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Chapter 9 Oracle Assets

This chapter describes the procedures for performing period-end processing in Oracle Assets Release 12.

      1. Business Requirements

In
Oracle Assets, at period end, run depreciation for each asset book set
up for the enterprise. Accounting can be created for Fixed Asssets (FA)
transactions and sent to GL on a continual basis throughout the period
using the Create Accounting program after the introduction of SLA.
Oracle Assets has only a single open depreciation period in each asset
book.


      1. Procedures

The following steps are taken in performing period-end processing for Oracle Assets.

        1. 1. Complete All Transactions for the Period Being Closed


Ensure that all transactions have been entered for the period being closed.

Once
a depreciation period in Oracle Assets has been closed, it cannot be
re-opened. Check that transactions are not being entered as Oracle
Assets prevents transaction data entry while the Depreciation Run
Process is running.

Completing all transactions for Oracle Assets:

  1. Prepare and Post Mass Additions
  2. Complete Manual Additions
  3. Complete Adjustments
  4. Complete Retirements
  5. Complete Transfers
  6. Complete Reinstatements
        1. 2. Assign All Assets to Distribution Lines


If an asset has not been assigned to a distribution line, the period end Depreciation Process will
not complete, and will not close the period. Determine which assets
have not been assigned to a distribution line by running the following
report:
  • Assets Not Assigned to Any Cost Centers Listing
        1. 3. Run Calculate Gains and Losses (Optional)


The
Calculate Gains and Losses program for retirements can be submitted
prior to running depreciation. The Calculate Gains and Losses process is
performed independently for each depreciation book. The book and
depreciation period are nominated on the Submit Request window.

For
books with a large volume of assets, the retirements process can be run
several times during the period to reduce the time for the depreciation
process.

Alternatively, the Calculate Gains and Losses program will be submitted as part of the Run Depreciation process

        1. 4. Run Depreciation


When you Run Depreciation, Oracle Assets gives you the option of closing the current period if you check the Close Period check box on the ‘Run Depreciation’
window. If all of your assets depreciate successfully, Oracle Assets
automatically closes the period and opens the next period for the book.
If you do not check the Close Period check box when you run
depreciation, Oracle Assets does not close the period.

Note: Depreciation
will be rolled back automatically if any activity is performed on a
depreciated transaction. This is valid only if the period is not closed.

  Attention:
Ensure that you have entered all transactions for the period before you
run depreciation. Once the program closes the period, you cannot reopen
it.


The Run Depreciation process
is performed independently for each asset book. The asset book and
depreciation period are nominated on the Run Depreciation window.

When
the process is run, Oracle Assets automatically calculates depreciation
for all assets, calculates gains and losses for all retirements, and
then runs the appropriate
Reserve Ledger Report.

If an asset has not been assigned to a distribution line, the Run Depreciation process
will end with an error status. By using the depreciation log file, you
can determine which assets were unassigned, or you can review the
Depreciation Program Report via the Requests window. The unassigned assets can then be assigned to distribution lines and the Depreciation process resubmitted. The Depreciation process only processes assets that have not already been processed.

The Run Depreciation process will close the current depreciation period and open the next only if the Close Period checkbox is selected.

This process submits concurrent requests to run the calculate gains and losses, depreciation, and reporting programs off-line.

When the depreciation program is run for an Asset Corporate Book, the Journal Entry Reserve Ledger Report will be generated. However, if the depreciation program is run for a Tax book, then the Tax Reserve Ledger Report is generated. Both Reserve Ledger Reports can also be run at any time, using the Submit Requests window.

        1. 5. Create Accounting


Submit
the Create Accounting process from SRS screen. This process generates
accounting and also enables transfer to and posting in GL. This program
is owned by SLA. This program can be run in 3 modes viz Draft, Final and
Final Post. This program replaces ‘Create Journal Entries’ in Oracle
Assets. If the program is run in FINAL mode with POST as yes, then the
entries will be automatically posted in GL. If the program is run in
FINAL mode with ‘Transfer to General Ledger’ as NO, then run Transfer
Journal Entries to GL – Assets. For more details refer to Oracle Assets
User Guide.

The
depreciation expense journal entries can be created from an Asset
Corporate or an Asset Tax book and transferred to the General Ledger.

There
is no need to run Depreciation before creating accounting transactions.
You can run the Create Accounting process as many times as necessary
within a period.

This
program creates adjusting journal entries to depreciation expense,
bonus expense, accumulated depreciation accounts, and bonus reserve
accounts when you enter prior period additions, transfers, or
retirements.

  Warning: Journal entries cannot be created from asset budgeting books.

Journal
entries can be created for any period in the current fiscal year for
which journal entries have not already been created. The General Ledger
period for which journal entries are to be created must be open.

Oracle
Assets uses the ‘FA: Use Workflow Account Generation’ to make a
decision on whether to use the workflow or not. By default, on upgrade
this profile option is set to ‘Yes’. If the profile is set to ‘No’,
create accounting will create accounting based on its rules and the
workflow will not be used.

  Attention: If in 11i the FA Account Generator Workflow was customized, the customizations will have to be re-implemented using SLA or FA: Use Workflow Account Generation should be set as YES. In the second case workflow will be used to generate accounts.
  Attention: ‘Create Journal Entries’ program has now been replaced by ‘Create Accounting’ program
        1. 6. Rollback Depreciation



There is no separate program as in Release 11i to perform the rollback.
Any alteration on a depreciated asset will result in an automatic
rollback.

Note: Rollback happens at Asset Level in Release 12, unlike at Asset Book level as in Release 11i

        1. 7. Create Deferred Depreciation Journal Entries (Optional)


Deferred
depreciation is the difference in depreciation expense taken for an
asset between a tax book and its associated corporate book. This
difference results from the use of accelerated depreciation methods in
the tax book.

Create
deferred journal entries using Create Accounting Process. SLA, based on
rules and inbuilt event class/entity model processes deferred
depreciation
. For more information refer to Oracle Assets User Guide

        1. 8. Depreciation Projections (Optional)


You
can project depreciation expense for any number of future periods, on
as many as five depreciation books at once. Results can be summarized by
year, quarter, month, or any specified interval. The results can be
summarized also by cost centre or depreciation expense account.
        1. 9. Review and Post Journal Entries


If accounting was performed without the journal entries being posted, review the unposted journal entries in the Enter Journals window, in Oracle General Ledger.  Post each journal entry batch using the Post Journals window in Oracle General Ledger to update the account balances.

Optionally,
use the More Actions button to Post each Journal individually or in the
source of Assets has been included in the Auto Post options, the Assets
Journals will be posted automatically in the next scheduled posting
run.

        1. 10. Reconcile Oracle Assets to the General Ledger Using Reports


a. Reserve Ledger Reports
  • Journal Entry Reserve Ledger - reconcile with the Account Analysis with Payables Details Report.
  • Tax Reserve Ledger Report
  • Additionally, the Account Reconciliation Reserve Ledger Report can be run.

b. Balances Reports

  • Cost Detail and Cost Summary Reports
  • CIP Detail and CIP Summary Reports
  • Reserve Detail and Reserve Summary Reports
  • Revaluation Reserve Detail and Revaluation Reserve Summary Reports
  • Account Analysis Report

c. Transaction Reports

  • Asset Additions Report
  • Cost Adjustments Report
  • Asset Reclassification Report
  • Asset Transfers Report
  • Asset Retirements Report
  • Reinstated Assets Report
  • Cost Clearing Reconciliation Report

d. Drill Down Reports

  • Drill
    Down Report - Reconcile the batch totals from this report with those of
    the General Journals Report in Oracle General Ledger run for posting
    status = ‘
    Unposted’.
  • Account
    Drill Down Report - Reconcile journal entries to the General Ledger.
    The report enables detailed review of the account activity on a specific
    general ledger account. The report gives detailed information of the
    asset transactions represents by a journal entry line.
  • Note:
    Drilldown is a two-stage process. In the first stage drilldown happens
    from GL to SLA. From SLA drilldown can be performed to transaction
    level.

e. General Ledger Reports

  • Unposted
    Journals Report - run the General Journals Report for Posting Status =
    Unposted to reconcile with the Drill Down reports.
  • Posted Journals Report - run the General Journals Report for Posting Status = Posted.
  • Account
    Analysis Report with Payables Detail - The ending balance of this
    report reconciles with the Reserve Summary Report ending balance.
  • Financial
    Statements Generator - It is recommended that you create a detailed FSG
    for all asset accounts.  This can be done at cost centre level for
    direct comparison with the Asset Cost Summary and Reserve Summary
    reports.
        1. 11. Run Responsibility Reports (Optional)


It
is also important to ensure that your asset inventory is accurate. If
the asset inventory is inaccurate, then your financial statements will
also be inaccurate. The following reports can be reviewed when assessing
the accuracy of the asset inventory:
  • Asset Additions By Cost Centre Report
  • Asset Additions Responsibility Report
  • Asset Disposals Responsibility Report
  • Asset Inventory Report
  • Asset Retirements by Cost Centre Report
  • Responsibility Reserve Ledger Report
        1. 12. Archive and Purge Transactions (Optional)


If
you no longer need to run reports for previous fiscal years, you can
archive and purge historical data to free hardware resources.  You can
only restore the most recently purged fiscal year, so you must restore
fiscal years in reverse chronological order.
          1. Prerequisites

A) If necessary, update the FA: Archive Table Sizing Factor profile option.  See: FA: Archive Table Sizing Factor.

B) Allow Purge for the book in the Book Controls window before you perform the purge.  See: Defining Depreciation Books.

          1. To archive and purge transaction and depreciation data:

1. Change Responsibilities to Fixed Assets Administrator.

2. Open the Archive and Purge window.

3. Enter the Book and Fiscal Year you want to archive.  You must archive and purge in chronological order.

4. Choose
Archive to submit a concurrent request that changes the status from New
to Archived and creates temporary archive tables with the data to be
purged.

Oracle Assets automatically assigns an Archive Number when you save your work.

Note: The temporary table name includes a five-digit archive number.

5. Export the archive tables to a storage device.

6. Return to the Archive and Purge window and use the Archive Number to find the archive you want to purge.

7. Choose
Purge to submit a concurrent request that changes the status from
Archived to Purged and removes the archived data from Oracle Assets
tables.  Now your database administrator can drop the temporary archive
tables.

You can only purge definitions with a status of Archived or Restored.


    1. Chapter 10 Oracle Treasury

This chapter describes the procedures for performing period-end processing in Oracle Treasury Release 12.

      1. Business Requirements

Oracle
Treasury is a comprehensive treasury solution that helps you
effectively manage your investments, debt, foreign exchange transactions
and derivatives.

Once
your financial transactions are captured in the system, manually or
automatically, Oracle Treasury facilitates settlement, valuation,
accrual and accounting for these transactions.

      1. Procedures

The
following steps are taken in performing period-end processing for
Oracle Treasury. You can automate steps 2-5 by running the Accounting
Streamline Process concurrent program.

        1. 1. Complete Daily Trading Activities


Complete trading activities for the day, validate them, if necessary, and send payment instructions to the bank.
        1. 2. Perform Revaluation


Revaluation
is the process of adjusting the rates and prices of your financial
instruments to reflect the current market value and calculate the
realized or unrealized profit and loss.

Revaluation
is an optional step in the accounting process. If you set the
Accounting -Perform Deal Revaluations company parameter to Yes, you must
perform revaluations as part of the accounting process.

        1. 3. Generate Accruals and Amortization


You
can generate amortizations and accruals adjustments, split by revenue
and expense, for all money market products. These adjustments include
amounts for settling derivatives, such as FRAs and options.

Amortization
and accruals adjustments are calculated incrementally for each batch
period, rather than as an accumulating amount for multiple periods.
Reversal entries are not required.

  • Navigate to the Accruals window.
  • Choose a Company.
  • Choose a period or a an existing Batch ID.
  • Choose
    the Calculate button. The accrual and amortization details for the
    financial transactions in the specified period appear. You can view and
    delete these period adjustments, but you cannot change them.  If you
    find the results to be incorrect, delete them and review the
    corresponding financial instrument. Once the financial instrument is
    correct, re-create the accruals.
  • Authorize the results.
        1. 4. Generate Journals


Use
the Daily Journals window to generate the daily journals for an
accounting batch, view the generated journal entries, change the dates
or GL accounts for your journal entries, and reallocate suspense journal
entries to a GL account.
        1. 5. Transfer Journals to General Ledger


After
you enter and verify all accounting changes for the journal, use the
Transfer Journals to GL window to transfer your journals from Treasury
to General Ledger.  Once you transfer your daily journals to General
Ledger, you cannot change any of the accounting for the batch in
Treasury.
  Attention:
At this moment for the current version (12.0.6) there is no integration
yet with SubLedger Accounting (SLA). Treasury sends the journals
directly to GL and not via SLA.


    1. Chapter 11 Oracle General Ledger

This chapter describes the procedures for performing period-end processing in Oracle General Ledger Release 12.

Note: The Period-End and Year-End processes are the same if Encumbrances are Not Used. Special steps are required for Encumbrances.

      1. Business Requirements

        1. Period End Close


In
Oracle General Ledger, an accounting period is closed after all the
accounting transactions have been completed for the period. A closed
period can be re-opened, providing it has not been permanently closed,
if it is necessary to enter or modify accounting transactions for that
period.

For most modules you can view and select one of the following:

Never Opened The period has never been used.

Future Enterable The
period is open to accept transactions from other modules.  Usually used
where modules are maintained in different periods, and transactions are
likely to be posted across modules.

Open Period is available for data entry

Closed Period is closed for processing, but can re re-opened if required.

Permanently Closed No further processing is possible.

Managers
have the discretion to immediately close a period to prevent
unauthorized processing, but be able to re-open periods for post
processing adjustments.  The periods can then be permanently closed as
required, independent of the period/year end process.

  Suggestion:
Periods are usually only ‘finally closed’ when all adjustments and
reporting requirements for the prior financial year are finalized.

        1. Combined Basis Accounting


If
you have installed combined basis accounting, then the steps detailed
below will need to be completed for both your accrual and cash Ledgers.
This will mean that you will need to select the responsibility relevant
to both Ledgers when completing these tasks. If Ledger set/Data Access
Set attached to a responsibility then these tasks can be performed from a
single responsibility.

      1. Procedures

The following steps are taken in performing period-end processing for Oracle General Ledger.

        1. 1. Ensure the Next Accounting Period Status is set to Future Entry


Set the status of the next accounting period to ‘Future Entry’ if it is not already, except at year-end.

At
year-end, it is recommended that you complete all period end
processing, prior to opening the first period of the new financial year.

Maintain period-end exchange rates for all foreign currencies to which you want to translate.

        1. 2. Complete Oracle Sub-ledger Interfaces to Oracle General Ledger


Journals
are created to enter accounting information into Oracle General Ledger.
Journals are comprised of batch level, journal entry level, and journal
entry line level, information.

Ensure that the accounting information from the sub-ledgers (Oracle Payables, Purchasing, Inventory, Receivables, Assets Treasury and Projects)
have been transferred to Oracle General Ledger. Run Create Accounting
program or the appropriate program (based on previous runs of Create
Accounting) to transfer data from subledger into Oracle General Ledger.
The Create Accounting process of SLA submits
Journal Import Process
(based on appropriate parameters as discussed in previous sections).
This process populates the GL_JE_BATCHES, GL_JE_HEADERS, and GL_JE_LINES
tables, and is run automatically.

  Attention: The journal posting process, run in Oracle General Ledger, updates the GL_BALANCES table.


Journal Import

  • If not automatically completed, review the Journal Import Execution Report to identify which journal entry batches were not successfully imported.
  • Delete any error journal entry batches. Determine the source(s) for these error batches, and retrieve the run ID from the Journal Import Execution Report.
  • Make necessary corrections - in the GL_INTERFACE table, via the Correct Journal Import Data window.
  • Re-import
    these corrected journal entry batches from the GL_INTERFACE table.
    Simply re-enter the source from which journal entry batches are to be
    imported.

Note: On
failure of the journal import when importing from sub ledger modules,
data will be rolled back to SLA tables, so there would not be any
scenario of data in the GL_INTERFACE when the profile option SLA:Disable
Journal Import is set to ‘No’.

  Attention:
Leave sufficient time to re-import any journal entries not successfully
imported from the feeder systems. Then update and post them.
        1. 3. Upload Journals from ADI (Applications Desktop Integrator)(Optional)


Journals
information can also be imported from spreadsheet into Oracle General
Ledger using Web-ADI (web based Application Desktop Integrator).
        1. 4. Complete Non-Oracle Sub-ledger Interfaces to Oracle General Ledger (Optional)


Following the same procedures as for Step 2.

Ensure
that the accounting information from any site specific, non-Oracle
sub-ledgers has been transferred to Oracle General Ledger. Run the
Journal Import process for these sources and ensure the resulting Journal Entries are posted either automatically by AutoPost or manually.

Note: Its is advisable to use XLA (SLA) interface tables to load transactions from 3rd party systems rather than using GL_INTERFACE.  Helle: Check this with GL dev team.

        1. 5. Generate Reversal Journals (Optional)


Select
all the Journals to be reversed. Submit the process to generate the
Reversal Journals. This process can be run across ledgers.
        1. 6. Generate Recurring Journals (Optional)


Select
all the Recurring Journals that require generation for the current
period. Submit the process to generate the Recurring Journals. This
process can be submitted for foreign currency and for multiple ledgers
provided the access is available.
        1. 7. Generate Mass Allocation Journals (Optional)


Select the Mass Allocation Journals that require generation for the current period.

Ensure
that all entries to the source accounting flexfields used in the
MassAllocation Journal definitions are finalized for the current period,
prior to generating the journal.

Post
step-down allocations in the correct order (i.e. perform the
calculation and post, for each successive level of allocation entry.
This process can be run across ledgers and across currencies.

        1. 8. Review and Verify Journal Details of Unposted Journal Entries


  • Review any remaining unposted journal entries for the current period.
  • Update journal entries as appropriate
  Attention:
Journal entries can be reviewed on-line, or via reports. Reviewing
journal entries prior to posting minimizes the number of corrections and
changes after posting. Following review of journal entry batches,
perform any journal entry updates, including any adjusting entries,
before posting.


  • Standard Journal reports available included:

    • Journal Batch Summary Report
    • Journals - General Report
    • Journals - Entry Report
    • Journals - Line Report
    • Tax Journals Report
    • General Ledger - Entered Currency
    • Journals by Document Number Report (when document sequencing is used)
          1. 9. Post All Journal Batches


    • Post all journal entries for the current period, including reversal, recurring and allocation journals.
    • Review the results of the post.

    The Posting Execution Report facilitates
    review of the results of journal entry posting. Oracle General Ledger
    generates this report every time posting of journal entry batches
    occurs. This report indicates any errors in journal entries or journal
    entry lines were discovered during the posting process.

    Run the Journals- General Report with a Posting Status of Error Journals to review error journal entry batches and their journal entries.

    • Update unpostable journal entries.

    Locate the problems with unpostable journal entry batches using the following information:

    1. Control Total

    When using a control total, ensure that the debits and credits equal the control total.

    2. Period Status

    Post Actual batches to open periods.

    Post Budget batches to any period in an open budget year.

    Post Encumbrance batches to any period up to the last period in the latest open encumbrance year.

    3. Batch Status

    Oracle General Ledger describes the problems with unpostable batches.

    Common reasons for unpostable batches are:

    1. Control total violations

    2. Posting to unopened periods

    3. Unbalanced journal entries

  Attention: All errors in the journal entry batches must be fixed, and the corrected journal entries re-submitted for posting.
    • Post updated journal entries.
          1. 10. Run GL Trial Balances and Preliminary Financial Statement Generator Reports (FSGs)


    • To
      maintain a consistent audit trail, it is advisable to create a standard
      period-end accounting report set that can be run at each period end.
    • Custom accounting reports can be created by using the ‘Financial Statement Generator (FSG)’.
  Suggestion:
To prevent confusing different versions of accounting reports for a
specific accounting period, discard any obsolete versions of your report
for that accounting period.


  • Request financial reports such as:

    • Balance Sheets e.g. Detail Trial Balance Report
    • Income Statements
    • Gross Margin Analyses
          1. 11. Revalue Balances (Optional)


    Revalue account balances to update functional currency equivalents.
          1. 12. Translate Balances (Optional)


    • Define any new currencies to which accounting balances are to be translated.
    • Maintain period-end exchange rates for all foreign currencies to which you want to translate.
    • Maintain average exchange rates for all foreign currencies to which you want to translate.
    • Maintain historical rates or amounts for any owner’s equity accounts to be translated.
    • Translate account balances to any defined currency.
          1. 13. Consolidate Ledgers (Optional)


    1. Consolidate Within Ledgers
    • Enter consolidating journal entries

    The following two methods can be used to create eliminating entries for multiple companies using a single Ledger:

      • Automatic
        Eliminating Entries - define mapping rules to eliminated intercompany
        receivables, payables, investments in subsidiaries, intercompany sales
        etc.
      • Recurring Journals- use formulas
    • Post consolidating journal entries
    • Define a reporting hierarchy that consolidates all the companies
    • Define financial statements with the reporting hierarchy
  Suggestion:
To automatically generate the amounts and accounts for consolidating
and eliminating journal entries, use recurring journal entry formulas.
  Suggestion:
To produce financial reports that reconcile your consolidating
companies with the consolidated totals, enter the consolidating entries
to a separate company, and build reports with a separate column for
‘consolidating entries’.


  • 2. Consolidate Across Ledgers when sharing same COA and Calendar (Using Ledger Set and access granted via ‘Data Access Set’)

    • Define consolidated FSG
    • Perform revaluation and translations across ledgers
    • Enter consolidated and eliminating entries
    • Report on FSG by selecting the ledger set option while running

    3. Consolidate Across Ledgers using the Global Consolidation System (GCS)

    • Define consolidations.
    • Perform revaluation and translation of foreign subsidiaries as required.
    • Run consolidations.
    • Enter consolidated and eliminating entries.
    • Report on this consolidated ledger using FSG’s
    • Analyze results using drill-down capability from Parent ledger to Subsidiary ledger/s.
          1. 14. Review and Correct Balances (Perform Reconciliation’s)


    Oracle
    General Ledger should be reconciled with all other modules. Adjust
    journals to correct any errors in the journals. Create and post
    adjusting journals to correct errors in account balances.

    (a) Review Detail Account Balances On-line

    (b) Review Account Balances via Reports

    Request
    accounting reports such as general ledgers, general journals, trial
    balances, and accounts analysis reports to facilitate reconciliation of
    Oracle General Ledger with the other Financials and manufacturing
    modules.

    1. General Ledger Reports

    General
    Ledger Reports facilitate tracing back each transaction to the original
    source. These reports list beginning and ending account balances and
    all journal entry lines affecting each account balance. The report
    provides detailed information on each journal entry line including
    source, category and date.

    2. Accounts Analysis Reports

    These
    reports list the accumulated balances of a range of Accounting
    Flexfields and all journal entries that affect that range. Detailed
    information is provided for each journal entry line, which includes the
    source, batch name, and description.

    3. Trial Balance Reports

    Use trial balance reports to review account balances and activity in summary or detail.

    4. Journal Reports

    These
    reports print journal entry batches and include journal entry
    subtotals, and descriptions and reference information for each journal
    entry line.  You can report on foreign currency, posted, unposted or
    error journal entries and report on a specific batch or on journal
    entries from a specific source.

    5. Journal Reconciliation

    General
    Ledger Entry Reconciliation let’s you reconcile transactions in General
    Ledger accounts that should balance to zero. With General Ledger Entry
    Reconciliation, you can selectively cross-reference transactions in
    General Ledger with each other by entering reconciliation reference
    Information at journal line level. When the balance for group of
    transactions is zero you can mark the transaction as reconciled.

    (c) Clear Suspense Accounts

    • Examine the General Ledger and account analysis reports to identify the source of entries to the suspense accounts.
    • Determine the adjusting entries required to net these accounts to zero.
  Attention: If suspense accounting is not allowed, Oracle General Ledger will not post out-of-balance batches.

    • (d) Reconcile Subsidiary Ledgers

      • Identify differences between subsidiary ledgers and the General Ledger.
      • Determine which differences are errors requiring adjustment to the General Ledger.

      (e)
      Check other key system accounts have not been transacted by ad-hoc
      journals, for example, Creditors Control, Debtors Control, Intercompany
      accounts, etc.

            1. 15. Enter Adjustments and / or Accruals and Post


      To correct errors in account balances made by posting incorrect journals, create and post adjusting and reversing journals.
 

Attention:
The details of posted journals cannot be changed, except to mark or
unmark for reversal. An incorrectly entered posted journal must be
reversed to back-out the accounting of the original posted journal.



    • Other
      journal entry adjustments, for example, write-offs (refer Accrual
      Write-Off Report), and manual accruals can be entered into Oracle
      General Ledger at this point also.

            1. 16. Perform Final Adjustments


      Enter and Post any final adjustments as required by the organization.
            1. 17. Close the Current Oracle General Ledger Period


      Close the current General Ledger accounting period in the Open and Close Periods window.
      The period can be ‘soft closed’, if later adjustments to the balances
      for that period may be applicable, or ‘permanently closed’, which means
      that the period cannot be re-opened in the future.

      This
      step will need to be repeated for each ledger unless a data access set
      is setup to give access to multiple ledgers. This is controlled by GL:
      Data Access Set profile option. With a data access set across ledgers
      programs can be run for multiple ledgers from a single responsibility.
      For more information please refer to Oracle General Ledger User guide.

            1. 18. Open the Next Oracle General Ledger Period


      Open the next General Ledger accounting period in the Open and Close Periods window. This operation can be performed across ledgers provided ‘Data Access Set’ grants access.

      Choose
      status ‘Open’ to open a new accounting period, or to re-open a
      previously soft closed period to enable adjustments to be made.

      Generate
      and post reversal journals that were entered in the prior period. For
      example any Oracle Purchasing receipted accruals and manual accruals.

      This
      step will need to be repeated for each ledger unless a data access set
      is setup to give access to multiple ledgers. Any Journals entered into
      this period while it had a status of Future Enterable, can now be posted
      as the period now has a status of Open.

      This
      is controlled by GL: Data Access Set profile option. With a data access
      set across ledgers programs can be run for multiple ledgers from a
      single responsibility.

            1. 19. Run Financial Reports for the Closed Period


      • Run a final Trial Balance Report.
      • Run
        final Financial Statement Generator Reports (FSG) or Report Sets as
        required by the organization.  Including Income Statements and Balance
        Sheets. FSGs can also be published via the Application Desktop
        Integrator (ADI).
            1. 20. Run Reports for Tax Reporting Purposes (Optional)


      A
      variety of standard reports can be used to provide tax information,
      which is required to be reported to the relevant Tax Authority,
      including withholding tax.

      The
      Financial Tax Register can be used to view the output from the Tax
      Reporting Ledger using Reports Exchange and Application Desktop
      Integrator (ADI). Using these products you can change the layout of the
      report, publish the report in different formats, and export the data to a
      tab delimited or HTML file.

      The
      Tax Reporting Ledger consists of accounting information created in
      Oracle Receivables, Oracle Payables, and Oracle General Ledger. The
      Financial Tax Register uses this data to generate Tax Register reports
      using the Rxi reporting tool.

      The following tax registers are available:

      • Deferred Output Tax Register
      • Recoverable and Non-Recoverable Tax Registers
      • Single Cross Product Tax Register
      • Standard Input and Output Tax Registers
            1. 21. Perform Encumbrance Year End Procedures (Optional)


      Oracle Financials provides a number of facilities for the processing of outstanding encumbrances as part of year-end processing.

      The
      default processing for Oracle Financials at year end is to extinguish
      any outstanding encumbrances/ unused funds when you close the last
      period of the Financial Year within the General Ledger application.

      The carry forward process enables managers to perform any of the following:

      • Carry forward encumbrances for existing transactions (purchases/requisitions).
      • Carry forward encumbrances, and the encumbered budget.
      • Carry forward the funds available as at the end of the year.

      Other facilities available:

      • Use mass allocations to bring forward part of the funds available.
      • Carry
        forward budgets into the current appropriation budget, or to a separate
        budget to identify between current year and carry forward amounts if
        required.  Mass budget processing also allows you to combine these
        budgets.

      To perform Encumbrance year-end procedures, including Carry Forward, you must complete each of the following steps:

      (a) Open the next encumbrance year

      Use the Open and Close Periods window to open the next encumbrance year.

      (b) Open the next budget year

      Use the Define Budget window to define a budget for the next budget period.

  Attention: Ensure that the budget that you use is inclusive of the periods for the next budget year that you require
  Attention: Ensure that the calendar periods for the next budget year have been created prior to running this step.


    • Verify
      that the next year budget figures have been entered. If you define a
      new budget for the purposes of the next year budgetary control, you may
      also need to update the following:

      • Define Budget Organizations, where you have attached the funding budget to defined account ranges within this form.
      • Define Summary Accounts, where summary templates are used as the basis for the budgetary control procedures.

      (c) Run Year End Carry Forward

      This process enables you to determine the criteria that you want to use for carrying forward your encumbrances

      The year-end carry forward is normally completed in two steps:

      1. Perform the Year End Carry Forward in Preview mode
      2. Perform the Year End Carry Forward without selecting the Preview option

      Within the Year End Carry Forward form, you can select a wide range of criteria for carrying forward balances:

        • Carry Forward Rule
          - This rule enables you to select Encumbrances Only, Encumbrances and
          the Encumbered Budget, or Funds Available as the basis for the Carry
          forward
        • Encumbrance Type - Select ‘All’ for all encumbrances, or select the encumbrance type that you require i.e. Commitment, Obligation etc.
        • From/To Budget and Budget Organization- Select the budgets where they are different

      Accounting Flexfield Ranges - Select the range of relevant accounting flexfields to be carried forward.


        1. Chapter 12 Period End Processing - Summary

      The
      following table displays a summary of the period-end procedures for
      each of the Financials applications detailed in the preceding chapters
      and, an indication of the order in which the steps should be undertaken.

2. Projects 3. Order Management 4. Cash Managment 5. Payables 6. Receivables 7. Purchasing 8. Inventory / Work In Progr. 9. Assets 10. Treasury 11. General Ledger
                   
  1. Complete All Transactions for the Period Being Closed 1. Complete Daily Cash Management Activities 1. Complete All Transactions for the Period Being Closed   1. Complete All Transactions for the Period Being Closed 1. Complete All Transactions for the Period Being Closed.   1. Complete Daily Trading Activities 1. Ensure the Next Accounting Period Status is Set to Future Entry
      2. Run the Payables AutoApproval Process for All Invoices / Invoice Batches   2. Review the Current and Future Commitments (Optional) 2. Check Inventory and Work In Process Transaction Interfaces.   2. Perform Revaluation  
  2. Ensure all Interfaces are Completed for the Period (Optional)   3. Review & Resolve Amounts to Post to the General Ledger   3. Review the Outstanding and Overdue Purchase Orders (Optional) 3. Check Oracle Order Management Transaction Process.   3. Generate Accruals and Amortization  
  3. Review Open Orders and Check the Workflow Status   4. Reconcile Payments to Bank Statement Activity for the Period   4. Follow up Receipts-Check with Suppliers 4. Review Inventory Transactions.   4. Generate Journals  
  4. Review Held Orders   5. Transfer All Approved Invoices Payments, Reconciled Payments to the General Ledger   5. Identify and Review Un-invoiced Receipts (Period End Accruals) 5. Balance the Perpetual Inventory.   5. Transfer Journals to General Ledger  
  5.Review Customer Acceptances   6. Review the Payables to General Ledger Posting Process After Completion   6. Follow Up Outstanding Invoices 6.Validate Work In Process Inventory.      
  6.Review Discounts   7. Submit the Unaccounted Transactions Sweep Program   7. Complete the Oracle Payables- Period End Process        
  7.Review Back Orders   8. Close the Current Oracle Payables Period            
1. Change the Current Oracle Projects Period Status from Open to Pending Close 8.Review and Correct Order Exceptions                
2. Open the Next Oracle Projects Period                  
3. Complete All Maintenance Activities                  
4. Run Maintenance Processes                  
5. Complete All Transaction Entry for the Period Being Closed                  
6. Run the Final Cost Distribution Processes   2. Load Bank Statements              
6a.Run the Generate Cost Accounting Events Program   3. Generate Sweep Transactions              
7.Interface Transactions to Other Applications   4. Generate Bank Statement Cashflows              
8.Generate Draft Revenue for All Projects   5. Reconcile Bank Statements              
9.Review and Release Revenue for All Projects   6. Create Miscellaneous Transactions       7. Transfer Summary or Detail Transactions      
10.Run Generation Revenue Accounting Event Process   7. Review Auto-Reconciliation Execution Report              
11.Run Create Accounting     9. Accrue Un-invoiced Receipts   8. Run Receipt Accruals - Period End Process        
12.Generate Invoices       1. Complete All Transactions for the Period Being Closed          
      10. Reconcile Oracle Payables Activity for the Period 2. Reconcile Transaction Activity for the Period          
      11.  Run Mass Additions Transfer to Oracle Assets 3. Reconcile Outstanding Customer Balances 9. Reconcile Accounts - Perpetual Accruals   1. Complete All Transactions for the Period Being Closed    
  9. Reconcile to Inventory     4. Review the Unapplied Receipts Register 10. Perform Year End Encumbrance Processing. (Optional)   2. Assign All Assets to Distribution Lines    
  10.  Create Service Contracts (Optional)     5. Reconcile receipts. 11. Close the Current Purchasing Period. 8. Close the Current Oracle Payables and Oracle Purchasing Periods 3. Run Calculate Gains and Losses (Optional)    
13.Run Final Project Costing and Revenue Management Reports 11. Reconcile to Receivables (Optional)     6. Reconcile Receipts to Bank Statement Activity for the Period   9. Close the Current Inventory Period 4. Run Depreciation    
14.Transfer Invoices to Oracle Receivables 12. Run Standard Period End Reports 8. Resolve Exceptions on the AutoReconciliation Execution Report 12. Open the Next Payables Period 7. Post to the General Ledger 12. Open the Next Purchasing Period. 10. Open the Next Inventory Period 5. CreateAccounting    
15.Run Period Close Exceptions and Tieback Reports   9. Run Bank Statement Detail Report   8. Reconcile the General Ledger Transfer Process   11. Run Standard Period End Reports (Optional) 6. Rollback Depreciation    
16.Change the Current Oracle Projects Period Status from Pending Close to Closed   10. Run Transactions Available for Reconcilation Report   9. Reconcile the Journal Import Process 13. Run Standard Period End Reports (Optional)   7. Create Deferred Depreciation Journal Entries (Optional)    
17.Advance the PA Reporting Period   11. Resolve Un-reconciled Statement Lines   10a. Print Invoices     8. Depreciation Projections(Optional)    
18.Update Project Summary Amounts   12. Post to General Ledger   10b. Print Statements (Optional)     9. Review and Post Journal Entries    
19.Restore Access to User Maintenance Activities   13. Run the GL Reconciliation Report   10c. Print Dunning (Reminder) Letters (Optional)     10. Reconcile Oracle Assets to Oracle General Ledger Using Reports.    
20.Permanently Close the Oracle Projects Period (Optional)   14. Run the Account Analysis Report for the General Ledger Cash Account         11. Run Responsibility Reports (Optional)    
21.Reconcile Cost Distribution Lines with General Ledger (Optional)   15. Review the Account Analysis Report   11. Close the Current Oracle Receivables Period          
    16. Correct any Invalid Entries to the General Ledger Cash Account (Optional)   12. Review the Subledger Period Close Exceptions Report       2. Complete Oracle Sub-ledger Interfaces to Oracle General Ledger 2. Complete Oracle Sub-ledger Interfaces to Oracle General Ledger
        13. Third Party Balance’s Report       3. Upload Journals from ADI (Applications Desktop Integrator) to Oracle General Ledger 3. Upload Journals from ADI (Applications Desktop Integrator) to Oracle General Ledger
        14. Reconcile Posted Journal Entries       4. Complete Non-Oracle Sub-ledger Interfaces to Oracle General Ledger (Optional) 4. Complete Non-Oracle Sub-ledger Interfaces to Oracle General Ledger (Optional)
      13. Run Reports for Tax Reporting Purposes (Optional) 15. Review Unposted Items Report       5. Generate Reversal Journals (Optional) 5. Generate Reversal Journals (Optional)
      14. Run the Key Indicators Report (Optional) 16. Review Account Analysis Report       6. Generate Recurring Journals (Optional) 6. Generate Recurring Journals (Optional)
        17. Open the Next Oracle Receivables Period       7. Generate Mass Allocation Journals (Optional) 7. Generate Mass Allocation Journals (Optional)
        18. Run Reports for Tax Reporting Purposes – ebTax (Optional)       8. Review and Verify Journal Details of Unposted Journal Entries 8. Review and Verify Journal Details of Unposted Journal Entries
                9. Post All Journal Batches 9. Post All Journal Batches
                10. Run General Ledger Trial Balances and Preliminary Financial Statement Generator  Reports (FSGs) 10. Run General Ledger Trial Balances and Preliminary Financial Statement Generator  Reports (FSGs)
                11. Revalue Balances (Optional) 11. Revalue Balances (Optional)
                12. Translate Balances (Optional) 12. Translate Balances (Optional)
                13. Consolidate  Ledgers(Optional) 13. Consolidate  Ledgers(Optional)
                14. Review and Correct Balances (Perform Reconciliations) 14. Review and Correct Balances (Perform Reconciliations)
                15. Enter Adjustments and / or Accruals and Post 15. Enter Adjustments and / or Accruals and Post
                16. Perform Final Adjustments 16. Perform Final Adjustments
                17. Close the Current Oracle Gneral Ledger Period 17. Close the Current Oracle Gneral Ledger Period
                18. Open the Next Oracle General Ledger Period 18. Open the Next Oracle General Ledger Period
                19. Run Financial Reports for the Closed Period 19. Run Financial Reports for the Closed Period
                20. Run Reports for Tax Reporting Purposes (Optional) 20. Run Reports for Tax Reporting Purposes (Optional)
                21. Perform Encumbrance Year End Procedures (Optional) 21. Perform Encumbrance Year End Procedures (Optional)
      15. Purge Transactions (Optional) 19. Run Archive and Purge programs (Optional)     12. Archive and Purge Transactions (Optional)    


        1. Appendix: More information and Change Record

          1. Related Metalink Information

      The following Metalink Information can be reviewed to assist you with the Period End Procedures.


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Does Oracle R12 really allow closing the period in the General Ledger even if the same period in Oracle Payables is still open? There are floating transactions in the Payables module; thus, we cannot close the period. But we were able to close the period in the General Ledger. Is this how Oracle was designed in Release 12?
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