Oracle Applications: Oracle R12 FINANCIALS PERIOD-END PROCEDURES

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SUNDAY, AUGUST 26, 2012

Oracle R12 FINANCIALS PERIOD-END PROCEDURES

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Chapter 1

Period-End Processing in Oracle Payables (Release 12)

Business Requirements
We must reconcile the accounts payable activity for the accounting period that is to be closed. The following steps are taken in performing period-end processing for Oracle Payables. The posting level for Oracle Payables must be determined, when planning period-end procedures. Where detail level accounting transactions are required to be posted to the general ledger using sub-ledger accounting (hereafter referred to as SLA), there may be technical constraints involved, relating to the physical data storage volume, and posting and report processing speed degradation caused by the sheer volume of posted transactions. Functionally, however, detail posting to the general ledger provides enhanced reporting opportunities in some cases. In Release 12 the detailed level of posting can be controlled by GL summarize options and also at SLA journal line type level.
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Procedures
1. Complete All Transactions for the Period Being Closed Ensure that all transactions have been entered for the period being closed. Completing all transactions for Oracle Payables: Complete Invoicing and Credits Complete Prepayments Complete Expense Reports Complete Invoice Import If you import transactions from an external system, or you are using Internet Expenses or Xpense Xpress, ensure you have imported all transactions, and reviewed all audit trails for completeness. One consideration to Accounts Payables where there are multiple operating units within the same ledger is that all operating units must be ready to close at the same time. All of the operating units that share a set of books also share the same period statuses. When you update the period statuses to Open in one operating unit, that period is opened for all operating units within the ledger. When you attempt to update the period status to Closed in one operating unit, the system checks for un-posted transactions in all operating units within the ledger. If there are un-posted transactions in any of the operating units, the system asks you to resolve the un-posted transactions for those operating units before it allows you to close the period for the ledger. If Multi-org Access Control is being implemented, period closing can be performed across OUs from a single responsibility, though one OU at a time.

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3. Run the Payables Approval Process for All Invoices The Payables Approvalprocess is run to try to approve all unapproved invoices in the system, so that they can be paid by Oracle Payments and posted to the General Ledger. 3. Review and Resolve Amounts to Post to the General Ledger a. Review the Invoice on Hold Report This report enables review of any holds currently applied to invoices that would prevent the payment and/or posting of these invoices. The report details all invoices for which Oracle Payables cannot select for posting and therefore cannot create journal entries. Where possible resolve any identified holds, which will prevent posting to the General Ledger, and re-run the Payables Approval process to approve these invoices. b. Review the Journal Entries Report This report enables review and analysis of accounting entries in the Payables subledger, as accounted by SLA. Using the report parameters, you can produce a detailed or summary listing of the accounting information you want to review. This report is owned by SLA. The report also lists in details transactions that have been accounted with error and all entries that could not be transferred to the general ledger. When a transaction is accounted with errors, review the details and make necessary changes.

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Oracle Applications: Oracle R12 FINANCIALS PERIOD-END PROCEDURES

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By altering the parameters the report also lists those transactions, which have been posted in General Ledger and those, which are yet to be posted but have been accounted SLA groups the report by ledger, ledger currency, source, category, and event class. Data is then sorted by accounting date, event type, supplier name, document number, and voucher number. c. Review the Unaccounted Transactions Report This report enables review of all unaccounted invoice and payment transactions and a view of the reason that Payables cannot account for a transaction. Payables sorts the report by transaction type (invoice or payment), exception, supplier, transaction currency, and transaction number. Run this report after you have run the Create Accounting Process. The report will then show only transactions that had problems that prevented accounting. You can then correct the problems and resubmit the accounting process. Note that this report does not include invoices that have no distributions. d. Optionally Run a Month End Payment Process Request By running a month end payment process request, you may arrange a payment for as many due invoices as possible. e. Confirm all Payment Instructions Run the Payment Instruction Register for the period that is to be closed, or finalize any outstanding payments. Use Oracle Payments to confirm any payment instructions. Check the status of the Payment Process Request/Payments/Payment instructions to ensure that all payments have been processed. The Payment Instruction Register lists each payment created for a payment process profile or for a manual payment. Actual payments can be compared against this register to verify that Oracle Payables/Oracle Payments has recorded payments correctly. The report lists each payment in a payment process request, including setup and overflow payment documents, in ascending order, by payment number. This report is automatically submitted when payment instructions are being created. This can also be submitted from the SRS screen. Attention : Oracle Payables prevents the closing of a period in which all payments have not been confirmed. f. Optionally Run the Payments Registers Optionally, run the Payment Register This report details payment printed in a particular accounting period. The report can be used to review payment activity for each bank account used during the specified time period. Warning: these two reports then compare The report total only shows the net (less discounts and Register total is the total payment amount, including would not balance. Therefore it is necessary to subtract the this calculated amount to the total displayed on the voids) payment amount, whereas the Posted Payment discounts. If only verifying report totals, discounts taken from the report total and Payment Register Report.

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4. Reconcile Payments to Bank Statement Activity for the Period (Refer to Chapter 8 Period-End Procedures for Oracle Cash Management) The Create Accounting process-of SLA must be re-run for any reconciliation accounting entries generated to be Transferred to the General Ledger. This process can be run from payables SRS screen or by online accounting for individual transactions. 5. Transfer All Approved Invoices and Payments to the General Ledger Release 12 provides 3 modes of accounting: Final, Final Post and Draft. The transactions that have been accounted in Final post have already been transferred to and posted in General Ledger. The transactions that have been accounted in the final mode can have been transferred to GL or can still be within the subledger based on the parameter Transfer to General Ledger in Create Accounting. In the second case Payables Transfer To General Ledger needs to be run from the SRS window. This program lists all the transactions, which were transferred to GL interface. From GL Journal Import program needs to be submitted. This PROGRAM lists all the transactions, which were successfully imported. Review the report to check for discrepancies. The transactions in Draft accounting mode would have been analyzed as a part of step 3 c. SLA creates detail or summary journal entries for all eligible events when you post. The journal entries are posted in Oracle General Ledger to update account balances. Invoice journal entries, debit the expense or other account entered on an invoice distribution line, and credit the liability account nominated on the invoice. Payment journal entries, debit the liability account and credit the cash account of the bank account used to pay and invoice. The Create Accounting process transfers data to the General Ledger tables, creating journal entries for these invoice and payment transactions. Posting is determined by the parameter Post in GL which is set during Create Accounting. Attention: The generated journal batch needs to be posted from within Oracle General Ledger if the mode of accounting was Final, Transfer to General Ledger was Yes and Post in GL was set to No. The journal batch will be automatically posted in General Ledger if the mode of accounting was FINAL and Post in GL was set to Yes. 6. Review the Payables to General Ledger Posting process After Completion. The following reports can optionally be run to review the invoices and payments that were posted to Oracle General Ledger, from Oracle Payables, for the period that is to be closed, i.e. the current accounting period. a. Payables Accounting Process Report Use this report to review accounting entries created by the Create Accounting Process. The report has two sections: x Accounting Entries Audit Report. The audit report provides, in detail or summary, a listing of accounting entries created by the accounting process. x Accounting Entries Exception Report. The exception report lists in detail all accounting entries that were created with an error status and a description of that error. The Entries Exception Report is generated only when the accounting process encounters accounting entries that fail validation. b. The Posted Invoices Register This report is used to review invoices for which information has been posted to Oracle General Ledger to create journal entries, and can be used to verify that the total invoice amount equals the total invoice distribution amount. The report lists each Accounts Payable Liability Accounting Flexfield and the invoices posted to the account. c. The Posted Payments Register

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