Saturday, January 28, 2012

Period Close Process In GL

1. Ensure the Next Accounting Period Status is set to Future Entry
2. Complete Oracle Sub-ledger Interfaces to Oracle General Ledger
5. Generate Reversal Journals (Optional)
6. Generate Recurring Journals (Optional)
7. Generate Mass Allocation Journals (Optional)
8. Review and Verify Journal Details of Unposted Journal Entries
9. Post All Journal Batches
9a. Run the Period Close Exceptions Report
10. Run GL Trial Balances and Preliminary Financial Statement Generator Reports (FSGs) 
11. Revalue Balances (Optional)
12. Translate Balances (Optional)
13. Consolidate Ledgers (Optional)
13a. Reconcile Intercompany (optional)
14. Review and Correct Balances (Perform Reconciliations)
15. Enter Adjustments and / or Accruals and Post
16. Perform Final Adjustments
17. Close the Current Oracle General Ledger Period
18. Open the Next Oracle General Ledger Period
19. Run Financial Reports for the Closed Period.
20. Run Reports for Tax Reporting Purposes (Optional).
21. Perform Encumbrance Year End Procedures (Optional)

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