This chapter covers the following topics:
Closing an Accounting Period can be a very time consuming task. This section provides the steps necessary to perform a period close in a Project Manufacturing environment. It is a high level overview and references numerous other documents. The referenced documents contain necessary and more detailed information on the steps required to close each Oracle Application. By referencing these documents you can be assured that you are getting the most detailed information possible.
The following table provides the closing order for period close.
Oracle Applications should be closed in the order indicated above. Keep in mind that multiple steps are required to perform period close on each application. The following table lists some of the important steps but it is not meant to be exhaustive. Do not follow only these steps or you may encounter problems. Remember to open the next period after closing the current period unless otherwise indicated. See the Oracle Documents referenced above for further information.
| Close Order | Application | Activity |
|---|---|---|
| 1 | Oracle Payables (AP) | Interface supplier invoice adjustments and expense reports from Project Accounting. Approve all invoices (run Auto Approval). Print, review and resolve posting holds report. Confirm payment batches. Run unposted invoice sweep and correct entries - (DON'T Sweep). Review amounts to transfer to GL. Transfer invoices and payments. Run Sweep and do Sweep. Run and reconcile AP Trial Balance. Move unresolved postings. Close AP period. |
| 2 | Oracle Internet Procurement | Ensure all receiving transactions have been entered. Run un-invoiced receipts report and review (after AP transactions have successfully posted to GL). Run PPV and IPV reports and review. Run receipt accruals - period end process. Import Accrual Batches from Purchasing into GL. Run accrual rebuild reconciliation report and review. Correct all errors. Close PO period. |
| 1 | Oracle Payables (AP) | Interface supplier invoice adjustments and expense reports from Project Accounting. Approve all invoices (run Auto Approval). Print, review and resolve posting holds report. Confirm payment batches. Run unposted invoice sweep and correct entries - (DON'T Sweep). Review amounts to transfer to GL. Transfer invoices and payments. Run Sweep and do Sweep. Run and reconcile AP Trial Balance. Move unresolved postings. Close AP period. |
| 2 | Oracle Internet Procurement | Ensure all receiving transactions have been entered. Run un-invoiced receipts report and review (after AP transactions have successfully posted to GL). Run PPV and IPV reports and review. Run receipt accruals - period end process. Import Accrual Batches from Purchasing into GL. Run accrual rebuild reconciliation report and review. Correct all errors. Close PO period. |
| 3 | Order Management (ONT) * Not an actual close |
Ensure all sales order transactions have been entered and interfaced to Oracle Inventory. Ensure all sales order transactions have been entered and interface to AR for sales account reporting. (Sales order transactions include ship confirm and drop shipments.) |
| 4 | Oracle Work in Process (WIP) * Not an actual close |
Ensure WIP/Move, Pending Move, WIP/Resource, Pending Resource, and other transactions have all been processed successfully. Ensure all WIP Jobs have been closed that should be closed. Ensure all appropriate material has been issued, received, adjusted, and so forth. |
| 5 | Oracle Inventory (INV) *Closing INV closes WIP |
Ensure all appropriate material has been issued, received, adjusted, and so forth. Execute Cost Collector (Project Cost Transfer). Execute PA Transaction Import (resolve errors). Update PA Project Summary amounts. Ensure Open Interface Table is empty (resolve errors). Ensure Cost Management interfaces do not have pending transactions (Material and Resource). Transfer all Inventory transactions to the GL by organization. Ensure all Inventory and WIP accounts have been reconciled on the GL. Open next Inventory Period. Close the Inventory Period (this automatically submits a transfer to GL process). Reconcile Inventory and WIP accounts to ledger. Note/Hint: The GL transfer can be run before period close as many times as desired. |
| 6 | Oracle Projects (PA) | Transfer vendor invoices from Oracle Payables (after AP transactions have successfully posted to GL). Transfer invoices to Oracle Receivables. Generate Draft Revenue for all projects. Run journal import and ensure all costs & revenue are properly accounted for between PA and GL. Correct all errors (rerun import if necessary). Change PA period statuses. Note: Do not post adjustments to the GL for cost and revenue distribution lines. Post them in PA and transfer them to the GL. |
| 7 | Oracle Accounts Receivable (AR) | Verify final transfer from PA was successful. Correct any errors on invoices, journals, and so forth. Run GL interface. Post in GL. Close AR period. Run aging report and reconcile. |
| 8 | Other Non-Oracle Data feeds | (If applicable - payroll, fixed assets, and so forth.) |
| 9 (last) | Oracle General Ledger (GL) | This is closed last. Verify all journals have been imported. Verify all journals have been posted. Run Trial Balance Summary report. Run Posted Journals report. Close GL period. |