Opening and Closing Accounting Periods (Oracle Receivables Help)


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Opening and Closing Accounting Periods

Open and close accounting periods in your calendar to control the recording of accounting information for these periods. Receivables lets you open future accounting periods while your current period is still open. Receivables also lets you reopen previously closed accounting periods and enter receivables activities without transferring transactions to the general ledger when you set your accounting periods to 'Future.'

Define your receivables calendar in the Accounting Calendar window. Receivables references the statuses of these accounting periods to control transaction entry and journal entry creation to your general ledger. You cannot enter an activity in a closed accounting period.

When you close an accounting period, Receivables automatically generates the Collection Effectiveness Indicators report.

Note: If you are using the Oracle Applications Multiple Reporting Currencies (MRC) feature, open and close accounting periods in your primary set of books. Receivables automatically opens and closes periods in all of the associated reporting sets of books. You cannot close a period if outstanding transactions exist in your primary or associated reporting sets of books. For more information, see: Multiple Reporting Currencies in Oracle Applications.

Period Status

An accounting period can have one of the following statuses:

Closed: Journal entry, posting, and transaction entry are not allowed unless the accounting period is reopened. Receivables verifies that there are no unposted items in this period. Receivables does not let you close a period that contains unposted items.

Close Pending: Similar to Closed, but does not validate for Unposted items. Journal entry, posting, and transaction entry are not allowed unless the accounting period is reopened.

Future: This period is not yet open, but you can enter transactions in this period. However, you cannot post in this period until you open it.

Not Opened: This period has never been opened and journal entry and posting are not allowed.

Open: Journal entry and posting are allowed.

Prerequisites

Define your set of books

Define your accounting periods

Define your accounting calendar

To open or close an accounting period:

1. Navigate to the Open/Close Accounting Periods window.

2. To update the status of an accounting period, place the cursor in the Status field next to that period, then enter a new status.

3. To open the next accounting period after the Latest Open Period, choose Open Next Period. Receivables changes the status of the next period to 'Open.'

4. Save your work.

Opening and Closing Accounting Periods

Period Status

Prerequisites

To open or close an accounting period:

See Also