Period-End Process inGL,AP,ARand FA

[damodar]

hi all,

I want to know period-End process in General ledger, Payable, Receivables and Fixed assets module

can anybody help....?

[joythomas]

This is one of the basic step in the period ?end process to Open the next periods in General ledger and Sub ledgers .You can open the period 2 or 3 days before the next month and the time and date depends on your specific Requirement .
Period end process depends up on report requirement of the country , management , Investors but the Oracle application period closing procedures almost similar in all countries. If you are opening the new period in your next calendar year , Oracle transfer of all Revenue and Expense account balances to
retained earnings. The program then sets the beginning balances for
these accounts to zero for the first period of the new year.

You should book all your transactions in the current month before closing the month . If your company is publishing the quarterly earnings to the Investors and to the media , make sure that you have followed your management guidelines for booking last minute transaction. You need to reconcile your sub ledger to GL .Once the sub ledgers are reconciled to GL and close the sub ledgers . This will prevent the user to enter any transactions in the pervious period, In the AR Module , you can put in close pending period , This will prevent the user to post any entries in the previous period and once you reconciled and transferred all AR Transaction to GL and close the AR period .

In GL Post all journals , enter all the adjusting journals and recurring journals . ( This again depends on your specific requirement ). Run your Required reports and Close the periods .
AP Period Closing .

1) Enter all invoices for the period on the last day of the month.
2) Validate Invoices at end of the day
3) Confirm all Payment Batches
4) Run Accounting Process & Transfer to the GL
5) Post all AP Journals in the GL
6) Run the AP Trial Balance and reconcile this balance to the AP Trade Account Balance in the GL. These should match.
7) Open Next Period in AP
Close Current AP Period and sweep open transactions to the Next Period.
Close the old accounting period. If there are incomplete transactions that prevent from closing the payables accounting period, run and review the Period Close Exception Report and fix the exceptions. . If the close is not successful, then Sweep unaccounted transactions to the next accounting period using the Unaccounted Transactions Sweep Program. The availability of this functionality is dependent on whether any of the following conditions exist:
- Outstanding payment batches in the period being closed
- Unaccounted transactions
- Transactions not transferred to the GL

AR

1. Complete the manual payments and adjustments for the period
2. Complete the final Lockbox Process
3. Complete the manual invoices, credit memos & corrections for the period
4. Run the final AutoInvoice Interface
5. Correct all the Autoinvoice rejects and re-run.
6.Run the Incomplete Invoices Report and Invoice Exception Report to identify all incomplete transactions
7. Confirm that there are no unapproved adjustments. If found approved or reject.
8. Complete or delete 'All' incomplete transactions

9. Run the Journal Entries Reports.
10. Review the Journal Entries reports for 'unusual' accounts and correct as needed. (if possible - have someone in GL also verify)
11Run the Unposted Items Report to verify that all transactions have been transferred to GL
12. Run the Receivables Reconciliation Report to make sure that you balance with receivables.
13. Run the final post to General Ledger.
14. Post GL batches
15. Run the unposted items report - verify that there are no unposted items.
16. Reconcile Accounts Receivable balances to General Ledger.
17. Close accounting period in Oracle Receivables
18. Open the next accounting period in Oracle Receivables

GL
Post all Journal Batches and ensure that they post successfully

Reconcile Payables and Receivables Activity to the General Ledger
Run th e Preliminary Reports - Trial Balances

Process Month-End Adustment Entries - Recurring Journal Entries as needed

Run Balance Sheet, Income Statement and Trial Balance2
Close the GL Period


You can find a detailed GL month end process document in this link
http://it.toolbox.com/wiki/index.php/Pe ... elease_11i
This link has month end closing steps for FA
http://erp-consultancy.blogspot.com/200 ... ls-in.html

There are many notes in Metalink . If you have any specific questions, let me know