Oracle Finance Month End Closing - Basic Steps

In Oracle EBS - General ledger, an accounting period is closed after all the accounting transactions has been completed for the period.

The Period end process consists of 6 majors’ activity 

1. Completing the Transactions
2. Creating Accounting
3. Followed by Reconcile Transactions
4. Post to GL
5. Reconcile Accounting
6. Close Period

General – Period Close Dependencies

Search the open period 

Change the period status into ‘Closed’

Click to save 

Once concurrent request successfully completed, across verify period status 

Now purchasing period successfully Closed.

Step to closing the Payable Period

  You can’t close a period in payable below condition is exits

• Outstanding Payment batches. Confirm & cancel all incomplete payment batches
• Future dated payment for which the Maturity Date is within the period but that still have a status of Issued
• Unaccounted transaction. Run the Unaccounted Transaction sweep to move any remaining Unaccounted transactions from one period to another. 

Step to complete the close process in payable: 

                

Click the Exceptions button 

 Click Review, its triggers ‘Period Close Exceptions Report ‘
Once request id completed and click review the exception caused closing period in payable

Click and view the output, you can able to see there is unaccounted invoices is available, that one cause we unable to close the period.

We should clear Unaccounted Invoices and try to close period once again 

Step to clear unaccounted invoice

§  Validate All invoice.

Run Invoice validation concurrent program 

Creating Accounting program will trigger child programs

After that try to run the Period Close Exception Report and verify invoice status whether successful invoice or not

Now we can use Unaccounted Invoices, so run the Unaccounted Transactions Report to get what are the invoice numbers getting issue

Submit - Unaccounted Transactions Report 

Note: Exception Line Variance - Total of Invoice Lines does not equal Invoice Amount (Invoice Amount and Total Amount not matching)

              We have option

§  We can seek those unaccounted invoices into next period

§  We can correct invoice amount manual under the invoice bench

                   After successfully clear Unaccounted invoice, you can try to close period in Oracle Payable

Change the Period status – Closed (you can see exceptions button is disable, if invoice all good)

           Now, oracle payable period closed successfully.

Step to closing the Receivable Period

Click Manage Exceptions

If Unaccounted transaction report shows nulls values, then run Subledger Period Close Exceptions Report

After successfully submit, click output and review the which are the invoice/receipt got stuck 

Goto Transactions -> Transactions -> query Transaction number

Click to complete button.

Next run Transfer Journal Entries to GL program , it will transfer Invoice into GL 

 Reports which we have triggered are listed below.

1. Subledger Period Close Exceptions Report
2. Revenue Recognition (Revenue Recognition Execution Report)
3. Subledger Accounting Balances Update
4. Create Accounting
5. Accounting Program 
6. Submit Accounting
7. General Ledger Transfer Program (Ends in Error)