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Procedures

Close Your Accounting Period

All transactions must be translated before you can close a period in your subledgers. If the closing procedures detect untranslated items, the periods will not be closed. The closing procedure issues a warning if there are accounting events for this period that are not accounted yet.

You assign a status to your accounting periods in the subledger. This status determines whether you can enter transactions for this period.

Status
Can Enter Transactions?
N - Never opened
No
F - Future enterable
Yes
O - Open
Yes
C - Closed
No
P - Permanently closed (AP)
No
P - Pending closed (AR)
No

Different subledger applications have different closing procedures. Refer to your appropriate Oracle Application reference manual for complete details.

Warning: The status Permanently Closed does not exist in Receivables. Reopening a period in Receivables is not synchronized with General Ledger. If you need to reopen a period in Receivables, make sure that the period in General Ledger is open or can be reopened.

Create Subledger Balances

Global Accounting Engine creates debit and credit balances for accounting period transactions at the third party and subidentification level for each control account and set of books.

When you request a balance report, Global Accounting Engine evaluates your accounting period status and any balances already created to determine the validity of the balances. Global Accounting Engine creates new balances or updates old balances as needed.

Close Your Accounting Calendar

Year-end net balances are automatically calculated when you request the Third Party Subledger report for the last accounting period of a fiscal year.

Interim Balance Generation

Global Accounting Engine recalculates your balances each time you request the Third Party Subledger report for an open period.

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