Accounts Receivables Period Closing Process in Oracle Apps

1. Complete the manual invoices, credit memos & corrections for the period, to find the detail run “Incomplete Invoices Report”.
Action: Go to transaction Window and Complete the Transaction 
2. Complete and review the unapplied receipts. 
3. Reconcile the Receipts to bank statement activity (Remittance Activity) for the period 
4. Run the General Ledger Transfer Program. To transfer all transaction and receipts activities to GL.
5. This will be queried in the Journal Entry form with source as “Receivables” and posting status as “Unposted”. These Journal entries will be reviewed and Posted into the GL.
6. You can review the "Unposted Items Report" to determine if any exceptions have been encountered, that will need to be resolved, to ensure all accounting has been successful for all transactions.
7. Report used for reconciliation the customer outstanding Balances    
            A) Aging Report. 
            B) Transaction Register 
            C) Applied Receipts Register 
            D) Unapplied Receipts Register 

Opening/Closing of AR periods 
Navigation: Control --> Accounting  --> Open/Close Periods. 
1. Complete the Transfer to General Ledger from the Receivables for the period to be closed. 
2. Select the period to close. Select ‘Closed’ from list of values in the Period Status and save the record. Select the Next period to open. Click Open Next Period Button

General Ledger Period Closing Process in Oracle Apps

1. Ensure the Next Accounting Period Status is Set to Future Entry
2. Complete Oracle Sub-ledger Interfaces to Oracle General Ledger
3. Upload Journals from ADI (Applications Desktop Integrator) to Oracle General Ledger
4. Complete Non-Oracle Sub-ledger Interfaces to Oracle General Ledger (Optional)
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
10. Run General Ledger Trial Balances and Preliminary Financial Statement Generator Reports (FSGs)
11. Revalue Balances (Optional)
12. Translate Balances (Optional)
13. Consolidate Sets of Books (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)

Cash Management Period Closing Process in Oracle Apps

1. Load Bank Statements

2. Reconcile Bank Statements
3. Create Miscellaneous Transactions
4. Review AutoReconciliation Execution Report
5. Resolve Exceptions on the AutoReceonciliation Execution Report
6. Run Bank Statement Detail Report
7. Run Transactions Available for Reconcilaition Report
8. Resolve Un-reconciled Statement Lines
9. Run the GL Reconciliation Report
10. Run the Account Analysis Report for the General Ledger Cash Account
11. Review the Account Analysis Report
12. Correct any Invalid Entries to the General Ledger Cash Account (Optional)
13. Perform the Bank Reconciliation

Fixed Assets Period Closing Process in Oracle Apps

1. Complete All Transactions for the Period Being Closed
2. Assign All Assets to Distribution Lines
3. Run Calculate Gains and Losses (Optional)
4. Run Depreciation
5. Create Journal Entries
6. Rollback Depreciation and/or Rollback Journal Entries (Optional)
7. Create Deferred Depreciation Journal Entries (Optional)
8. Depreciation Projections(Optional)
9. Review and Post Journal Entries
10. Reconcile Oracle Assets to Oracle General Ledger Using Reports.
11. Run Responsibility Reports (Optional)
12. Archive and Purge Transactions (Optional)

Order Management Period Closing Process in Oracle Apps

Order Management
1. Complete All Transactions for the Period Being Closed
2. Ensure all Interfaces are Completed for the Period (Optional)
3. Review Open Orders and Check the Workflow Status
4. Review Held Orders
5. Review Discounts
6. Review Backorders
7. Review and Correct Order Exceptions
8. Reconcile to Inventory
9. Reconcile to Receivables (Optional)
10. Run Standard Period End Reports
Receivables
1. Complete All Transactions for the Period Being Closed
2. Reconcile Transaction Activity for the Period
3. Reconcile Outstanding Customer Balances
4. Review the Unapplied Receipts Register
5. Reconcile receipts.
6. Reconcile Receipts to Bank Statement Activity for the Period
7. Post to the General Ledger
8. Reconcile the General Ledger Transfer Process
9. Reconcile the Journal Import Process
10. Print Invoices
11. Print Statements (Optional)
12. Print Dunning (Reminder) Letters (Optional)
13. Close the Current Oracle Receivables Period
14. Reconcile Posted Journal Entries
15. Review Unposted Items Report
16. Open the Next Oracle Receivables Period
17. Run Reports for Tax Reporting Purposes (Optional)
18. Run Archive and Purge programs (Optional)

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)