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Oracle Fusion Period Close & Accounting Periods

The document outlines functionalities related to accounting periods, including management of period statuses and the Close Monitor feature for financial reporting. It also covers multicurrency accounting processes such as revaluation, translation of balances, and currency rates management. Additionally, it discusses year-end processing, balance inquiries, and the ability to analyze both standard and average balances in Oracle General Ledger.

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63 views9 pages

Oracle Fusion Period Close & Accounting Periods

The document outlines functionalities related to accounting periods, including management of period statuses and the Close Monitor feature for financial reporting. It also covers multicurrency accounting processes such as revaluation, translation of balances, and currency rates management. Additionally, it discusses year-end processing, balance inquiries, and the ability to analyze both standard and average balances in Oracle General Ledger.

Uploaded by

vinay nani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Period Close

Khaled Ahmed
Period Close

• Accounting Periods

1- Manage Accounting Periods

is a functionality that allows organizations to control and manage the


opening, closing, and maintenance of accounting periods in their
financial calendars. This feature is crucial for ensuring accurate and
timely financial reporting.

You can see all types of your periods:

 Open
 Closed
 Permanently Closed
 Future Enterable
 Never Opened
2- Close Monitor

The Close Monitor in Oracle Fusion provides a hierarchical ledger


set display of period close status, income statement summaries, and
manager contact information across multiple ledgers and
applications. It mirrors consolidation relationships and aggregates
financial data at each node, offering detailed views for specific
accounting periods and currencies. Each piece of information, such
as period status and financial data, is displayed in navigable tags for
an interactive experience.

• Multicurrency

1- Revalue Balances

Revaluation launches a process that revalues the ledger currency


equivalent balances for the accounts and currencies you select, using
the appropriate current rate for each currency.

Resulting unrealized gain or loss amounts are posted to the


unrealized gain or loss accounts or to the cumulative translation
adjustment account.
2- Translate Balances

The translate GL Account Balances process restates actual account


balances from a ledger currency to a reporting currency.

3- Manage Currency Rates

Financial institutions, such as banks, usually transact in more than


one currency and this necessitates multi-currency accounting, which,
in turn, requires currency rates management.

Using Currency Rates Manager, you can input cross-currency


exchange rates for currencies that have been enabled in the
application.

Transfer Balances to Secondary Ledgers

Is an optional ledger linked to a primary ledger for the purpose of


tracking alternative accounting.

Can differ from its primary ledger by using a different accounting


method, chart of accounts, accounting calendar, currency, or
processing options.
When you run the Transfer Balances to Secondary Ledger process,
balances are transferred from the primary ledger to the secondary
ledger.

You can fill in the required data and submit.

• Year-End Processing

1- Create Income Statement Closing Journals

Posts all the income statement account balances to one or more


retained earnings accounts.
2- Create Balance Sheet Closing Journals

Posts all assets, liability, and equity balances to one or more closing
accounts.
• Balance Inquiry

1- Inquire and Analyze Balances

Review summary and detailed information at any point in your


account hierarchy using different points of view.

Drill down from the parent and detail levels into balances and
transactions.

If you click on the balance, it will take you to screen Inquire on


Detail Balance.
2- Inquire and Analyze Average Balances

The Average Balance feature of Oracle General Ledger provides


organizations with the ability to track average and end-of-day
balances, report average balance sheets, and create custom reports
using both standard and average balances.

The difference between an average and standard balance sheet is


that balances are expressed as average amounts rather than actual
period-end amounts. An average balance is computed as the sum of
the actual daily closing balance for a balance sheet account, divided
by the number of calendar days in the reporting period.

3- Inquire on Journal Lines

The Journal Entry Inquiry window shows you information about


actual, budget, or encumbrance journal entry batches in your set of
books. You can review detailed information about a batch, a journal
entry within that batch, and the detail lines within that entry.

Fill in the required data/criteria.


Search

4- Inquire on Detail Balance

Inquiry on Detail Balances will give you details on your account


balances.

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