Oracle® Fusion
Accounting Hub Implementation Guide 11g Release 1 (11.1.4) Part Number E20374-04 |
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This chapter contains the following:
Opening First Period: Overview
Period Close Components: Explained
Manage Allocations and Periodic Entries
For all ledgers, primary, secondary, and journal and subledger level reporting currencies, open the first period of the ledger when you are ready to transact in that period.
To open the first period of your ledgers, navigate to the Open First Period task in the primary ledger task list and click the Go to Task icon. On the submission page, select the ledger and the period to open. Click the Submit button to launch the open period process.
There are other ways to open the first period or subsequent periods without going into the Setup and Maintenance work area. You can maintain the ledgers' period statuses from the:
Close Status region in the General Accounting Dashboard. The Close Status region provides real time visibility into the period close process from your subledgers to your General Ledger across the entire enterprise.
Manage Accounting Periods task in the Period Close work area.
Process Monitoring work area, which provides a framework for launching, monitoring and maintaining processes across Oracle Fusion Financials.
While implementing your accounting configuration, optionally define and maintain the period close components to customize your accounting configurations setup.
Period close components include allocations, period entries, revaluation, and historical rates.
If you use allocations, revaluation, or translation, configure the following tasks under the Define Period Close Components parent task in your implementation project:
Manage Allocations and Period Entries
Manage Revaluations
Manage Historical Rates
Manage Allocations and Period Entries is a manual task in the implementation project. Use the Allocation Manager to create allocations and other formulaic journal templates for generating periodic journal entries automatically. Base formulas on multiple criteria.
You must perform an external procedure outside the Setup and Maintenance work area to complete this task. In order to setup your allocations rules, navigate to the Journals work area and click the Create Allocations Rules task from the Tasks pane. This task navigates you to Allocation Manager, a framework that enables you define your allocation rules and formulas using a graphical interface and intuitive step-by-step wizards.
Defines currency revaluation options, such as the range of accounts to revalue and the gain or loss accounts. Revaluation is done to adjust foreign entered amounts due to currency fluctuations. Navigate to the Manage Revaluations page, and define and generate your revaluation definitions.
Historical rates are the weighted average rate for transactions that occur at different points in time. Used by the system to calculate the conversion rate on equity account balances during foreign currency translation of the balance sheet.
Navigate to the Currency Rates Manager page to define and maintain your historical rates that are used in the translation process. In Oracle Fusion General Ledger, you can currently define historical rates using an ADF Desktop Integrator spreadsheet.
To create new historical rates, specify the required Ledger and the other optional fields, as needed. Click the Create in Spreadsheet button to open the spreadsheet for uploading.
To update the existing historical rates for your ledgers, click the Edit in Spreadsheet button, the spreadsheet is prepopulated with the existing historical rates.
Note
Before using the historical rates spreadsheet, install the ADF Desktop Integrator client as an add on to Microsoft Excel.
In Oracle Fusion General Ledger, use the Allocation Manager to create allocations and other formulaic journal templates for generating periodic journal entries automatically. Base formulas on multiple criteria. For example, use account balances or statistical amounts to allocate shared revenue or costs across multiple organizational units and ledgers. Define complex computations based on variables from different charts of accounts. Group journal formulas together and execute sequentially to update account balances in a step-by-step process.
The Allocation Manager provides flexibility, automation, intelligence, and control in distributing costs and revenues across the enterprise. In addition, the Allocation Manager:
Distributes revenues or costs with recursive allocation rules
Creates complex formula rules using formula components
Contains an Allocation Wizard to define allocation and formula rules
Uses real time checking of rule definitions to validate correctness of rules
Minimizes setup and maintenance time with reusable components
Simplifies allocation generation mechanism by integrating with enterprise scheduler
Groups rules together in rule sets and cascading allocations for processing efficiencies
Creates primary, statistical, or foreign currency allocation and formula rules
Access the Allocation Manager from the Tasks pane of the General Accounting dashboard or Journals work area by clicking on the:
Define Allocation Rules link to define or modify allocation definitions
Generate Allocations link to run the allocation process
Note
For more information, see:
Hyperion Allocation Manager Release 11.1.2.1 Designer's Guide
The Allocation Manager creates, validates, deploys, and administers sophisticated allocation rules. In the Allocation Manager:
Base formulas on multiple criteria, such as account balances or statistical amounts, to allocate shared revenue or costs across multiple organizational units.
Use complex computations based on different variables to automatically calculate allocated amounts.
Group journal formulas together and executed sequentially to update account balances step-by-step.
There are three types of objects that can be created in Allocation Manager:
Components: Contain formulas, points of view, or allocation objects.
Rules: Contain components such as points of view, formulas, and templates, which are used to create allocation calculations.
Rule Sets: Contain sets of rules that can be calculated sequentially
Note
The following are limitation in Oracle Fusion General Ledger.
Allocation rules cannot be shared across rule sets in Allocation Manager.
Within a rule or rule set, the same target or offset cannot be written to by multiple rule components.
When generating allocation rules with run time prompts other than the User Point of View in an allocation rule component, an error occurs.
The following privileges and permissions are associated with the Allocation Manager:
Generate General Ledger Allocation Formula - Generate Allocation and Periodic Entries: Permits generation of allocation and periodic entries.
Define General Ledger Allocation Formula - Manage Allocation Rules or Rulesets via Allocation Manager: Grants the ability to update allocation rules or rulesets owned by the user with view access to all allocation rules or rulesets regardless of their ownership.
Define Self Managed General Ledger Allocation Formula - Manage Allocation Rules or RuleSets via Allocation Manager: Grants the ability to update allocation rules or rulesets, but limited to the ones owned by the user.
Administer General Ledger Allocation Formula - Administer Allocation Rules or RuleSets via Allocation Manager: Grants the ability to update all aspect of allocation rules or rulesets including the ownership attribute, regardless of the original definition's ownership.
In addition to the Oracle Hyperion Enterprise Performance Management Workspace buttons, the Allocation Manager toolbar displays buttons that are specific to the Allocation Manager. Not all buttons display in all the views and designers within the Allocation Manager.
The Allocation Manager toolbar consists of the following buttons:
Home: Displays the default startup option for the content area.
System View: Displays the main view within the Allocation Manager. (This is the default view).
List View: Displays a list of objects that you can filter by application type, application, object or database type, deployment status, and validation status.
Custom View: Displays a view you can customize with folders you create and objects you drag and drop into them.
Filter Options: Opens the Filter dialog that you can use to filter objects in the List View.
Refresh: Refreshes the view with your latest changes.
The Allocation Manager toolbar adds the following buttons when you open a rule:
Save: Saves the object with which you are working.
Validate: Validates the object with which you are working.
Validate and Deploy: Validates and deploys the object with which you are working.
Allocation Manager menus and menu options display in addition to Oracle Hyperion Enterprise Performance Management Workspace menus and menu options. The menus and options vary depending on the view you are using and the object with which you are working. The default view of the Allocation Manager displays the following menus when you launch Allocation Manager, System View.
Note
This topic describes the Allocation Manager menu options only.
Enables you to create new objects, open and close objects, import and export objects, print rules, and log off.
Note
Not all of these file menu options are available for the products that use Allocation Manager.
New, Rule: Creates a new rule
New, Ruleset: Creates a new rule set
Enables you to edit objects you select. It is available from most of the views and from within the Rule and Component definition pages.
Edit, Delete: Deletes an object selected in the System, List, or Custom View
Edit, Copy: Copies selected text
Edit, Paste: Pastes text copied to the clipboard to the right of the cursor
Edit, Copy Group: Copies a component group
Note
The Edit menu is not available within the Deployment View.
Enables you to open different views.
View, View Pane: Displays or hides a list of existing and/or new objects that you can add to rules, rule sets, components, and templates by dragging and dropping them.
Note
This is the only View menu option available from within the Rule Designer and Ruleset Designer.
View, List View: Displays a list of the objects you select on the Filter dialog. The filter dialog enables you to create a filtered list, by application type of applications, databases, and objects.
View, System View: Displays a list of the Essbase applications, databases, and objects to which you have access. This is the default view.
View, Custom View: Displays a view that you can customize with folders you create and drag and drop objects into them. This view enables you to organize objects in a way that is meaningful to you.
View, Deployment View: Displays a list, by application type and application, of the rules and rule sets that are deployed and not deployed with their deployment and validation status.
Enable you to install other products, search for objects, create a filtered list of objects for the List View, edit the caption of an object, and access the Variable Navigator and Variable Designer.
Tools, Filter: Opens the Filter dialog from which you can filter by application type, application, object type (rule, rule set, formula or script component, or template), calculation type, plan type, database, deployment status, and validation status. You can also select All to display all application types, applications, objects, and databases, regardless of their deployment and validation status.
Tools, Variables: Opens the Variable Navigator in which you can navigate to a location for which you want to create, edit, copy, or delete a variable. From the location you select in the Variable Navigator, you can display the Variable Designer in which you can create, edit, copy, and delete variables for components.
Note
The two menu option listed above are not available within the Deployment View.
Enables you to validate and deploy objects you select in the views and from within the Rule and Ruleset Designers. Not all of the Actions menu options are available from within the views and designers.
Actions, Validate: Validates the rule, rule set, and formula component you selected
Note
This is the only Actions menu option available from within the Deployment View.
Actions, Deploy: Deploys the rules or rulesets you selected.
Actions, Quick Deploy: Deploys the rule in fewer steps than regular deployment by using a shortcut to one or more applications.
Note
This feature is available only from within the Rule Designer for Essbase business rules.
View rules and templates, and the components that comprise them, in a flow chart within the Rule Designer. When you open a rule, move amongst the components that comprise it, for example, formulas, ranges, and loops, by selecting them in the flow chart. Increase or decrease the size of the flow chart to view or hide details of the components.
When you select a component in the flow chart, its properties, usages, and other information are displayed in tabs below the flow chart. As you move among the components, the tabs below the flow chart change. For example, if you open an allocation rule that contains a formula component, and select the formula component in the flow chart the following properties are displayed:
Properties of the formula, such as name, description, application, and application type to which it belongs
Usages of the formula, such as which rules and templates it is used in
Text of the formula, such as the variables, members, and functions, that are displayed in the tabs below the flow chart
Views enable you to see Allocation Manager objects in different contexts. For example, the Deployment View displays objects according to whether they are deployed or not deployed. The Custom View displays objects according to filters and criteria that you select.
The Allocation Manager contains the following views:
List View
System View
Custom View
Deployment View
View Pane
The List View contains a filtered list of Essbase applications, or databases, and objects, rule sets, rules, or formula components, according to filter criteria you specify.
The System View is the default view that is displayed when you launch the Allocation Manager. It contains a list of all of the applications and objects to which you have access. Your access privileges are determined by the role you are assigned in Shared Services. For each object, the owner, the user who made the last change, and the date the changes were last made are listed.
The Custom View enables you to create folders and drag and drop objects into them to create a view that contains only the objects you want. This view enables you to organize objects in a way that is meaningful to you.
The Deployment View contains a list, by application type and application, of the rules and rule sets that are deployable with their deployment and validation status. From this view, select rules and rules sets in an application to make them deployable. Then deploy one or more rules or rule sets (known as a partial deployment), or you can deploy all rules and rule sets in an application (known as a full deployment).
The View Pane enables you to create or open an object. Display the View Pane in the left frame of the window. Depending on whether you are working in a rule or a rule set, the Rule or Ruleset Palette, is displayed in the View Pane. In the Palette, drag new and existing objects and drop them into the rule, rule set, or flow chart.
When working with views, display or hide the View Pane using the View menu. In the Custom View, drag and drop new and existing objects from the View Pane into the custom folders you create. In the System and List views, the View Pane is hidden by default. In the Deployment View, the View Pane is not available.
Note
The content of the View Pane varies depending on which view you are in and whether you are working with a rule set, a rule, a template, or a component.
The following table lists the tasks that can be performed from the various views in the Allocation Manager.
Tasks |
List View |
System View |
Custom View |
Deployment |
---|---|---|---|---|
Create, open, rename, delete, refresh, and close objects |
Yes |
Yes |
Yes |
Yes |
Set preferences |
Yes |
Yes |
Yes |
Yes |
Import and export objects |
Yes |
Yes |
Yes |
Yes |
Show the usages of objects |
Yes |
Yes |
Yes |
Yes |
Create a copy of objects |
Yes |
Yes |
Yes |
Yes |
Print a business rule |
Yes |
Yes |
Yes |
Yes |
Select views |
Yes |
Yes |
Yes |
Yes |
Exit or log off Workspace |
Yes |
Yes |
Yes |
Yes |
Work with favorites |
Yes |
Yes |
Yes |
Yes |
Perform an advanced search |
Yes |
Yes |
Yes |
Yes |
Access help |
Yes |
Yes |
Yes |
Yes |
Filter objects in the view according to criteria you specify |
Yes |
|
|
|
Work with variables |
Yes |
Yes |
|
Yes |
Validate objects |
Yes |
|
|
Yes |
Create a shortcut to a business rule |
|
Yes |
|
|
Import and export business rules and other objects |
|
Yes |
Yes |
|
Validate and migrate objects |
|
Yes |
Yes |
|
Change the owner of an object |
|
|
Yes |
Yes |
Deploy objects |
|
|
|
Yes |
You can use filters in the List View to filter objects according to:
Application Type that is populated by default with the application type, such as Essbase, your application or database, in which you are creating the new rule.
Object type, such as allocation rules, allocation rule sets, and formula components
Deployment or validation status
To create a filtered list of objects in the List View:
From the System View, select View, List View.
The Filter dialog is displayed the first time you open the List View. If you select filtering options, then close the List View to work in the System or Custom View. When you reopen the List View, the filter dialog is not displayed. If you want to change the filtering options when you reopen the List View, select Tools, Filter to open the Filter dialog.
In the Filter dialog, on Filter Options, under Application Type, select Essbase.
Do one of these tasks:
For Essbase: In the Application and Object Type fields, select the applications and object types you want to display in the List View. The default is All.
Under Deployed Status and Validated Status, clear any check boxes of selections you do not want to display. All check boxes are selected by default.
Tip
Click Reset to reset the dialog with default values.
On Advanced Options, for Object Label, select one of these options to display only objects whose names match the criteria:
Starts With, to display only objects whose names start with characters you specify.
Ends With, to display only objects whose names end with characters you specify.
Contains, to display only objects whose names contain characters you specify.
Matches, to display only objects whose names match characters you specify.
Enter the characters that are common to the names of the objects you want to display.
Select Ignore case, if you want to display objects whose names contain characters in either upper or lower case, even if the case does not match the case of the text you entered in step 6.
In Created By, enter the name of the user who created objects you want to display.
In Modified By, enter the name of the user who modified objects you want to display.
For Created Date, select After, Before, or Between to display only objects that were created after, before, or between dates you specify. Between is the default. Click the drop down arrows to display calendars from which you can select dates.
For Modified Date, select After, Before, or Between to display only objects that were modified after, before, or between dates you specify. (Between is the default.) Click the dropdown arrows to display calendars from which you can select dates.
For Any Text, select an option to display only objects containing text that starts with, ends with, contains, or matches text that you enter. To display objects that include this text regardless of its case, select Ignore case.
Click OK.
This example demonstrates how to generate an allocation or periodic entry manually from the Oracle Fusion General Ledger.
You are the General Accountant for Infusion America Inc. You have created allocation and periodic journal entry definitions for several monthly entries. You now generate these entries.
Note
Schedule allocations and periodic entries in the Journals work area for automatic generation.
Prior to generating the allocation and periodic entries, the following tasks must be completed:
The period is set to Open or Future Enterable. You post in open periods, but generation can take place in either an open or future enterable period.
The rules or rules sets have been defined, validated, and deployed successfully from the Allocation Manager.
The journal balances, that are inputs for the allocation or periodic rules, are entered and posted in the proper period.
Print Output
E-mail me the output
Notify me when this process ends
If you deselect the check box for the Post Allocations option, you must post the entry manually or define an AutoPost Criteria Set to automatically post the journal entries.
After the generation process is complete, the journal entries created by the process are available for inquiry on the Journals page.
Login into the Oracle Fusion General Ledger application and navigate to the Journals work area. From the Journals work area select the Create Allocation Rules link and automatically log into the Allocation Manager in Workspace to create new allocation rules or rule sets.
Note
The application or the balances cube that is currently selected in the General Ledger Data Access Set is automatically selected in the Allocation Manager.
In the Custom View, create folders that contain only the allocation rules, allocation rule sets, and formulas you want to view and work with. To add objects to your folders, drag them from the Existing Objects pane and drop them into the folders.
To create a folder in the Custom View:
In the System View, select View, Custom View.
In the Custom View, right-click the Essbase application type, and select New Folder.
In New Folder, enter a name for the folder.
Click OK.
Tip
You can create nested folders by right-clicking the folder you want to create a folder in and selecting New Folder.
Rename the folders you create in the Custom View.
To rename a folder in the Custom View:
In the System View, select View, Custom View.
In the Custom View, expand the Essbase application type.
Right-click the folder you want to rename, and select Rename.
In the Rename Folder, enter a new name for the folder.
Click OK.
The revaluation process is used to adjust account balances denominated in a foreign currency. Revaluation adjustments represent the difference in the value of the balance due to changes in conversion rates between the date of the original journal entry and the revaluation date. These adjustments are posted through journal entries to the underlying account with the offset posted to an unrealized gain or loss account. All debit adjustments are offset against the unrealized gain account and all credit adjustments are offset against the unrealized loss account. If the same account is specified in the Unrealized Gain Account and Unrealized Loss Account fields, the net of the adjustments is derived and posted.
For balance sheet accounts, the revaluation journal entries are reversed in the next period. AutoReverse can be used to automate the reversals. For income statement accounts that use the PTD method of revaluation, the revaluation journal entries aren't reversed since each period's revaluation adjustment is just for that period.
In Oracle Fusion General Ledger, the revaluation functionality provides the following advantages:
Full multicurrency functionality to eliminate currency barriers across a global business
Predefined revaluation rules to ensure consistency in generation of revaluation entries each period
Usage of prevailing currency normalization accounting standards including:
US Financial Accounting Standards Board (FASB) Financial Accounting Statement No. 52 (FAS 52), Foreign Currency Translation
International Financial Reporting Standards (IFRS) International Accounting Standard No. 21 (IAS 21), The Effects of Changes in Foreign Exchange Rates
Support for multiple balancing segments to provide clarity in tracking the profitability and performance for more distinct segments of the your enterprise in any currency
When defining your revaluations, perform the following:
Include accounts for tracking gains and losses, currency conversion rates, and the number of transaction currencies to revalue.
Define separate revaluation definitions for each class of accounts, using a different rate type for each class.
Choose various conversion types and methodologies for different account ranges, such as current rates and year-to-date (YTD) method for balance sheet accounts, and average rates and period-to-date (PTD) method for income statement accounts.
Note
Income statement accounts can also be revalued using YTD method.
Hierarchies and flexible account selection criteria, such as usage of parent values from your account hierarchy, streamlines maintenance of revaluation definitions. Leveraging hierarchy versions extends your revaluation definitions during organizational changes. Adjust account selection criteria monthly to retrieve the accounts that need to be revalued for the current accounting period.
Share revaluation definitions across ledgers that have the same chart of accounts to reduce maintenance.
Generating revaluations include:
Using defined revaluation criteria and automatically generating entries to shorten your close process.
Selecting automatic posting as part of the generate revaluation criteria to help you to achieve processing efficiency.
Scheduling revaluations to run during off peak hours to save your system resources.
Utilizing date effective account hierarchies to generate revaluations to keep results in line with your current organization structures.
Always run revaluation to bring monetary balances to current rates before performing currency translation or remeasurement.
The Revalue Balances process automatically generates the Revaluation Execution report when you run revaluation. This report shows the details of your account balance revaluation and the journal batches created after running revaluation. The report includes the currencies and revaluation rates used to revalue your accounts, the unrealized gain or loss account in which you recorded net gains and losses, and the range of accounts revalued. The report also prints the names of your batch and journals that the revaluation process creates for each foreign currency, as well as the total debits and credits of the created entries.
If the Revaluation process cannot locate rates for one or more currencies, balances are not revalued for those currencies. In this case, the Revaluation process completes with a warning and the execution report lists which currencies are missing rates.
Revaluation launches a process that revalues the ledger currency equivalent balances for the accounts and currencies you select, using the appropriate current rate for each currency. Resulting unrealized gain or loss amounts are posted to the unrealized gain or loss accounts or to the cumulative translation adjustment (CTA) account you specify, and are balanced by balancing segment values. This process creates a revaluation journal which can be posted automatically.
Oracle Fusion General Ledger creates journal entries to adjust the ledger currency balances for conversion rate fluctuations, in accordance with Statement of Financial Accounting Standards (SFAS) No. 52, Foreign Currency Translation and International Accounting Standard (IAS) 21, The Effects of Changes in Foreign Exchange Rates.
The revaluation journal entries generated and posted in the primary ledger are automatically generated, converted, and posted to each of their reporting currencies. Define the CTA account for unrealized gains or losses in the reporting currency prior to running revaluation.
Revaluation is the process which adjusts asset or liability accounts that may be materially understated or overstated due to a fluctuation in the conversion rate between the time the transaction was entered and the time revaluation takes place. You may want to revalue income statement accounts as well. The Income Statement Accounts Rule indicates whether period-to-date (PTD) or year-to-date (YTD) method is to be used when revaluing income statement accounts.
Click the Income Statement radio buttons on the Create Revaluation page to specify whether you want to revalue income statement accounts using PTD or YTD balances. There are two radio buttons, one for PTD and one for YTD.
If you select to revalue PTD balances for income statement accounts, the process continues to appropriately revalue YTD balances for balance sheet accounts. In the revaluation definition if the range of accounts consists of both income statement and balance sheet accounts and you select PTD as an option for income statement account revaluation rule, a separate revaluation journal is created for the income statement accounts. Revaluing the PTD balance of your income statement accounts creates weighted average YTD balances using period rates from each corresponding period against the PTD account balance in compliance with the Statement of Financial Accounting Standards (SFAS) No. 52, Foreign Currency Translation.
To summarize, when you run revaluation on your income statement accounts, the process produces two separate journal entries; one that revalues your balance sheet accounts and another for your income statement accounts. You do not need to reverse the PTD revaluation journal entry for your income statement accounts in the subsequent period since that revaluation only applies to last period's activity.
Note
This functionality only applies when the range of accounts to be revalued in the revaluation definition consist of income statement accounts in addition to balance sheet accounts. Normally only balance sheets accounts are revalued.
This example demonstrates how to revalue foreign currency balances across multiple balancing segments. Your company, InFusion America, Inc. has three lines of business. You revalue your foreign currency account balances for two of your divisions, Air Components and Repair Parts. Your Installation Services line of business does not have foreign currency transactions. Your company is your primary balancing segment and your lines of business are represented in your secondary balancing segment.
Note
Enable up to three balancing segments to use the multiple balancing segment feature.
The following are points to consider in running the revaluation process.
Revaluation posts the resulting gain or loss amounts against the unrealized gain or loss accounts, substituting the balancing segment values appropriately for all balancing segments.
Gain or loss accounts and revaluation account ranges are not validated against your data access set security when the revaluation definition is created because the ledger context is not known at the time of definition.
Data access set security is enforced when the Revalue Balances process is executed. Limited write access to the gain or loss accounts due to inadequate access results in an error.
Segment value security rules are enforced when you enter the account ranges and the unrealized gain and loss accounts. Only segment values you have access to are available in the list of values.
Account ranges you have read and write access to are revalued. Account combinations that you do not have access to are ignored.
Revaluation expands all parent balancing segments to the child values. Data access set security applies to the child values only, not the parent value.
Posting supports multiple balancing segments for calculating the entry to the Cumulative Translation Adjustment accounts when replicating revaluation journals to reporting currencies.
Field |
Value |
---|---|
Name |
InFusion America Revaluation |
Description |
Revaluation for all foreign currency balances. |
Chart of Accounts |
InFusion America Chart of Accounts |
Currency |
Leave blank Note If left blank, all currencies are revalued and after saving, the field automatically displays: All currencies. |
Conversion Rate Type |
Daily |
Days to Roll Forward |
5 |
Unrealized Gain Account |
011-00-96600000-0000-000-000 |
Unrealized Loss Account |
011-00-96700000-0000-000-000 |
Income Statement Account Basis |
PTD |
Post Automatically |
Yes |
Field |
Value |
---|---|
Equals |
011 |
Note: Your Installation Services line of business, 50, is not included because it does not have foreign currency transactions.
Field |
Value |
---|---|
Between |
30 |
40 |
Field |
Value |
---|---|
Between |
10000000 |
29999999 |
Optionally, select the Save and Generate buttons to run the revaluation immediately.
For all ledgers, primary, secondary, and journal and subledger level reporting currencies, open the first period of the ledger when you are ready to transact in that period.
To open the first period of your ledgers, navigate to the Open First Period task in the primary ledger task list and click the Go to Task icon. On the submission page, select the ledger and the period to open. Click the Submit button to launch the open period process.
There are other ways to open the first period or subsequent periods without going into the Setup and Maintenance work area. You can maintain the ledgers' period statuses from the:
Close Status region in the General Accounting Dashboard. The Close Status region provides real time visibility into the period close process from your subledgers to your General Ledger across the entire enterprise.
Manage Accounting Periods task in the Period Close work area.
Process Monitoring work area, which provides a framework for launching, monitoring and maintaining processes across Oracle Fusion Financials.