Saturday, July 30, 2016

Oracle Inventory Period Closing Process

Oracle Inventory Period closing
This procedure covers all the process involving all activities required to post inventory transactions to the general ledger and close inventory.

1.    Complete all inventory transactions for the period being closed.
·         Process all stock issues.
Oracle Inventory
N > Transactions> Miscellaneous
Miscellaneous Transactions

·         Process all stock adjustments.
Oracle Inventory
N > Transactions> Miscellaneous
Miscellaneous Transactions

2.    Verify there are no unprocessed transaction interfaces.
Oracle Inventory
N > Setup>Transactions> Interface Managers
Interface Managers

·         Check the Transactions Interface and correct any rejected transactions.
·         Check the Internal Transactions Interface and correct any rejected transactions.
·         Check the Demand Interface and correct any rejected transactions.

3.    Process all sales order shipments.
Oracle Shipping
N > Shipping>Shipping Transactions
Shipping Transactions

4.    Verify that all sales order issues have been completed and transferred successfully to Oracle Inventory.
Oracle Shipping
N > Shipping>Shipment Interfaces
Shipment Interfaces

5.    Determine if any additional inventory transactions are required.
·         Transfer inventory transactions to the General Ledger.
Oracle Inventory
N > Accounting Close Cycle> General Ledger Transfers
General Ledger Transfer

·         Review interface transactions and inventory activity on the report generated from running the Transfer Transactions to GL process.
·         Research and resolve all issues.
It is critical that all issues are identified and resolved prior to the close of inventory periods since periods cannot be re-opened once closed.

6.    Balance perpetual inventory to the General Ledger.
·         Run the Oracle Inventory reports required for balancing perpetual inventory to the General Ledger.
Oracle Inventory
N > Reports> All
Submit Requests

Run the following Oracle Inventory reports:
-        Inventory Value Report
-        Period Close Value Summary Report
-        Material Account Distribution Detail Report
-        Material Account Distribution Summary Report
·         Run the Oracle General Ledger Account Analysis Report or General Ledger Report for your inventory valuation accounts.
Oracle General Ledger
N > Report> Request> Standard
N > Other> Report> Run
Submit Requests

·         Match balances on the Inventory Value Report to the General Ledger report.
·         Use the Period Close Value Summary Report to review summary balances for sub-inventories.
·         Use the Material Account Distribution Detail Report to review the General Ledger accounts charged for inventory transactions.
·         Use the Material Account Distribution Summary Report to review inventory account activity against inventory account valuation increases or decreases for the accounting period.
If you detect unusual accounts or amounts use the Material Account Distribution Detail Report to research transaction detail.

7.    Close the inventory period for each defined Inventory Organization.
Oracle Inventory
N > Accounting Close Cycle> Inventory Accounting Periods
Inventory Accounting Periods

Closing the inventory period using the Inventory Accounting Periods window automatically transfers summary transactions to the General Ledger interface tables, so any transactions generated from tasks #5 and #6 will be interfaced.

8.    Open the next inventory period for each Inventory Organization defined.
Oracle Inventory
N > Accounting Close Cycle> Inventory Accounting Periods
Inventory Accounting Periods

9.    Perform the final Inventory to General Ledger reconciliation.
·         Run the Oracle Inventory reports required for balancing perpetual inventory to the General Ledger.
Oracle Inventory
N > Reports> All
Submit Requests

Run the following Oracle Inventory reports:
-        Inventory Value Report
-        Period Close Value Summary Report
-        Material Account Distribution Detail Report
-        Material Account Distribution Summary Report
·         Run the Oracle General Ledger Account Analysis Report or General Ledger Report for your inventory valuation accounts.
Oracle General Ledger
N > Report> Request> Standard
N > Other> Report> Run
Submit Requests

·         Match balances on the Inventory Value Report to the General Ledger report.
·         Use the Period Close Value Summary Report to review summary balances for sub-inventories.
·         Use the Material Account Distribution Detail Report to review the General Ledger accounts charged for inventory transactions.
·         Use the Material Account Distribution Summary Report to review inventory account activity against inventory account valuation increases or decreases for the accounting period.
If you detect unusual accounts or amounts use the Material Account Distribution Detail Report to research transaction detail.


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