ORACLE APPS : PERIOD CLOSE PROCEDURE :

Period Close Sequence:

1. Close Period in Payables

2. Close Period in Purchasing
3. Close Period in Inventory
4. Close Period in FA
5. Close Period in Receivables
6. Close Period in GL

S.No Activity Reports To Check Remarks

AP1 Run Payables View Payables Accounting Process Output

Accounting for any exceptions
concurrent Process
Frequency: Daily

AP2 Payables transfer To Review Journal Import Execution report for

GL Process and POST exceptions
Journal
Frequency: Daily

AP3 Open Next AP Period Frequency: Month End From Control Payables
Period

AP4 Run Unaccounted Review Output

Transaction Report
Frequency: Month End

AP5 Sweep Unaccounted Review output Sweeping can also be done

Transactions If any to from Control Payables
next period OR Frequency: Month End Period while closing the
correct the accounting period
in the current Period

AP6 Reconcile AP Trial Review For Following Reports

Balance To GL
a. Posted Invoice Register

b. Posted Payments Register

 c. Review Payables Trial Balance Report and
Reconcile.

Frequency: Month End

AP8 Run Mass Addition Review output

Create
Frequency: Month End

AP8 Close Current Frequency: Month End From Control Payables

Payables Period Period

PO1 Open New Purchasing Frequency: Month End From Control Purchasing
Period Period

Ensure AP8 is done.

PO2 Run Journal Import Frequency: Daily Please run import in

for Purchasing GL summary Form.
Batches and POST
Journals to GL

PO3 Close Purchasing Frequency: Month End

Period

FA1 Review and Post Mass Frequency: Weekly

Addition

FA2 Enter Manual Assets Frequency: As and when

FA3 Execute Asset Frequency Transactions like

Maintenance Retirements, Transfers..
Transactions

FA4 Run Depreciation Review output

Frequency: Weekly

FA5 Run Report Sets and Report Set

reconcile with GL
a. Cost Summary/Detail Reports

b. Reserve Summary/Detail report

 c. Reconcile
Addition/Reclass/Transfer/Adjustment

d. Account Reconcile Reserve Ledger Report

FA6 Run Depreciation with Review output System Closes the current
Period Close checked period and opens the next
Frequency: Month End period

AR1 Ensure All Run Margin Analysis Load Run( for Current
Transactions are Period )
completed
Run Margin Analysis Report for OM
Ensure a l invoice-
able shipments are Review Output of Sales and Shipments
auto invoiced in AR

Frequency: Month End

AR2 AR transfer To GL Review Journal Import Execution report for

Process and POST exceptions
Journal
Frequency: Daily / Weekly

AR3 Run Period End AR Reconciliation Report

Report Set
Other Reports:
Reconcile AR India
Trial Balance To GL Aging Reports For Beginning
Balance
Transaction Register- For Invoice,
CM/DM Transactions
Adjustment Register For Adjustments
Invoice Exception Report For Invoice
Exceptions
Applied Receipts Register For Applied
Receipts
Unapplied Receipts Register For
Unapplied Receipts
Aging Reports For Ending Balance
Frequency: Monthly

AR4 Open Next AR Period Frequency: Monthly

AR5 Close Current AR Frequency: Monthly

Period
INV1 Resolve Pending, Un Steps to be followed for each organization
costed /Inventory 1. Navigation: Transaction
Transactions >Pending Transaction>query for
process flag type error>find
Identify the job order number from source tab
and validate the job order number, item
number and qty needs submission or not.
if it is a valid transaction then to post the same
in inventory check the submit box on the left
side corner and save the transaction
After 5 minutes check whether the transaction
is submitted. If it is submitted it will not
appear in the pending transaction screen,.
If it is not getting eliminated, check for error
description and correct the error and submit it
again.
If it is not a valid transaction, doubly verify
and give the list to us for elimination.
2. Pending receiving transaction
Navigation: Receiving->Transaction
status summaryfind
Check these are valid MIN number.
if it is valid then delete the line and recreate
the balance transaction from receiving
transaction menu.
If it is not a valid transaction then delete the
transaction.
3. Pending OM resolution
check whether any delivery id is appearing
in India Excise invoice generation program
if available it means that inventory is not
depleted from staging sub inventory
then check the order number using the
delivery id from ship confirm localized form
if it is a valid transaction then note down the
item number from ship confirm localized
form
From inventory module go to reservation and
check for any reservation against the item. If
any reservation is created for any non pick
released order then delete the reservation
From inventory module go to transaction open
interface form and enter the item number and
if this item is available in this form then
delete the item from this form.
Check for this item availability of stock in
staging subinventory.the qty in staging sub
inventory should be equal or greater than the
qty picked for this order.
now follow the below navigation path and
submit the program
 Navigation:shipping->Interface-
>run the interface trip stop report using
delivery id as input
check if the report is successful
Now go to on hand qty and check the qty is
depleted from staging sub inventory.
. Navigation:WIP>Pending Move
Transaction>query for process flag type
error>find
Identify the job order number from source tab
and validate the job order number, item
number and qty needs submission or not.
if it is a valid transaction then to post the same
in inventory check the submit box on the left
side corner and save the transaction
after 5 minutes check whether the transaction
is submitted. If it is submitted it will not
appear in the pending transaction screen,.
if it is not getting eliminated, check for error
description and correct the error and submit it
again.
if it is not a valid transaction, doubly verify
and give the list to us for elimination.
Navigation:WIP>Pending Resource
Transaction>query for process flag type
error>find
Identify the job order number from source tab
and validate the job order number, item
number and qty needs submission or not.
if it is a valid transaction then to post the same
in inventory check the submit box on the left
side corner and save the transaction
after 5 minutes check whether the transaction
is submitted. If it is submitted it will not
appear in the pending transaction screen,.
if it is not getting eliminated, check for error
description and correct the error and submit it
again.
if it is not a valid transaction, doubly verify
and give the list to us for elimination.
Frequency: Month End
INV2 Check for Run & Review Purchase Price Variance
Zero/Unusual Costs Report
(Material, Resource WIP Account Distribution Report
etc.) Frequency: Monthly
INV3 Update Standard After above Review
Costs Before Frequency: Monthly
Inventory Period
Close
INV4 Run Inventory Close Review Material Account Distribution
Cycle> GL Transfer Summary Report (Parameters: Account,
for Each Inventory Transaction Type, GL Batch).
Org. Frequency: Daily / Weekly
INV5 Run & Review Reports
Inventory Reports Inventory Value Report
Reconcile All Inventories Value Report
Inventory/WIP Sub inventory Account Value Report
Valuation to GL Period Close Value Summary
Report
WIP Value Report for the month cum to date
option
Receiving Account Distribution
Report
Receiving Value Report
Material Account Distribution Summary
Report
WIP Account Summary Report
Purchase Price Variance Report & IPV
Frequency: Month End
INV6 Run Inventory Close Review Material Account Distribution Closed Inventory
Cycle> Close Summary Report (Parameters: Account, Period cannot be
Inventory Periods for Transaction Type, GL Batch) reopened.
Each Inventory Org. Frequency: Monthly After PO Period Close *Closing a period
(Closing spawns one executes the general
last GL batch) ledger transfer
automatically. However
, one can also run this
process without closing
a period using the
Transfer Transactions to
General Ledger
form. Since a closed
period cannot be
reopened, running this
process before period
close allows one to
proof the interfaced
transactions and make
adjustments to the
period via new
inventory transactions as
necessary.
On Period Closure, the
button for Values At
Close on the
Accounting Close
Cycle>Inventory
Accounting Periods
form can be clicked to
obtain period end
 summarized values of
inventory by each sub-
inventory.(This will
correspond to the Period
Close Value Summary
Report.)

GL1 Ensure All Journals Journal Sources: Journals can be reviewed

from different Journal and posted on a weekly
Sources have been Payables: Purchase Invoices, Payments basis to have current and
imported . Purchasing: Receiving , Receiving India up to date data in GL for
Generate Reversal, Fixed Assets: Additions, Reclass, MIS reporting.
Allocations & Transfers, Retirements, Depreciation, Choose to Post Sub ledger
Recurring journals Adjustments Transfers in Summary mode.
Review all categories Receivables: Sales Invoices, Trade Inventory GL Transfers
in journal batches Receipts, Credit Memos, Debit Memos, (MTL & WIP) happen in
Post and verify Adj Summary mode.
journal post RG Register Entry: RG Register Data
concurrent process is Entry
in order. Inventory: MTL, WIP(includes EAM)
LMW Payroll
LMW Other Branches
Frequency: Monthly

GL2 Review Journals Review Journal Import Errors. Correct

Journal Interface lines for errors.
Frequency: Monthly
GL3 Open Next Period Frequency: Monthly Will Open next period and
one Future Entry period.

GL4 Enter Currency Daily Frequency: Monthly Enter for Date range
Rates

GL5 Run Trial Balance & Run Trial Balance Summary1 Report Depending on the currency
MIS Reports Review GL and ADI Reports for MIS of Postings in the GL, the
Frequency: Monthly ADI reports will reflect
current financials on any
day of a month.
GL6 Close Current GL Frequency: Monthly Do not Permanently
Period Close the period.
Opening of the next fiscal
year, in Apr. transfers
revenue data to the P&L
account as defined in the set
of books. Changes in the
previous year will be carried
forward and impact this
account.