Purchasing Periods

Use the Control Purchasing Periods window to control the purchasing periods defined in the Accounting Calendar window. You use purchasing periods to create journal entries in your general ledger system. Purchasing lets you create journal entries only for transactions you enter in an open purchasing period. You create general ledger journal entries when encumbering requisitions, purchase orders or accruing receipts.

If you use encumbrance or budgetary control, Purchasing verifies that the GL Dates you provide on purchase order distributions and requisition distributions are within an open purchasing period.
If you use the Center-Led Procurement feature of Oracle Purchasing, you must insure that the purchasing periods remain open in all business units that you are likely to process purchase orders and receipts.

In the Period Status field, you have the following options:

Closed - Use this option to close this purchasing period. When you close a purchasing period, Purchasing does not allow further accruals during this period. Purchasing reverses the status of accrued purchase order lines so that you can accrue them in the next period if you want.

Future - Use this option if you want to open this purchase period in the future. This option is available only when the current status is Never Opened.

Never Opened - Purchasing displays this default status if you have not opened this period in the past.

Open - Use this option to open this purchasing period.

Permanently Closed - Use this option if you do not want to open this period in the future. This option is irreversible.

 Hi,
 
thank you very much for posting this article. This was handy when I was trying to solve an issue related to open/closed Purchasing periods.
 
Thanks,
Venki

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