Period Closing Process in Financials Modules

Introduction:

Period End Processing - Summary

1. A summary of the period-end procedures for each of the Financials applications
2. An indication of the order in which the steps should be undertaken.

Steps:

Payables

1. Complete All Transactions for the Period Being Closed
2. Run the Payables AutoApproval Process for All Invoices / Invoice Batches
3. Review & Resolve Amounts to Post to the General Ledger
4. Reconcile Payments to Bank Statement Activity for the Period
5. Transfer All Approved Invoices Payments, Reconciled Payments to the General Ledger
6. Review the Payables to General Ledger Posting Process After Completion
7. Submit the Unaccounted Transactions Sweep Program
8. Close the Current Oracle Payables Period
9. Accrue Uninvoiced Receipts
10. Reconcile Oracle Payables Activity for the Period
11. Run Mass Additions Transfer to Oracle Assets
12. Open the Next Payables Period
13. Run Reports for Tax Reporting Purposes (Optional)
14. Run the Key Indicators Report (Optional)
15. Purge Transactions (Optional)

Purchasing

1. Complete All Transactions for the Period Being Closed
2. Review the Current and Future Commitments (Optional)
3. Review the Outstanding and Overdue Purchase Orders (Optional)
4. Follow up Receipts-Check with Suppliers
5. Identify and Review Un-invoiced Receipts (Period End Accruals)
6. Follow Up Outstanding Invoices
7. Complete the Oracle Payables- Period End Process
8. Run Receipt Accruals - Period End Process
9. Reconcile Accounts - Perpetual Accruals
10. Perform Year End Encumbrance Processing. (Optional)
11. Close the Current Purchasing Period.
12. Open the Next Purchasing Period.
13. Run Standard Period End Reports (Optional)

Inventory/WIP

1. Complete All Transactions for the Period Being Closed.
2. Check Inventory and Work In Process Transaction Interfaces.
3. Check Oracle Order Management Transaction Process.
4. Review Inventory Transactions.
5. Balance the Perpetual Inventory.
6. Validate Work In Process Inventory.
7. Transfer Summary or Detail TransactionsClose the Current Oracle Payables and Oracle Purchasing Periods
8. lose the Current Inventory Period
9. Open the Next Inventory Period
10. Run Standard Period End Reports (Optional)

Order Management

1. Complete All Transactions for the Period Being Closed
2. Ensure all Interfaces are Completed for the Period (Optional)
3. Review Open Orders and Check the Workflow Status
4. Review Held Orders
5. Review Discounts
6. Review Backorders
7. Review and Correct Order Exceptions
8. Reconcile to Inventory
9. Reconcile to Receivables (Optional)
10. Run Standard Period End Reports

Receivables

1. Complete All Transactions for the Period Being Closed
2. Reconcile Transaction Activity for the Period
3. Reconcile Outstanding Customer Balances
4. Review the Unapplied Receipts Register
5. Reconcile receipts.
6. Reconcile Receipts to Bank Statement Activity for the Period
7. Post to the General Ledger
8. Reconcile the General Ledger Transfer Process
9. Reconcile the Journal Import Process
10. Print Invoices
11. Print Statements (Optional)
12. Print Dunning (Reminder) Letters (Optional)
13. Close the Current Oracle Receivables Period
14. Reconcile Posted Journal Entries
15. Review Unposted Items Report
16. Open the Next Oracle Receivables Period
17. Run Reports for Tax Reporting Purposes (Optional)
18. Run Archive and Purge programs (Optional)

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