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SUNDAY, AUGUST 26, 2012

Oracle R12 FINANCIALS PERIOD-END PROCEDURES

We must reconcile the accounts payable activity for the accounting period that is to be closed. The following steps are taken in performing period-end

processing for Oracle Payables.

The posting level for Oracle Payables must be determined, when planning period-end procedures. Where detail level accounting transactions are

required to be posted to the general ledger using sub-ledger accounting (hereafter referred to as SLA), there may be technical constraints involved,

relating to the physical data storage volume, and posting and report processing speed degradation caused by the sheer volume of posted transactions.

Functionally, however, detail posting to the general ledger provides enhanced reporting opportunities in some cases. In Release 12 the detailed level of

posting can be controlled by GL summarize options and also at SLA journal line type level.

Ensure that all transactions have been entered for the period being closed.

Completing all transactions for Oracle Payables:

1. CompleteInvoicing and Credits

2. CompletePrepayments

3. CompleteExpense Reports

4. CompleteInvoice Import

If you import transactions from an external system, or you are using Internet Expenses or Xpense Xpress, ensure you have imported all

transactions, and reviewed all audit trails for completeness.

One consideration to Accounts Payables where there are multiple operating units within the same ledger is that all operating units must be ready to

close at the same time. All of the operating units that share a set of books also share the same period statuses. When you update the period statuses to

Open in one operating unit, that period is opened for all operating units within the ledger.

When you attempt to update the period status to Closed in one operating unit, the system checks for un-posted transactions in all operating units

within the ledger. If there are un-posted transactions in any of the operating units, the system asks you to resolve the un-posted transactions for those

operating units before it allows you to close the period for the ledger. If Multi-org Access Control is being implemented, period closing can be

performed across OUs from a single responsibility, though one OU at a time.

ThePayables Approvalprocess is run to try to approve all unapproved invoices in the system, so that they can be paid by Oracle Payments and posted

to the General Ledger.

a. Review theInvoice on Hold Report

This report enables review of any holds currently applied to invoices that would prevent the payment and/or posting of these invoices. The report

details all invoices for which Oracle Payables cannot select for posting and therefore cannot create journal entries.

Where possible resolve any identified holds, which will prevent posting to the General Ledger, and re-run thePayables Approvalprocess to approve

these invoices.

b. Review theJournal Entries Report

This report enables review and analysis of accounting entries in the Payables subledger, as accounted by SLA. Using the report parameters, you can

produce a detailed or summary listing of the accounting information you want to review. This report is owned by SLA.

The report also lists in details transactions that have been accounted with error and all entries that could not be transferred to the general ledger. When

a transaction is accounted with errors, review the details and make necessary changes.

Chapter 1 Period-End Processing in Oracle Payables (Release 12)

Business Requirements

Procedures

1. Complete All Transactions for the Period Being Closed

3. Run the Payables Approval Process for All Invoices

3. Review and Resolve Amounts to Post to the General Ledger

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By altering the parameters the report also lists those transactions, which have been posted in General Ledger and those, which are yet to be posted but

have been accounted

SLA groups the report by ledger, ledger currency, source, category, and event class. Data is then sorted by accounting date, event type, supplier name,

document number, and voucher number.

c. Review the Unaccounted Transactions Report

This report enables review of all unaccounted invoice and payment transactions and a view of the reason that Payables cannot account for a

transaction. Payables sorts the report by transaction type (invoice or payment), exception, supplier, transaction currency, and transaction number.

Run this report after you have run the Create Accounting Process. The report will then show only transactions that had problems that prevented

accounting. You can then correct the problems and resubmit the accounting process.

Note that this report does not include invoices that have no distributions.d. Optionally Run a Month End Payment Process Request

By running a month end payment process request, you may arrange a payment for as many due invoices as possible.

e. Confirm all Payment Instructions

Run thePayment Instruction Registerfor the period that is to be closed, or finalize any outstanding payments. Use Oracle Payments to confirm any

payment instructions. Check the status of the Payment Process Request/Payments/Payment instructions to ensure that all payments have been

processed.

ThePayment Instruction Registerlists each payment created for a payment process profile or for a manual payment. Actual payments can be

compared against this register to verify that Oracle Payables/Oracle Payments has recorded payments correctly. The report lists each payment in a

payment process request, including setup and overflow payment documents, in ascending order, by payment number. This report is automatically

submitted when payment instructions are being created. This can also be submitted from the SRS screen.

Attention : Oracle Payables prevents the closing of a period in which all payments have not been confirmed.

f. Optionally Run the Payments Registers

Optionally, run thePayment Register

This report details payment printed in a particular accounting period. The report can be used to review payment activity for each bank account used

during the specified time period.

Warning: The report total only shows the net(less discounts and voids)payment amount, whereas thePosted Payment

Registertotal is the total payment amount, including discounts. If only verifying report totals,

these two reports would not balance. Therefore i t is necessary to subtract the discounts taken from the report total and

then compare this calculated amount to the total displayed on the Payment Register Report.

(Refer to Chapter 8 Period-End Procedures for Oracle Cash Management)

The Create Accounting process-of SLA must be re-run for any reconciliation accounting entries generated to be

Transferred to the General Ledger. This process can be run from payables SRS screen or by online accounting for individual transactions.

Release 12 provides 3 modes of accounting: Final, Final Post and Draft. The transactions that have been accounted in Final post have already been

transferred to and posted in General Ledger. The transactions that have been accounted in the final mode can have been transferred to GL or can still

be within the subledger based on the parameter Transfer to General Ledger in Create Accounting.

In the second case Payables Transfer To General Ledger needs to be run from the SRS window. This program lists all the transactions, which weretransferred to GL interface. From GL Journal Importprogram needs to be submitted. This PROGRAM lists all the transactions, which were

successfully imported. Review the report to check for discrepancies. The transactions in Draft accounting mode would have been analyzed as a part of

step 3 c.

SLA creates detail or summary journal entries for all eligible events when you post. The journal entries are posted in Oracle General Ledger to update

account balances.

Invoice journal entries, debit the expense or other account entered on an invoice distribution line, and credit the liability account nominated on the

invoice.

Payment journal entries, debit the liability account and credit the cash account of the bank account used to pay and invoice.

The Create Accountingprocess transfers data to the General Ledger tables, creating journal entries for these invoice and payment transactions. Posting

is determined by the parameter Post in GL which is set during Create Accounting.

Attention: The generated journal batch needs to be posted from within Oracle General Ledger if the mode of accounting was Final,

Transfer to General Ledger was Yes and Post in GL was set to No.

The journal batch will be automatically posted in General Ledger if the mode of accounting was FINAL and Post in GL was set to Yes.

The following reports can optionally be run to review the invoices and payments that were posted to Oracle General Ledger, from Oracle Payables, for

the period that is to be closed, i.e. the current accounting period.

a. Payables Accounting Process Report

Use this report to review accounting entries created by the Create Accounting Process. The report has two sections:

x Accounting Entries Audit Report. The audit report provides, in detail or summary, a listing of accounting entries created by the accounting process.

x Accounting Entries Exception Report. The exception report lists in detail all accounting entries that were created with an error s tatus and a description

of that error. The Entries Exception Report is generated only when the accounting process encounters accounting entries that fail validation.

b. The Posted Invoices Register

This report is used to review invoices for which information has been posted to Oracle General Ledger to create journal entries, and can be used to

verify that the total invoice amount equals the total invoice distribution amount. The report lists each Accounts Payable Liability Accounting Flexfield

and the invoices posted to the account.

c. The Posted Payments Register

4. Reconcile Payments to Bank Statement Activity for the Period

5. Transfer All Approved Invoices and Payments to the General Ledger

6. Review the Payables to General Ledger Posting process After Completion.

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