Month End Closing - Oracle Fixed Assets

Oracle Fixed Assets

Oracle Fixed Assets Month End closing 

Complete the entire pending asset to be added in the asset book through mass addition or manual.

Complete All Transactions for the Period Being Closed

You need to ensure that all transactions have been entered for the period being closed. Once a depreciation period in Oracle Assets has been closed, it cannot be re-opened. Check that no-one is entering transactions as Oracle Assets prevents transaction data entry while the Depreciation Run Process is running. You need to complete all transactions for Oracle Assets:

Prepare and Post Mass Additions

Complete Manual Additions

Complete Adjustments

Complete Retirements

Complete Transfers

Then if you required, you need to assign distribution lines to all assets.

If an asset has not been assigned to a distribution line, the period end Depreciation Process will not complete, and will not close the period. Take the advantage of running "Assets Not Assigned to Any Cost Centers Listing” report to determine which assets have not been assigned to a distribution line.

3. Run Calculate Gains and Losses

This is optional, the Calculate Gains and Losses program for retirements can be submitted prior to running depreciation. The Calculate Gains and Losses process is performed independently for each depreciation book.

4. Run the depreciation

Run depreciation, you have two option you can run depreciation without closing Period and run depreciation with Period closed.

Note: Once FA period closed it can’t be open.

5. Create accounting

Run Create Accounting program and transfer journal entries to GL.

A - Create Accounting and Transfer to GL:

·         Run The Depreciation (Draft)

Run the depreciation (Draft) after adding the assets into asset book. Calculate Gains and Losses concurrent request automatically run with the depreciation and Journal Entry Reserve Ledger Report.

Analyze the Gain and Loss report and Journal Entry Reserve Ledger Report.

·         Run The Depreciation (Period Close)

Run the depreciation (Period Close) after Running and analyzing the draft depreciation.

·         Create Accounting – Assets

After the period close and run the final depreciation run create accounting program to create accounting for fixed assets.

·         Transfer to GL Report

For transfer entries to GL run this report.

B – Reconciliation with GL:

·         Subledger Period Close Exceptions Report

Run Subledger period close report to see the exceptions in the module during the period. Due to that accounting is not created or transactions still not transfer to GL.

Reconciliation reports:

·         Account Analysis Report – Sub ledger

·         Trail Balance

How to reconcile oracle inventory

How to reconcile oracle inventory: 

  

Oralce Month End Closing - Oracle Inventory

Oracle Inventory

Month End Closing Process- Oracle Inventory

Following is the month end closing process of Oracle Inventory

A - Create Accounting and Transfer to GL:

Run the create accounting for Cost management and check the output file for the following.

•       Create Accounting
•       Journal Import

You can found all the entries in the create accounting file and the problematic entries will lies at the end of this document.

B – Run Subledger Period Close exception report:

Run Subledger period close exception report to check the exception in this report.
Check the exceptions and resolve the issue.

C- Reconciliation:

Inventory Reconciliations
For the month of Feb-15
Opening balance as on 1 Feb 2015.	Inventory material Value report	XXX
ADD:
Receipts  ( PO Receipt )	Goods Receiving Detail Report	XXX
Misc Receipts	Inventory Transaction Register	XXX
Total Receipts
LESS:
Issuance	Item Issue Detail	XXX
Misc Issuance		XXX
Closing Balance as on 28 Feb2015	Inventory material Value report	XXX
As per Report  -	GL Trail Balance	XXX
Diff		XXX

AP Month End closing - Oracle Payables

Oracle Payables 

Oracle Payable - Month End Closing

Complete all the invoices and validate them. 

A - Create Accounting and Transfer to GL:

Create Accounting Program:

To create Accounting runs this report.

Transfer to GL Report

For transfer entries to GL run this report.

Run Mass Additions Transfer to Oracle Assets

Run this report to transfer all the assets to Assets Module in the mass addition window.

B – Reconciliation with GL:

Unaccounted Transactions Report (XML)

Run this report to see the unaccounted transactions during the period. And to account for these transactions and then run create accounting.

 Subledger Period Close Exceptions Report

Run Subledger period close report to see the exceptions in the module during the period. Due to that accounting is not created or transactions still not transfer to GL.

Period Close / Sweep transactions

Create accounting for unaccounted transactions and remove the exceptions and then close the payable period.

If there is still some exceptions that need to be remove or cannot be removing in the current month then sweep the transactions in the next month.

Reconciliation reports:

Account Analysis Report – Sub ledger

 Payables Trail Balance

Uninvoiced receipt report

Reconciliations: ____________________

Add the current period's posted invoices (total invoice amount from the Posted Invoice Register) and subtract the current period's posted payments (total cash plus discounts taken from the Posted Payments Register) from the prior period's Accounts Payable Trial Balance.
This amount should equal the balance for the current period's Accounts Payable Trial Balance.

For example, you are closing your accounting period for April and you have just posted your final invoice and payment batches to your general ledger system.
To reconcile your accounts payable activity for April, make the following calculation:

March Accounts Payable Trial Balance
+ April Posted Invoice Register
- April Posted Payment Register
= April Accounts Payable Trial Balance

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.