Create a calendar to define an accounting year and the periods it contains. You should set up one year at a time, specifying the types of accounting periods to include in each year. Defining one year at a time helps you be more accurate and reduces the amount of period maintenance you must do at the start of each accounting period. You should define your calendar at least one year before your current fiscal year.
You can define multiple calendars and assign a different calendar to each set of books. For example, you can use a monthly calendar for one set of books, and a quarterly calendar for another. Calendars you create are validated online. Full calendar validation is launched whenever you exit the Accounting Calendar window. Navigate to Help>View My Requests to view or print the Calendar Validation Report. You may also choose this report from the Standard Reports list to identify any errors associated with the calendar you created.
Add accounting periods to your calendar to define the number of periods in the calendar year. You can add periods to a calendar at any time. Your calendar can contain both adjusting and non-adjusting accounting periods.
- Accounting periods cannot overlap, except for adjusting periods.
- If any of your non–adjusting accounting periods overlap, General Ledger reports an error.
- Adjusting periods must overlap non–adjusting periods.
- Periods of the same period type must be consecutively numbered in ascending order without gaps.
- All periods must have period numbers assigned between 1 and the maximum number for that period type.
- All periods must have quarter numbers assigned between 1 and the maximum number.
- Period ordering must be based on the period starting dates.
- The starting fiscal year must start no earlier than one year before the calendar year and end no later than one year after the calendar year.
- You cannot report on a year with no periods defined.
1. You cannot perform foreign currency translations for the first accounting period in a calendar. You must define at least one period preceding, as well as the period immediately following, the first period for which you will perform
2. If you close your balance sheet using the Create Balance Sheet Closing Journals program, define a calendar using a
period type that contains 14 periods. You then assign an adjusting period at the beginning and end of the year to your
3. If your are using and Average Daily Balance Non–Consolidation set of books and you close your balance sheet, define a calendar with two adjusting periods at the end of the year.
To add periods to your calendar
1. Navigate to the Accounting Calendar window. Enter or query the Name of the calendar.
2. Enter a period Prefix for each accounting period. General Ledger combines this prefix with the year to create the period name. For example, you can enter Jan, Feb, Mar, etc. or Period1, Period2, Period3, etc.
Note: If a period you specify here has been used (opened or used in an open budget or encumbrance year), the resulting
name in the Name field cannot be updated.
3. Enter the period Type.
When you define a set of books, you assign it a period type. When you assign a calendar to a set of books, only the periods with the corresponding period type apply. Thus, you can define an accounting calendar with periods of more than one period type; however, each set of books will only use periods of a single period type.
4. Enter the Year of the accounting period. This is the year in which your fiscal year ends. For example, if your fiscal year begins in 1994 and ends in 1995, enter 1995 for all periods in the fiscal year.
5. Enter a number to specify which Quarter of your fiscal year your accounting period is in. General Ledger uses this number to determine how your accounting periods roll up for quarter–to–date balances.
6. Enter the Number of the period within the fiscal year. Be sure to number your accounting periods sequentially, based on the period starting dates you specify in the From/To range.
7. Enter the range of dates (From and To) when the accounting period begins and ends.
General Ledger automatically creates and displays a period Name for each accounting period. The name consists of your period prefix and the last two digits of either your calendar year or your fiscal year, depending on the year type you assigned in the period type definition. General Ledger displays the period name whenever you choose an accounting period.
8. If you choose to make an accounting period an Adjusting period, it can overlap the dates of other accounting periods. For example, you can define a period called DEC–94 that includes 01–DEC–1994 through 31–DEC–1994. You can also define an adjusting period called DEC31–94 that includes only one day: 31–DEC–1994 through 31–DEC–1994. Both your adjusting and non-adjusting periods should have the period type associated with your set of books.
Adjusting periods apply only to General Ledger. They are not used in Oracle feeder systems, such as Inventory, Payables, Purchasing, and Receivables. Note also that you can only import journals into non–adjusting periods.