Oracle GL Period Closing Steps and Procedures

Oracle GL Period Closing Steps and Procedures

In this Document, we talk about the Period Closing Steps and Procedures for Oracle General Ledger (Oracle

GL). This is a much awaited document that deserved submission in this Website.

You will find many resources online that talks about periods closing steps in Oracle GL but this one is most

comprehensive and has step by step instructions on how exactly to go about the closing process while keeping

in mind the dependencies with other non-financial modules (like Purchasing, Inventory, ect).

This is a Step-By-Setp guide that you can follow for the end of period closing procedures in Oracle General

Ledger:

Module Action Reports Dependencies

Inventory Closure

INV Perform General Ledger Transfer    

GL Import the Inventory Batches to GL    

GL Post Inventory Batches    

INV Run the report

Material

Account

Distribution

Summary  

GL Run the report for 30104 Material Account

Analysis - (132

 

Char) for

Material

account

GL

Use the Material Account Distribution Summary and the Account Analysis - (132

Char) to reconcile  Material accounts    

GL

Review abnormal transactions in the expense section of the Material Account

Distribution Summary such as transactions in the asset cost account    

INV Close the Period    

Module Action Reports Dependencies

Payables Closure

AP Review all transaction to be transferred to GL    

AP Transfer to GL, Run the report

Payables

Transfer to

General

Ledger  

AP Run the report

Mass Addition

Create

Payables Transfer to

GL completed - FA

Closure can start

GL Post AP transactions in GL  

CE can start

reconciling

AP Run the report

Accounts

Payable Trial

Balance  

GL Run the report Account  

Analysis - (132

Char) for

Trade

Payables

Account

GL

Use the Accounts Payable Trial Balance and the Account Analysis - (132 Char)

to reconcile the Trade Payables Account    

AP Run Payables Transfer to General Ledger for CE transactions  

CE Reconciliation

completed

AP Close Period    

Purchasing Closure

PO Run the report

Un-invoiced

Receipt Report

- This report is

used to

reconcile the

Expense AP

Accrual  

PO Run the report

Receipts

Accruals -

Period-End Ensure AP is Closed

GL Import the Purchasing batch to GL    

GL Post the Purchasing batch- Actual and Encumbrance  

PO Close Purchasing    

GL Reverse the above entries in the next period- Actual and Encumbrance  

       

Receivables Closure

AR Run the General Ledger Interface  

Daily transactions

completed

GL Post AR transactions in GL  

CE can start

reconciling

AR Run the Report

Journal Entries

Report for

Accounts

Receivables

account,

Summary by

account Yes  

GL Generate the Report

Account

Analysis - (132

Char) for

Accounts

Receivables

account  

GL Reconcile the Journal Entries Report with the  Account Analysis - (132 Char)  

AR Run the General Ledger Interface  

CE Reconciliation

completed

AR Close Period    

       

Cash Management Closure

CE Complete Reconciliation  

AR and AR entries

posted to GL

       

Fixed Asset Closure

FA Create GL Journals    

GL Post FA batches in GL    

FA Run the Report

Cost Summary

Report  

FA  

CIP Summary

Report  

FA  

Cost Clearing

Reconciliation

Report  

FA  

Reserve

Summary

Report  

GL Run the Report

General

Ledger - (132

Char) for the

asset cost

accounts, CIP

accounts and

asset clearing

accounts  

  Reconcile Cost Summary Report with General General Ledger - (132 Char)    

  Reconcile CIP Summary Report with General General Ledger - (132 Char)    

  Reconcile Reserve Summary Report with General General Ledger - (132 Char)    

 

Use the Cost Clearing Reconciliation Report to review the clearing accounts in

the General General Ledger - (132 Char) report    

       

GL Closure

GL

Run journal import to make sure that there are no entries pending in the GL

interface table    

GL Ensure that all entries are posted, Actual, Encumbrance and Budget    

GL Ensure that all sub ledgers are reconciled and closed    

GL/ PO Reconcile Inventory AP accrual account

Account

Analysis

Report

Accrual

Reconciliation

Report PO is closed

GL/ PO/ INV Reconcile Receiving (Goods in Transit) Account Receiving

account

distribution

report to

reconcile the

entries w/

source PO

GRP

Reconciliation

PO and Inv closed

for Inventory

account detail

report to

reconcile the

entries w/

source INV

GL Generate FSG Reports    

GL Close the period    

GL If year end, perform year end encumbrance processing