Period Closing Process

Use standard reports to:
  1. Reconcile transactions
  2. Reconcile receipts
  3. Reconcile Receipts to Bank Statement Activity for the Period
  4. Reconcile journals
  5. Reconcile customer balances
  6. Reconciling the General Ledger Transfer Process
Reconcile transactions
  • Generate the Transaction Register and the Sales Journal by Customer for the period under consideration.
  • The Sales Journal balance should match the total of the transactions in the Transaction Register plus twice the Credit Memo totals.
Reconcile Receipts
  • Generate the Receipt Register and the Receipt Journal Report (select Transaction in the Report Mode parameter) for the period under consideration.
  • The balance in the Receipt Journal Report should match the balance in the Receipt Register.

Reconcile Journal

  • Generate the Journal Entries Report-Summary by Account.
  • The totals for each Accounting flexfield in the Sales Journal and the Receipt Journal should match the corresponding totals in the Journal Entries Report.

Reconciling the General Ledger Transfer Process

  • The General Ledger Interface produces an execution report that shows you the total debits and credits transferred from Receivables to the General Ledger Interface table.
  • Compare this report to your Sales and Receipt Journal totals and verify that they match.

Note: Be sure to use the same General Ledger Date ranges for the two journals and your GL transfer.
The following is a list of the Critical Reports required for Reconciliation between AR and GL

  1. Journal Entries Report (AR)
  2. Sales Journal by GL Account Report (AR)
  3. Receipt Journal Report (AR)
  4. AR Reconciliation Report (AR)
  5. Account Analysis Subledger Detail-180 Char (GL)
  6. Third Party Balance Report (New to R12)

The Total Activity in a period is calculated as follows:
Transaction Register for the Period (+) Adjustments Register for the Period (+) Rounding Differences for the Period
(+) Credit Memo gain/loss for the Period (-) Invoice Exceptions for the Period
(-) Applied Receipts Register for the Period (-) Un-Applied Receipts Register for the Period

Oracle Applications Fusion Cloud - Inventory

Oracle Cloud/Fusion Procurement training will help you develop the fundamental skills required to set up and use the Procurement module. This training covers all the tasks, setups, forms and reports used in Procurement and related modules