Period Close Process

Oracle Inventory uses accounting periods to group material transactions and work in process transactions for accounting purposes. So normally these details are grouped for a month and the transaction details are posted to GL. An automatic general ledger transfer is processed when you close an accounting period. 1. Material Transaction ======================= The Material Transaction includes miscellaneous issue, sales order issue, or cycle count adjustment. 2. WIP Transaction ================== Resource transaction Lists resource transaction details. Overhead transaction Lists overhead transaction details. Outside processing Lists outside processing transaction details. Cost update Lists cost update transaction details. Period close variance Lists transaction details for period close variance transactions for expense jobs and certain instances of repetitive schedules. Job close variance Lists job close variance transaction details. Closing a Period ================ you can close the earliest accounting period with a status of Open or Error. Before you close a Inventory period make sure you have noticed all the pending transactions that is showing for the particular accounting period that you have chosen to close, to find the pending transactions (navigation)

Inventory Superuser > Accounting Close Cycle > Inventory Accounting Period > Pressing the pending button in the bottom left corner of the screen !

2. After Choose the Pending button. The Pending Transactions window appears Resolution Required: Displays the number of unprocessed material transactions, uncosted material transactions, and pending WIP costing transactions existing in this period. These must be resolved before the period is closed. Resolution Recommended: Displays the number of pending receiving transactions, pending material transactions, and pending shop floor move transactions existing in this period. You can close the accounting period, however, after it is closed these transactions cannot be processed. Unprocessed Transaction Messages One of the following messages appear if there are unprocessed transactions: Pending receiving transactions for this period When you use Purchasing, this message indicates you have unprocessed purchasing transactions in the RCV_TRANSACTIONS_ INTERFACE table. These transactions include purchase order receipts and returns for inventory. If this condition exists, you will receive a warning but will be able to close the accounting period. These transactions are not in your receiving value. However, after you close the period, these transactions cannot be processed because they have a transaction date for a closed period. Unprocessed material transactions exist for this period This message indicates you have unprocessed material transactions in the MTL_MATERIAL_TRANSACTIONS_TEMP table. You are unable to close the period with this condition. Please see your system administrator. Inventory considers entries in this table as part of the quantity movement.

Closing the period in this situation is not allowed because the resultant accounting entries would have a transaction date for a closed period, and never be picked up by the period close or general ledger transfer process. Pending material transactions for this period This message indicates you have unprocessed material transactions in the MTL_TRANSACTIONS_INTERFACE table. If this condition exists, you will receive a warning but will be able to close the accounting period. These transactions are not in your inventory value. However, after you close the period, these transactions cannot be processed because they have a transaction date for a closed period. Uncosted material transactions exist for this period This message indicates you have material transactions in the MTL_MATERIAL_TRANSACTIONS table with no accounting entries (Standard Costing) and no accounting entries and no costs (Average Costing). You are unable to close the period with this condition. These transactions are part of your inventory value. Closing the period in this situation is not allowed because the resultant accounting entries would have a transaction date for a closed period, and never be picked up by the period close or general ledger transfer process. Pending move transactions for this period This message indicates you have unprocessed shop floor move transactions in the WIP_MOVE_TXN_INTERFACE table. If this condition exists, you will receive a warning but will be able to close the accounting period. These transactions are not in your work in process value. However, after you close the period, these transactions cannot be processed because they have a transaction date for a closed period. Pending WIP costing transactions exist in this period This message indicates you have unprocessed resource and overhead accounting transactions in the WIP_COST_TXN_INTERFACE table. You are unable to close the period with this condition. These transactions are in your work in process value, and awaiting further processing. Closing the period in this situation is not allowed because the resultant accounting entries would have a transaction date for a closed period, and never be picked up by the period close or general ledger transfer process. After you have checked all the pending transactions and after clearing all the mandatory pending transactions and again once again check for any pending transactions, Once you are sure that you are ready to close the inventory period you can come back to the main inventory accounting periods page in the right end corner press the change status button in the pop up window select Close and be sure that INVENTORY PERIOD CLOSED CANNOT BE REOPENED (This is a irreversable process), Take extra care while closing inventory period.

Period Closing All organizations at One Time

Once all the transactions verified for all organizations, you can close all organizations Navigations: Cost Management SLAViewRequests--> Submit New Request Select Close Period Control Request from the list Parameters: Hierarchy Origin: Always STG-Main Warehouse Hierarchy: STG INV ORG Hierarchy Always Close Period: Select the period which you want to Close Request Count: 100 Close if Resolution Recommended: NO

Once submit the Request will trigger child request - Period Close Reconciliation Report for Each organization as separate child request. Verify all the request status.

If any request error out, click on view log and find the Organization_ID and verify the status of that period

Navigation: Inventory Superuser > Accounting Close Cycle > Inventory Accounting Period
If Period Status is CLOSED NOT SUMMARIZED Solution: Navigations: Cost Management SLAViewRequests--> Submit New Request Select - Period Close Reconciliation Report from the List Select the Period (which is in CLOSED NOT SUMMARIZED status) and submit. Now you can recheck the status of that period.