Period End Process Steps

Purchasing:

01. Complete all transactions for the period being closed

02. Review the current and future commitments

03. Review the outstanding and overdue purchase orders

04. Follow up Receipts – check with Suppliers

05. Identify and review Uninvoiced receipts (Period end Accruals)

06. Follow up outstanding Invoices

07. Complete the Payables period end process

08. Run Receipt Accruals – Period end process

09. Reconcile Accounts – Perpetual accruals

10. Perform year End Encumbrance Processing

11. Close the current purchasing period

12. Open the next purchasing period

13. Run standard Period end reports

Fixed Assets

01. Transfer Summary or Detail Transactions

02. Open the next inventory period

03. Run calculate gains and losses

04. Run depreciation

05. Create accounting

06. Rollback depreciation

07. Create deferred depreciation journal entries (Optional)

08. Depreciation projections (Optional)

09. Review and Post Journal Entries

10. Reconcile Assets to General Ledger using reports

11. Run responsibility reports (Optional)

Receivables

01. Complete all transactions for the period being closed

02. Reconcile the transaction activity for the period

03. Reconcile the outstanding customer balances

04. Review the unapplied receipts register

05. Reconcile receipts

06. Reconcile receipts to bank statement activity for the period

07. Post to the General Ledger

08. Reconcile the General ledger transfer process

09. Reconcile the Journal Import process

10. Print Invoices

11. Close the Current Receivables Period

12. Review the Subledger period close exceptions report

13. Third party balances report

14. Reconcile Posted Journal entries

15. Review the Unposted items report

16. Review the account analysis report

17. Open the Receivables nest period

18. Run reports for tax reporting purpose (Optional

Payables

01. Complete all transactions for the period being closed

02. Run the payables approval process for all invoices

03. Review and resolve amounts to the General Ledger

04. Reconcile the Payment to Bank Statement Activity for the period

05. Transfer all Approved invoices and payments to the General Ledger

06. Review the Payables to General Ledger posting Process after completion

07. Submit the unaccounted Transaction sweep program

08. Close the current payables period

09. Accrue uninvoiced receipts

10. Reconcile payables activity for the period

11. Run mass additions transfer to Assets

12. Open the next payables period

Order Management

01. Complete all transactions for the period being closed

02. Ensure all interfaces are completed for the period (Optional)

03. Review the open Order and Check the Workflow status

04. Review hold Orders

05. Review Customer Acceptances (Optional)

06. Review Discounts

07. Review Backorders

08. Review and correct Order Exceptions

09. Reconcile to Inventory

10. Reconcile to Oracle Receivables

11. Run Standard Period End Reports

General Ledger

01. Ensure the next accounting period status is set to future entry

02. Complete Oracle Sub Ledger interfaces to General Ledger

03. Upload Journal from ADI to General Ledger (Optional)

04. Complete Non Oracle Sub Ledger Interfaces to Oracle General Ledger (Optional)

05. Generate Reversal Journals (Optional)

06. Generate Recurring Journals (Optional)