1. Using General Ledger
  2. Overview of Close Monitor

Overview of Close Monitor

The Close Monitor:

  • Provides information about the period close status for a given accounting period across multiple products for related ledgers in a hierarchical ledger set based display.

  • Uses the hierarchical ledger set to mirror the consolidation relationships and roll ups of entities across the enterprise.

  • Summarizes period close status information for each ledger across multiple applications and for each consolidation node across multiple ledgers.

  • Provides the contact information of the manager for a given node on the ledger set hierarchy.

  • Summarizes high-level income statement results for each entity and aggregates this financial information at each consolidation node.

  • Displays each of these elements of information, period status, manager information, and financial data, in separate tags that are navigated to for each node of the interactive hierarchical display.

  • Provides views for a given ledger set, for a particular accounting period, and currency.

The period status information that's displayed is broken down by application module including General Ledger, Payables, Receivables, Asset, Projects, and Costing. Some modules track their entity at a more granular level, such as:

  • Business units for Payables, Receivables, and Projects

  • Asset Books for Assets

  • Cost Organization Books for Costing

The Close Monitor indicates the number of the subunits by module for the ledgers. It also displays the fractional indicator, where applicable, of how many of the subunits are at the closed status.

Secondary ledgers, journal level, or transaction level reporting currencies can't be associated with subledger business units for Payables, Receivables, and Projects. As such, if the ledger set displayed in the hierarchy includes members that are secondary ledgers, journal, or subledger level reporting currencies, the period status indicated in the Close Monitor for such subledger modules is based on its related primary ledger. Asset books and cost organization books can be associated with all types of ledgers. Therefore in the case of the Assets and Costing modules, their period status for secondary ledger or reporting currencies is shown accordingly for the books directly associated with them. Otherwise, their period statuses are derived from the books associated with their primary ledgers.

Setting Up the Close Monitor

The Close Monitor setup consists of a ledger set hierarchy definition whereby a predefined ledger set is addressed, with each ledger and ledger set assigned a manager who's responsible for its financial close, and a logo to represent the entity in the display.

Note: The list of managers available for assignment contains the persons defined in the Human Capital Management (HCM) module of Oracle Fusion Applications. The attributes defined in HCM, such as the picture of the person and contact details, are shown in the Close Monitor.

The ledger set serves as the foundation of this setup.

  • The members of the Close Monitor hierarchy must share a common chart of accounts and calendar. In addition, the ledgers assigned to the ledger set must share a common currency, or the common currency representation must be available from an associated balance level reporting currency for the ledger.

  • The financial data displayed in the Close Monitor is derived from the account group assigned to the ledger set, therefore, an assignment is required. The account group:

    • Must include two line items whose account designations respectively query the total revenues and total expenses of the organization.

    • Reflects a summarized income statement in the financial data tab of the Close Monitor.

    The Rapid Implementation process automatically generates an account group called Close Monitor Summary Income Statement, which you can display in the Close Monitor using the Manage Close Monitor Setup task. You can also submit the Generate Financial Reports and Account Groups process to automatically create the Close Monitor Summary Income Statement account group.

  • All ledgers in the ledger set share a common chart of accounts and the selection of accounts are equally applicable throughout the nodes in the ledger set hierarchy.

  • When working with ledger sets that include members that are also ledger sets, you can choose any of the ledger sets in the selector to indicate the starting ledger set to display in the Close Monitor.

  • If different account groups are assigned to each ledger set member in such a ledger set, the account group used to display the financial data is the one assigned to the ledger set specified in the selector in the Close Monitor.

  • To have meaningful comparison and summation along the ledger set hierarchy:

    • Assign ledgers to the ledger set that have a relevant currency representation that matches the intended group currency that the Close Monitor displays the financial data in.

    • Select the appropriate primary, secondary, or reporting currency ledger for assignment to the ledger set.

    • Alternately, use translated balances (balance level reporting currency) in the ledger set selection to satisfy the common group currency requirement if needed.

Viewing the Close Monitor

Navigate to the Close Monitor by clicking the Open Subledgers infolet on the General Accounting Infolets page, or by selecting the Close Monitor task from the Period Close work area. You choose a ledger set, accounting period, and currency as the view criteria for the Close Monitor display. You can alter this selection at any time.

For example, change the currency displayed by:

  • Working with a global ledger set.

  • Shifting the focus to a lower-level ledger set that aggregates at the continental level, such as North America, that uses a different group currency.

  • Including the ledger with the relevant currency representation that matches the selected group currency that the Close Monitor financial data is displayed in.

The Close Monitor supports different zoom levels to enable you to:

  • Accommodate viewing a larger ledger set hierarchy in its entirety, given the limited display area of the user interface.

  • Show detail information for each node, which can vary, decreasing and simplifying in content as you zoom out further to accommodate showing more nodes in a single view.

  • Hover over the more summarized node to view the complete set of information for that node at the 100% zoom level.

  • Leave the zoom level at 100% and move around the display to other ledger sets or ledgers currently not in view.

Note: The Close Monitor has a control panel that you can use to:

  • Adjust the zoom level.

  • Flip all of the nodes to the same display of Close Monitor, Manager, or Profit and Loss.

  • Change the displayed layout of the hierarchy.