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Author:
Saad Asif
Oracle Financials Consultant
sasif.qa@gmail.com
Version
1.0
Contents
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Introduction
Closing the books is a necessary step in the accounting cycle. In order to issue
the financial statement, accounting staff must ensure that subledgers balances
are cross checked with relevant General Ledger accounts balances.
Doing so in Oracle EBS R12, requires performing actions in order and running
many reports to ascertain that ledgers and accounts are in harmony and no
surprises will be discovered at year end.
Purpose
This paper will help you understand the steps, order, and reports required to
close Oracle Receivables period. Proper closing each month helps minimizing
year end time needed to issue financial statements.
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Complete Transactions
Completing all transactions for Oracle Assets:
Prepare and Post Mass Additions
Complete Manual Additions, Adjustments, Transfers, Retirements, and
Reinstatements
Ensure that:
All transactions have been entered for the period being closed
o Once a depreciation period in Oracle Assets has been closed, it cannot
be re-opened
All assets have been assigned to a distribution line. Otherwise, period
end Depreciation Process will not complete, and will not close the
period. Run:
o Assets Not Assigned To Any Books
o Assets Not Assigned To Any Cost Centers
No transactions are being entered as Oracle Assets prevents transaction
data entry while the Depreciation Run Process is running
Run Depreciation
Run Depreciation process is performed independently for each asset book
When the process is run, Oracle Assets automatically calculates depreciation
for all assets, calculates gains and losses for all retirements, and then runs the
appropriate Reserve Ledger Report
Ensure to:
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Reconcile FA to GL
After posting, reconcile subledger details with General Ledger.
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Ending Balance
of Assets Cost
total
in
in
Trial Balance
Report
Cost Summary
Report
in
Cost Detail Report
Additions
Adjustments
Retirements
Reclasses
Transfers
= Cost in
= Net Change in
= Cost Retired in
= Cost in
= Cost in
Asset
Additions
Report
Cost
Adjustments
Report
Asset
Retirements
Report
Asset
Reclassification
Reconciliation
Report
Asset Transfer
Reconciliation
Report
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of Reserve GL
Accounts
in
in
Trial Balance
Report
Reserve
Summary Report
in
Reserve Detail Report
Additions
Adjustments
Retirements
Reclasses
Depreciation
Transfers
= Accumulate
Depreciation
in
= Reserve
Adjustment in
= Cost Retired
- NBV Retired in
= Accumulated
Depreciation in
= Depreciation in
= Cost in
Asset
Additions
Report
Reserve
Adjustments
Report
Asset
Retirements
Report
Asset
Reclassification
Reconciliation
Report
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Account
Reconciliation
Reserve
Ledger
Asset
Transfers
Report
Information Sources
o Metalink Note: 557948.1
o Metalink Note: 961285.1
o Reconciling Oracle Assets . Whitepaper by Brian R. Bouchard,
September 10, 2007 (Oracle Community)
o Oracle Assets User's Guide Release 12.1 Part No. E13586-02
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