Understanding Open Item Accounting

These topics provide an overview of open item accounting and discuss how to:

• Set up an open item prompt table.

• Enter and process open item transactions.

• Reconcile and close open item balances.

Open item accounting in Oracle's PeopleSoft General Ledger enables you to define, control, and maintain subledger detail for selected balance sheet accounts used in open item transactions. You can track these open item transactions until they are resolved and the balance of the open item account is zero. A common example of open item accounting is the tracking of employee draw account transactions. This section lists prerequisites and discusses:

• Open item accounting in General Ledger.

• Common open item terminology.

• Open item prompt tables.

• Reconciliation and closing of open item balances.