How Accounting Periods and Project Accounting Period Closing are Validated

When you change the project accounting period and accounting period to Close Pending or Close status, you generate the Period Close report. The application validates the transactions in the period and tracks the warnings and errors.

Review the errors, fix the issues, and then change the accounting period and project accounting period status to Close or Close Pending status. After closing the accounting periods and project accounting periods, you can open new periods for transaction processing. For warning exceptions, the period status is set to Close or Close Pending status.

How Period Closing Validation Works

When you set an accounting period or project accounting period to Closed or Close Pending, the application generates the Period Close report. The report provides summary information and details of transactions that completed successfully, with warnings, and with errors. If errors were encountered, review the stated corrective actions, fix the issues, and then close the periods.

The following table describes the validation rules for transactions and the validation result for the respective period statuses.

Validation Rule	Close Pending a Project Accounting Period	Close a Project Accounting Period	Close Pending an Accounting Period	Close an Accounting Period
Accounted transactions (for example, supplier invoices, receipts, miscellaneous inventory transactions) entered in an integrating Oracle Fusion application in the same period that are not yet transferred and imported to Oracle Fusion Project Costing.	Validated with a warning	Validated with a warning	Validated with a warning	Fails validation with an error
Unaccounted transactions (for example, supplier invoices, costed receipts, miscellaneous inventory transactions) entered in an integrating Oracle Fusion application aren't yet transferred and imported to Oracle Fusion Project Costing. Net-zero receipts are ignored for validation.	Validated with a warning	Validated with a warning	Validated with a warning	Validated with a warning
Accounting events generated in Project Financial Management applications for both new and adjusted transactions that are not finally accounted or swept to the next open or future-enterable period.	Validated with a warning	Validated with a warning	Validated with a warning	Fails validation with an error
Rejected cost adjustments that are not processed.	Validated with a warning	Validated with a warning	Validated with a warning	Validated with a warning
Pending burden summarization items that are not yet processed.	Validated with a warning	Validated with a warning	Validated with a warning	Validated with a warning
Cross-charge or revenue or billing offset reclassification distribution lines that are not transferred to subledger accounting.	Validated with a warning	Validated with a warning	Validated with a warning	Fails validation with an error
Billable transactions with a revenue classification of rate-based or as-incurred or as-invoiced, that are invoiced but for which revenue was not generated.	Validated with a warning	Validated with a warning	Validated with a warning	Validated with a warning
Revenue events whose completion date has passed but for which revenue was not generated.	Validated with a warning	Validated with a warning	Validated with a warning	Validated with a warning
Accrual transactions that must either be finally accounted or swept to the next period.	Validated with a warning	Validated with a warning	Validated with a warning	Fails validation with an error
The corresponding Oracle Fusion Payables accounting period is not yet closed.	Validated with a warning	Validated with a warning	Validated with a warning	Validated with a warning
Unaccounted transactions that are not swept to the next period.	Validated with a warning	Validated with a warning	Validated with a warning	Fails validation with an error