Saturday, October 27, 2012

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)

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