How You Close a Receipt Accounting Period

This procedure shows you how to process receipt accruals in preparation for the closing of a receipt accounting period. You can schedule Receipt Accounting to automatically process receipts that are set to be accrued on receipt.

If receipts aren't marked for automatic accrual on receipt, you can run the Create Uninvoiced Receipt Accruals process. This will accrue all receipts that aren't yet invoiced in Accounts Payable.

You can access the following Receipt Accounting processes in the Scheduled Processes work area:

• Transfer Costs to Cost Management

• Transfer Transactions from Receiving to Costing

• Accrual Clearing Report

• Accrual Reconciliation Report

• Create Accrual Reversal Accounting

You can access the following Receipt Accounting processes in the Receipt Accounting work area:

• Create Receipt Accounting Distributions

• Clear Receipt Accrual Balances

• Create Uninvoiced Receipt Accruals

• Create Entries for Receipt Accounting

• Match Receipt Accruals

You can schedule the processes, or you can run them on demand.

This procedure covers the following tasks:

• Transferring Cost Data to Receipt Accounting

• Creating Receipt Accounting Distributions

• Creating Uninvoiced Receipt Accruals

Transferring Cost Data to Receipt Accounting

This task covers processes that should be run in the Scheduled Processes work area before closing a receipt accounting period.

To transfer cost data to Receipt Accounting, complete the following steps.

1. From the Navigator menu, select Scheduled Processes.

2. Select the processes that you want to run or schedule. The following receipt accounting processes should be completed before closing a receipt accounting period:

   • Transfer Costs to Cost Management. This process transfers invoice information to Receipt Accounting.

   • Transfer Transactions from Receiving to Costing. This process transfers receipt information to Receipt Accounting.

3. Review the Status column to confirm that the processes have completed successfully.

Creating Receipt Accounting Distributions

This task creates receipt accounting distributions in preparation for the closing of a receipt accounting period. You can schedule this process, or run it on demand.

To create receipt accounting distributions, complete the following steps.

1. Navigate to the Receipt Accounting work area, and select the Create Receipt Accounting Distributions task.

2. To run the receipt accounting processes for all the business units that you have access to, leave the Bill-to Business Unit empty. However, if you want to run them only for a particular business unit, select it from the Bill-to Business Unit drop-down list.

   Note: When you run this process, the application creates one parent job and a child job for each of the profit center BU that's associated with the Bill to Business Unit.

3. Click on the Schedule tab, and select the option Run Using a Schedule.

4. Complete the Frequency, Start Date, and End Date fields, and click Submit.

5. From the tasks menu, select the Review Receipt Accounting Distributions task to view the receipt accounting distributions that were created.

6. On the Review Receipt Accounting Distributions page, search for transactions that have a Transaction Status of Final Accounted and a Transaction Type of Receipt into Receiving Inspection.

7. Click on the Distributions tab, and click the Detach button to view the details on a new page.

8. Click on the Journal Entries tab to view the journal entries for the accounting distributions. Click the Detach button to view the details on a new page.

Creating Uninvoiced Receipt Accruals

If receipts aren't marked for automatic accrual on receipt, you can run the Create Uninvoiced Receipt Accruals process. This will accrue all receipts that aren't yet invoiced in Accounts Payable. You can run this job more than once during the period close process. At a minimum it should be run after the Accounts Payable period is closed and all the Accounts Payable invoices are interfaced to Cost Management, and before the General Ledger period is closed. For period end accrual, the accounted date always falls on the last date of the period selected.

You can specify a cutoff date within the accounting period for accounting purposes. Then, period end accrual for uninvoiced receipts is created on the cutoff date. This enables you to ensure that when you have multiple ledgers with different calendar period end dates, the period end accrual is booked in the same period that they're accrued.

When you have a primary general ledger and multiple secondary ledgers with different calendar periods, do the following:

• If there are two ledgers running on different calendar period end dates, choose the lesser period end date as the cutoff date. For example, if the secondary ledger ends on the 27th day of the month and the fiscal ledger ends on the 30th day, choose the 27th day as the cutoff date.

• If you're specifying a cutoff date, ensure that it's set to a date that's before the period end date. Else, you will get errors.

• If you have configured the application to automatically reverse and post in general ledgers, the reversal accounting entries are automatically posted to the journals. However, if you haven't opted for automatic reversal, you must manually reverse the period-end accrual that was already booked and post it in the next period. For more information about configuring automatic reversal in general ledgers, see the Oracle Fusion Cloud Financials Using General Ledger guide on the Oracle Help Center.

• Once the accounting period is closed, in all ledgers, move the cutoff date to a date that's in the next period.

To create uninvoiced receipt accruals, complete the following steps.

1. Navigate to the Receipt Accounting work area, and select the Create Uninvoiced Receipt Accruals task.

2. On the Create Uninvoiced Receipt Accruals page, complete the Bill-to Business Unit and Accounting Period fields.

3. Select a Period End Accrual Cutoff and Accounting Date. If you don't select any date, the last date of the accounting period is taken as the cutoff and accounting date.

4. Click Submit.

5. On the Review Receipt Accounting Distributions page, search for transactions with a Transaction Type of Period End Accrual.

6. Scroll down and select the Distributions and Journal Entries tabs to view the accounting details.