to the General Ledger ending balances. 6. Review the report for errors. 7. If there are errors in the report, correct them in Cash Management, as needed. Repeat the above steps until there are no more errors.
4 Accounts Receivables period Closing Procedures
1. Run the final AutoInvoice Interface. Interfacesà Auto Invoice à Autoinvoice Master Program 2. Correct all the Autoinvoice rejects and re-run. 3. Complete the manual invoices, credit memos & corrections for the period, to find the detail run “Incomplete Invoices Report”. Action: Go to transaction Window and Complete the Transaction 4. Run the Journal Entries Report. 5. Review the Journal Entries reports for 'unusual' accounts and correct as needed. 6. Run the Receivables Reconciliation Report (AR Reconciliation Report) to make sure that you balance with receivables. 7. Run the final post to General Ledger. Interfaceà General Ledger: General Ledger Transfer Program 8. Post GL batches 9. Run the Unposted Items Report - verify that there are no unposted items. 10. Reconcile Accounts Receivable balances to General Ledger. 11. Close accounting period in Oracle Receivables 12. Open the next accounting period in Oracle Receivables
4.1 Opening/Closing of AR periods
Module: AR Module. Navigation: Control à Accounting > Open/Close Periods. 1. Complete the Transfer to General Ledger from the Receivables for the period to be closed. 2. Select the period to close. Select ‘Closed’ from list of values in the Period Status and save the record. 3. Select the Next period to open. Click Open Next Period Button
5 General Ledger period Closing Procedures
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. Transfer data from all of your subledgers and feeder systems to the GL_INTERFACE table. 3. Run the Journal Import process to populate the GL_JE_BATCHES, GL_JE_HEADERS, and the GL_JE_LINES tables. This can be done automatically from the subledger systems, or manually from Oracle General Ledger. 4. Close the period for each subledger. This prevents future subledger transactions from being posted to General Ledger in the same period. 5. 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. 6. Post the imported journal entries. You can also schedule Autopost to pick up and post journals transferred from subledgers on a regular basis. This reduces the volume of posting done at month end. 8. Revalue balances to update foreign currency journals to your functional currency equivalents. 9. Post all journal entries, including: manual and reversals. 10. 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 11. Run General Ledger reports, such as the Trial Balance reports, Account Analysis reports, and Journal reports. 12. Create and post adjusting entries and accruals in the adjusting period. 13. Run Trial Balance reports and other General Ledger Reports in the adjusting period after adjustments are made. 14. Close the last period of the fiscal year using the Open and Close Periods window. 15. 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 your income statement and posts the difference to your retained earnings account specified in the Set of Books form. 16. Run FSG reports for the last period of the year.
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