Balance sheet

[byswamy]

Do any have a detailed document on what all happens and what care need to be taken during the year-end closing of general ledger.
Let me know where exactly I can find the same. I searched the metalink but could understand only some thing.


Thanks
Swamy

[abhgaur@gmail.com]

Hi ,

I think .. Details could be very extensive .. i would suggest you to please some details around your perpective


a) Subledgers needs to be closed - What all subledgers you have?

b) All Accounting needs to be posted to GL

c) Incase if you are transacting in more than one currencies then you may want to revalue them.

d) For Year end journals .. Oracle automatically transfers the balances to next year but incase if your requirement is have year end closing journals then you may have to run oracle process inorder to create them .


e) All there couple of other steps that needs to be done on the business side ..like Physical stocks etc .

Thanks
Abhishek

[MasterPiece]

I hope this will help .

Year End Closing Process


Year End Close Check List

1 Set Status of the first Accounting Period in new Fiscal
Year to Future Entry

2 Business Rules Require Creation of Reversal Entries at the
beginning of every period, generate and post accruals from
prior period

3 Transfer your Data from all your Subledger and Feeder
System to GL_INTERFACE

4 Run the Journal Import Process to populate
GL_JE_BATCHES,GL_JE_HEADERS and GL_JE_LINES

5 Close the period for each Subledger

6 Review the Imported Journal Entries in Oracle General
Ledger either online or through the Reports

7 Post the Imported Journal Entries

8 Perform Reconciliation of subsidiary ledgers by reviewing
the correctness of balances

9 Generate all recurring Journals and step down allocations

10 If you did not generate and post your prior period reversals
at the beginning of this period, be sure to generate reversal
entries

11 Revalue Balances to update foreign currency journals

12 Post all Journals including manual, recurring, step down,
allocations, reversals

13 Review your posted results

14 Update any unpostable Journal entries and then post again

15 Run General Ledger Reports

16 Translate balances to any other currency if you need to
report in foreign currency

17 Consolidate your subsidiary set of books if you have
multiple companies

18 If using a calendar with an adjusting period then close the
current period and open the adjustment period

19 Create and post adjusting entries in Adjustment period

20 Run Trial Balance Report and GL Reports for adjusting
Period

21 If required run Create Income Statement Closing Journal
program to closing of your Income Statement account to
the retained earnings

22 If you have run the Create Income Statement Closing
Journals program, Post the Closing Jounals to update
account balances

23 If required, submit the Create Balance Sheet Closing
Journals Program

24 Post the Balance Sheet Journals by submitting the Create
Balance Sheet Closing Journals Program. Your Balance
sheet will reflect now Zero Balances


25 Close the last period of the fiscal year using the Open and
close periods window

26 Open the new fiscal year to launch the concurrent process
to update account balances

Performing Year end Encumbrance Processing

1 Identify the outstanding Encumbrances in Oracle
Purchasing which to cancel and carry forward

2 Review the Encumbrance Details Report in PO

3 Define Mass Cancel Criteria in Oracle Purchasing if required

4 Run Mass Cancel in Oracle Purchasing if required

5 Request the Encumbrance Trial Balance Report in GL to
review encumbrance balances and activity for the GL
accounts before year end carry forward

6 Close the last period of current fiscal year

7 Open the first period of next fiscal year

8 Open the Next Encumbrance Year

9 Open the next Budget Year

10 Carry forward Year end encumbrances

11 Request the Encumbrance Trial Balance Report in GL to
review the year end carry forward balances





Creating Document Sequences for next Year
1 Document Sequence Numbers for Next year
need to be created from sysadmin
a) Check Payments
b) Credit Memo
c) Debit Memo
d) Expense Report Invoice
e) Prepayment Invoice
f) Recurring Invoices
g) Standard Invoice
h) Wire Payments
Note: Finance Dept need to advise IT if any other Document
Category for which Document Sequence is required apart
from the above mentioned Document Categories
2 Year end Backup (two Back ups) Needs to be Taken before
closing the period



Also to reconcile GL balances with Subledger you may have to do the following reports checking BEFORE Closing the period every month for point no (8) of Year End Close Check List

Reconcile the ?Accounts Payable? Module with the General Ledger Module by printing the following reports:
General Ledger:
? Account Analysis - Payables Detail
? Trial Balance ? Detail
Accounts Payable:
? Posted Invoice Register Report
? Posted Payment Register Report
? Payables Account Analysis Report
? Accounts Payable Trial Balance

Reconcile the ?Fixed Assets? Module with the General Ledger Module by printing the following reports:
General Ledger:
? Account Analysis (180 Char)
? Trial Balance ? Detail
Fixed Assets:
? Asset Cost Summary Report
? Asset Reserve Summary Report
? Asset Cost Detail Report
? Asset Reserve Detail Report
? Journal Ledger Reserve Account Report

Reconcile the ?Accounts Receivable? Module with the General Ledger Module by printing the following reports:
General Ledger:
? Account Analysis (180 Char)
? Trial Balance ? Detail
Receivables:
? Posted Transactions Register Report
? Posted Receipts Register Report
? Receivables Account Analysis Report
? Aging 7 Bucket by Account

Reconcile the ?Inventory? Module with the General Ledger Module by printing the following reports:
General Ledger:
? Account Analysis (180 Char)
? Trial Balance ? Detail
Inventory:
? Material Distribution Detail
? Material Distribution Summary

Reconcile the ?Purchasing? Module with the General Ledger Module by printing the following reports:
General Ledger:
? Account Analysis (180 Char)
? Trial Balance ? Detail
Receivables:
? Accrual Rebuild Reconciliation
Complete the reconciliation of all the above
Review the completed reconciliation

[byswamy]

Thank you very much....masterpeiece