r12 Gl Period Close
-
Upload
youssef-alshoura -
Category
Documents
-
view
60 -
download
1
description
Transcript of r12 Gl Period Close
-
5/26/2018 r12 Gl Period Close
1/41
Copyright 2007, Oracle. All rights reserved.
Period Close
R12 General Ledger Management Fundamentals
-
5/26/2018 r12 Gl Period Close
2/41
Copyright 2007, Oracle. All rights reserved.
Objectives
After completing this lesson, you should be able to do thefollowing:
Explain the accounting cycle
Identify steps in the close process
Perform journal import of subledger balances
Reconcile to the subledgers
Run revaluation
Close the period
Consolidate account balances
Inquire and run reports on final balances
-
5/26/2018 r12 Gl Period Close
3/41
Copyright 2007, Oracle. All rights reserved.
Review/CorrectBalances
Run Reports/Close Period
Open Period
Create/ReverseJournal EntriesPost
Review
Revalue/Translate
Consolidate
The Accounting Cycle
-
5/26/2018 r12 Gl Period Close
4/41
Copyright 2007, Oracle. All rights reserved.
Period Close Checklist
Transfer and import data from all subledgers
Perform reconciliation of subsidiary ledgers
Close the period for each subledger
Revalue foreign currency balances Verify all journals are posted
Reconcile account balances
Translate balances to parent's currency
Consolidate subsidiary ledgers Run Trial Balance and other reports
Close the period and open the next period
-
5/26/2018 r12 Gl Period Close
5/41
Copyright 2007, Oracle. All rights reserved.
Subledgers
Automatic or Manual
JournalImport
Post
GL_JE_BATCHESGL_JE_HEADERS
GL_JE_LINES
GL_INTERFACE
Transfer in Summaryor Detail
GL_BALANCES
Overview of Importing Journal Entries
-
5/26/2018 r12 Gl Period Close
6/41
Copyright 2007, Oracle. All rights reserved.
No
Load GL_INTERFACEtable
Import journals bySource and Group ID
Do journalshave errors?
Numberoferrors?
Correct errors infeeder system
Journal importcreates a postable
journal batch
Delete source fromJournal Import -
(Not Oracle Subledger)
Correct JournalImport online
(See Caution below)
High
Low
Yes
Journal Import Verification Process
-
5/26/2018 r12 Gl Period Close
7/41
Copyright 2007, Oracle. All rights reserved.
Post journal
Enter journal
Prepost $500
Journal entry $ 25
After post $525
Account Balance
Report and inquireon updatedaccount balances
Posting Journals
-
5/26/2018 r12 Gl Period Close
8/41
Copyright 2007, Oracle. All rights reserved.
Subledgers
Reports
Analysis
Reconciling Subledger Data
Procure to Pay
Order to Cash
Projects
Non Oracle Subledgers
-
5/26/2018 r12 Gl Period Close
9/41
Copyright 2007, Oracle. All rights reserved.
Close the Subledgers
Close Period
Subledgers
-
5/26/2018 r12 Gl Period Close
10/41Copyright 2007, Oracle. All rights reserved.
P2P Close Processes
Inventory
Payables
General LedgerAssets
Purchasing/iProcurement
Payables Transferto General Ledger
MassAdditions
Create
Post MassAdditions/
Depreciation
GL Interface
Receipt Accruals- Period End
TransferTransactions
to GL
Create JournalEntries
-
5/26/2018 r12 Gl Period Close
11/41Copyright 2007, Oracle. All rights reserved.
Overview of the P2P Period Close
Run InvoiceValidation/Review and
resolve holds
Run
PayablesAccountingProcess to
Transfer
Closethe
period inAP
Reconcile APactivity forthe period
Post journalentries in GL
Preparefor period
close
Close thePO period
Run POPeriod
Accruals
-
5/26/2018 r12 Gl Period Close
12/41Copyright 2007, Oracle. All rights reserved.
Reconcile AP to GL
March Accounts Payable Trial Balance+ April Posted Invoice Register- April Posted Payment Register
- April Accounts Payable Trial Balance
= 0
-
5/26/2018 r12 Gl Period Close
13/41Copyright 2007, Oracle. All rights reserved.
Reports
Accounts Payable Trial Balance
Accrual Rebuild Reconciliation Report
Accrual Reconciliation Report
Accrual Write-Off Report
Matched and Modified Receipts Report
Payables Account Analysis Report
Unaccounted Transactions Report
Uninvoiced Receipts Report
-
5/26/2018 r12 Gl Period Close
14/41Copyright 2007, Oracle. All rights reserved.
Reports (continued)
Payables Accounting Entries Report
Posted Invoice Register
Posted Payment Register
Receipt Accruals - Period End
Receiving Account Distribution Report
-
5/26/2018 r12 Gl Period Close
15/41Copyright 2007, Oracle. All rights reserved.
Reports (continued)
Unaccounted Transactions Report
Uninvoiced Receipts Report
Reports
-
5/26/2018 r12 Gl Period Close
16/41Copyright 2007, Oracle. All rights reserved.
O2C Period Close Process
Inventory
Receivables
General LedgerOrder Management
CashManagement
Transfer toGeneral Ledger
AutoInvoice
Send allOrders/Credit
Memos
GL Interface
ReceiptReconciliation
TransferTransactions
to GL
-
5/26/2018 r12 Gl Period Close
17/41Copyright 2007, Oracle. All rights reserved.
Overview of O2C Period Close Process
Postjournalentriesin GL
Review, balance,and reconcileReceivables,CashManagement,and Inventorytransactions
Complete thetransfers fromReceivablesand Inventoryto theGeneral Ledger
Review thetransferresults, andcorrecttransferissues
Close Receivablesand InventoryPeriods
-
5/26/2018 r12 Gl Period Close
18/41Copyright 2007, Oracle. All rights reserved.
Transferring Inventory and Receivables
PostingExecution Report
Transactions inbalance
Unposted ItemsReport
GL InterfaceTable
Transactionsout of balance
Submit GL Interfaceprogram
-
5/26/2018 r12 Gl Period Close
19/41Copyright 2007, Oracle. All rights reserved.
O2C Standard Reports
Inventory and Receivables provide a comprehensive
set of reports and listings Use these reports to review and reconcile transactions,
receipts, journals, and customer balances
-
5/26/2018 r12 Gl Period Close
20/41Copyright 2007, Oracle. All rights reserved.
Reconciling Receivables Transactions, Receipts,and Customer Balances
Sales Journal by
customerTransactionregister
Receipt register
Opening balance
+ Transactions- Receipts= Closing balance
Sales Journal
by GL Account Journal Entries
Report
Receipts JournalReport
Reconciletransactionsand receipts
Reconciletransaction and
receipt accountingflexfield balances
Submit GLInterface process
Reconcileoutstanding
customer balances
-
5/26/2018 r12 Gl Period Close
21/41Copyright 2007, Oracle. All rights reserved.
Mapping Receivables Transactionsto General Ledger Categories
Category in General Ledger
Debit Memos
Credit Memos and Credit
Memo ApplicationsCredit Memos
Sales Invoices
Chargebacks
Trade Receipts
Adjustments
Sales Invoices
Miscellaneous Receipts
Sales Invoices
Transaction Type
Debit Memos
Credit Memos
On-Account Credits
Invoices
Chargebacks
Receipts
Adjustments
Guarantees
Miscellaneous Transactions
Deposits
Oracle Receivables Transactions
-
5/26/2018 r12 Gl Period Close
22/41Copyright 2007, Oracle. All rights reserved.
GL Reconciliation Report forCash Management
The GL Reconciliation Report:
Reconciles the General Ledger cash account to thebank statement balance
Lists the General Ledger cash account balance and
adjusted balance
Lists separately the adjustment amount forunreconciled receipts, payments, journal entries, andbank errors
-
5/26/2018 r12 Gl Period Close
23/41Copyright 2007, Oracle. All rights reserved.
Project Close Cycle
Projects
Payables
General LedgerAssets
Transfer PayablesInvoices and
Expense Reports
MassAdditions
Create
Post MassAdditions/
Depreciation
GL Interface
Transfer OpenPurchase Orders
TransferLabor and
Usage Costs
Create JournalEntries
Purchasing
Transfer Project
Assets
&
-
5/26/2018 r12 Gl Period Close
24/41Copyright 2007, Oracle. All rights reserved.
Overview of Project Closing Cycles
Entertransactions
ClosingCyclePreparation
Tasks
Post ClosingTasks
ClosingCycle Tasks
-
5/26/2018 r12 Gl Period Close
25/41Copyright 2007, Oracle. All rights reserved.
Closing a PA Period
The final step before fully closing the current PA periodis to interface revenue with the General Ledger. Runthe process
PRC: Interface Revenue with General Ledger
It is at the discretion of the user when to set the currentPA period to the new PA period
-
5/26/2018 r12 Gl Period Close
26/41Copyright 2007, Oracle. All rights reserved.
Period-Closing Exception Reports
Use the following period-closing exception reports toidentify transactions that have not been processedsuccessfully and that would prevent you from closingthe PA period
EXC: Summarization Period Exceptions EXC: Transaction Exception Details
EXC: Transaction Exception Summary
Corrected the exceptions and close the PA period
-
5/26/2018 r12 Gl Period Close
27/41Copyright 2007, Oracle. All rights reserved.
REVALUE
Period Rates
General Ledger uses:
Period-average and period-end rates when youtranslate your actual and budget account balances
The revaluation rate when you revalue account
balances that are denominated in a foreign currency
-
5/26/2018 r12 Gl Period Close
28/41
Copyright 2007, Oracle. All rights reserved.
Revalue ForeignCurrency Balances
Reverse RevaluationJournals
Is the foreign CurrencyReceivable Still Unpaid?
Collect ForeignCurrency Receivable
No
Post to UnrealizedGain/Loss Account
Post to RealizedGain/Loss Account
Yes
Running Revaluation
-
5/26/2018 r12 Gl Period Close
29/41
Copyright 2007, Oracle. All rights reserved.
REVALUE 1 Euro = .81 US Dollars
CR. Unrealized Gain.. 100 US$
Entered Journal Entry Lines
DR. Accounts Receivable.10,000 Euro
CR. Revenue10,000 Euro
Convert 1 Euro = .8 US Dollars
DR. Accounts Receivable. 8,000 US$CR. Revenue... 8,000 US$
DR. Accounts Receivable. 100 US$
Revaluation Example
-
5/26/2018 r12 Gl Period Close
30/41
Copyright 2007, Oracle. All rights reserved.
OpenPeriod
ClosedPeriod
PermanentlyClosed Period
NeverOpened
FutureEnterable
Accounting Period Status
-
5/26/2018 r12 Gl Period Close
31/41
Copyright 2007, Oracle. All rights reserved.
Balance Sheet Close
Meets global audit and statutory reportingrequirements
Closes your balance sheet accounts to a specifiedbalance sheet closing account
You can automatically reverse this journal at thebeginning of the next period
-
5/26/2018 r12 Gl Period Close
32/41
Copyright 2007, Oracle. All rights reserved.
Income Statement Close
Run Income Statement Close at any time topredetermine the effect of a close, or perform pro-forma reporting
Create actual closing entries to meet auditing
requirements Close your income statement accounts to the retained
earnings account or another account
-
5/26/2018 r12 Gl Period Close
33/41
Copyright 2007, Oracle. All rights reserved.
TRANSLATE
Historical Rates
Historical Rates are:
Weighted average rate for transactions that occur atdifferent times
Used to report journal entry line amounts in the units of
money that were current when the transactions tookplace
-
5/26/2018 r12 Gl Period Close
34/41
Copyright 2007, Oracle. All rights reserved.
Foreign currency
Functional currency
FunctionalBalance Sheet
Assets Liabilities
ForeignBalance Sheet
Assets Liabilities
100,000 60,000
Period endRate = 0.75
HistoricalRate = 0.70
75,000 45,000
Owner's Equity
Owner's Equity40,000
28,000
Period end
Rate = 0.75
Foreign Currency Translation
-
5/26/2018 r12 Gl Period Close
35/41
Copyright 2007, Oracle. All rights reserved.
Overview of Consolidations
With Oracle General Ledger, you can consolidate anynumber of subsidiaries that use different ledgers
Subsidiary 1 Subsidiary 2 Subsidiary 3
Parent
Run Consolidation
-
5/26/2018 r12 Gl Period Close
36/41
Copyright 2007, Oracle. All rights reserved.
Global Consolidation System (GCS) Features andBenefits
Global Consolidation System provides:
A workbench to view the consolidation status
Sophisticated consolidation mapping rules
A color-coded consolidation monitor that guides youthrough the consolidation steps
A Consolidation Hierarchy Viewer to graphicallydisplay your consolidation structure
Automatic generation of eliminating entries
Multilevel drilldown capabilities to subsidiary balances
Powerful report publishing capabilities using FSG
-
5/26/2018 r12 Gl Period Close
37/41
Copyright 2007, Oracle. All rights reserved.
Subsidiaryledgers
Parentledger
GL_INTERFACE
table
Run consolidation
Run journal import
Postconsolidation batch
Consolidationjournal
Consolidating Ledgers
-
5/26/2018 r12 Gl Period Close
38/41
Copyright 2007, Oracle. All rights reserved.
Reporting Options
Reporting WebFunction OI Std FSG ADI EPB BIS Disc RXi
Review Balances
Summary/detail - - - -Journals - - - -Subledger - - - - - - -Preseeded - - - - -Create Financials - - - - -Create Report Sets - - - - -Auto Schedule
-
-
-
-
Publish to web - - - - - -Query live data - - -Snapshot - - - - -
-
5/26/2018 r12 Gl Period Close
39/41
Copyright 2007, Oracle. All rights reserved.
(B) ShowBalances
(B) ShowJournal Details
(B) ShowVariance
SummaryBalances
Variance
Journals
DetailBalances
AccountInquiry
Journals(Inquire)
Performing Account Inquiry
-
5/26/2018 r12 Gl Period Close
40/41
Copyright 2007, Oracle. All rights reserved.
RequestSets
StandardReports
Helpful Closing Reports
Consolidation Exceptions Reports:
Unmapped Subsidiary Report
Disabled Parent Accounts Report
Consolidations Rules Report
Consolidations Audit Report
Trial Balance Reports:
Detail
Summary
Translation
-
5/26/2018 r12 Gl Period Close
41/41
Summary
In this lesson, you should have learned how to:
Explain the accounting cycle
Identify steps in the close process
Perform journal import of subledger balances
Reconcile to the subledgers
Run revaluation
Close the period
Consolidate account balances
Inquire and run reports on final balances