Month End Closing process of Oracle Account Receivables?

Oracle ebusiness suite>Oracle Financial> Oracle Receivables (AR)

Question of the Day!!  

                

Module: Oracle Account Receivables

Question:  What is the month end closing process of Oracle Account Receivables?

Ans :  Following is the Closing process of Oracle AR.

Complete All Transactions for the Period Being Closed

* Complete Invoicing, Credits and Adjustments

* Complete Receipts and Reversals

* Complete Invoice and Customer Import

* Complete Lock Box Processing

Reconcile Transaction Activity for the Period

a. Transaction Register

b. Sales Journal by Customer Report and the Sales Journal by GL Account Report

c.Journal Entries Report

Reconcile Outstanding Customer Balances

Period-End Balance = Outstanding Balance at Start of Period + Transactions + Adjustments – Invoice Exceptions – Applied Receipts – Unapplied Receipts

Review the Unapplied Receipts Register

Reconcile Receipts

a) Receipts Journal Report

b) Receipt Register

Reconcile Receipts to Bank Statement Activity for the Period

Post to the General Ledger

Reconcile the General Ledger Transfer Process

Reconcile the Journal Import Process

Close the Current Oracle Receivables Period

Review the Subledger Period Close Exceptions Report  *******************