Status of Oracle Periods

Oracle Closing Process

In Oracle General Ledger, an accounting period is closed after all the accounting transactions have been completed for the period. A closed period can be re-opened (provided it has not been permanently closed), if it is necessary to enter or modify accounting transactions for that period.

For most modules you can view and select one of the following:

* Never Opened - The period has never been used.

* Future Enterable - The period is open to accept transactions from other modules. Usually used where modules are maintained in different periods, and transactions are likely to be posted across modules.

* Open - Period is available for data entry

* Closed - Period is closed for processing, but can re re-opened if require.

* Permanently Closed - No further processing is possible.

Managers have the discretion to immediately close a period to prevent unauthorized processing, but be able to re-open periods for post processing adjustments. The periods can then be permanently closed as required, independent of the period/year end process.

Suggestion: Periods are usually only “finally closed when all adjustments and reporting requirements for the prior financial year are finalized.