Adjustment Period in Calendar

[thinktank]

Hi,

Is there a real necessity to use adjusting period. If we don't have adjusting period defined in the calendar will it affect any of the monthend/ year end process.

I guess that we just have to keep open an entire month open until all the subledgers are closed and transactions posted in GL. Is there anyother implications ?

Thanks
Sam

[mpotdar]

Is there a real necessity to use adjusting period. If we don't have adjusting period defined in the calendar will it affect any of the monthend/ year end process.

REPLY>

No it should not. Oracle Provides Adj Period feature to isolate GL Audit Journals in Adjustment Period.

This retains visibility for Pre-Audit & Post Audit GL Balances.

END OF REPLY


I guess that we just have to keep open an entire month open until all the subledgers are closed and transactions posted in GL. Is there anyother implications ?

REPLY>

Your understanding is correct. Any Non-Adjustment period has to be open for Transferring Subledger GL Accounting.

Once all subledgers Accounting Periods are closed, then only you should close GL Period. Also Note that GL Period if Soft closed (CLOSED status) can be re-opened if required.

END OF REPLY

Cheers
Mrunal