Redwood: Cost Accounting Periods

The Cost Accounting Periods page helps you manage and orchestrate period close activities and ensure that all transactions are costed and accounted in the correct period. You can also view a count of all pending validations impacting period close at any point of time during the period. 

Here are the highlights of the capabilities introduced as a part of the new Redwood user experience:

  • View count of validation exceptions impacting period close upfront and drill down to view details of all exceptions.
  • View of corresponding period statuses for accounts payable and accounts receivables to avoid reconciliation issues.
  • View of corresponding GL period to ensure transactions are accounted in the correct period.
  • Use a timeline based Notes capability to capture observations, open tasks, and collaborate.
  • Close multiple cost organizations and automatically open next period right from this page.

Cost Accounting Periods

Cost Accounting Periods

New capabilities: Use guided journey to embed a RAG based Agent, close multiple cost organization simultaneously

New capabilities: Use guided journey to embed a RAG based Agent, close multiple cost organization simultaneously

Notes capability

Notes capability

View all Periods for a Cost Organization and Cost Book.

View all Periods for a Cost Organization and Cost Book.

Some of the benefits of this new page include: 

  • Faster Period Close: Enhanced visibility into exceptions and ability to close multiple cost organizations from the page.
  • Enhanced Auditability: Capture notes for open items, observations, and so on.
  • Better User Experience: Intuitive search, filtering, and navigation reduce manual effort and increase productivity.
  • Seamless Navigation: Simplified page transitions to efficiently complete period close tasks.

Steps to Enable

  1. In the Setup and Maintenance work area, search for and select the Manage Administrator Profile Values task.
  2. On the Manage Administrator Profile Values page, search for and select the ORA_CST_MANAGE_COST_ACCOUNTING_PERIODS_REDWOOD_ENABLED profile option code.
  3. In the Profile Values section, set the Site level to Yes. The default value is No.
  • Yes = enables the feature
  • No = disables the feature
  1. Click Save and Close. Changes in the profile value will take effect the next time you sign in.

Tips And Considerations

  • You can provide guidance such as tutorials, company policies, and best practices in the context of Cost Accounting Periods using guided journey tasks. 
  • Always close cost accounting periods on time to avoid reconciliation issues.
  • Preferably close Accounts Payables and Accounts Receivables subledgers before closing the Cost Accounting periods.
  • Continuously run, review, and resolve period close validation exceptions during the period to have an updated view of costing and accounting of inventory value, cost of goods sold, and so on.

Key Resources

  • Oracle Fusion Cloud SCM: Implementing Manufacturing and Supply Chain Materials Management Guide, available on the Oracle Help Center.
  • Oracle Fusion Cloud SCM: Using Cost Management Guide, available on the Oracle Help Center.

Access Requirements

Users who are assigned a configured job role that contains the following privilege can access this feature:

  • Manage Cost Period (CST_MANAGE_COST_PERIOD)
  • Manage Cost Periods by Web Service (CST_MANAGE_COST_PERIOD_WEB_SERVICE)