Purchasing Period Closing Process in Oracle Apps

Purchasing
1. Complete All Transactions for the Period Being Closed
2. Review the Current and Future Commitments (Optional)
3. Review the Outstanding and Overdue Purchase Orders (Optional)
4. Follow up Receipts-Check with Suppliers
5. Identify and Review Un-invoiced Receipts (Period End Accruals)
6. Follow Up Outstanding Invoices
7. Complete the Oracle Payables- Period End Process
8. Run Receipt Accruals - Period End Process
9. Reconcile Accounts - Perpetual Accruals
10. Perform Year End Encumbrance Processing. (Optional)
11. Close the Current Purchasing Period.
12. Open the Next Purchasing Period.
13. Run Standard Period End Reports (Optional)
Inventory/WIP
1. Complete All Transactions for the Period Being Closed.
2. Check Inventory and Work In Process Transaction Interfaces.
3. Check Oracle Order Management Transaction Process.
4. Review Inventory Transactions.
5. Balance the Perpetual Inventory.
6. Validate Work In Process Inventory.
7. Transfer Summary or Detail Transactions
Close the Current Oracle Payables and Oracle Purchasing Periods.
9. Close the Current Inventory Period
10. Open the Next Inventory Period
11. Run Standard Period End Reports (Optional)