Prerequisite Setup for Year-End Closing Rules

Before you configure and use year-end closing rules, you must complete the required setup tasks.

Here’s the list of setup tasks that you must complete:

• Create accounting adjustment periods.
• Configure and enable the Fund segment for Oracle Transactional Business Intelligence (OTBI). For more information, see Considerations for Enabling Key Flexfield Segments for Business Intelligence and Configure Chart of Account Segments for Business Intelligence.

Before you configure year-end closing rules, a user with a custom role based on the Federal Administrator role must create accounting adjustment periods.

Adjustment periods are used to segregate year-end close entries and beginning balance entries.

Oracle Fusion General Ledger provides multiple options for creating accounting adjustment periods as part of the accounting calendar creation process. To support the Federal Financials year-end close process, ensure that the following accounting adjustment periods are created by selecting Other in the Adjusting Period Frequency field on the Create Accounting Calendar page:

• Beginning of the year adjustment period
• At least one of the following end of the year adjustment periods:
  • Preclosing adjustment period. This is optional and is only required if the agencies create preclosing journal entries for year-end close.
  • Closing adjustment period. This is required.