Wednesday, August 31, 2016

Oracle Fixed Asset Period Closing Procedures

1.              Create all transactions (mass additions, retirements etc) before
running the Depreciation Program. Check for the Mass Additions with the Status of “NEW”.

2.              Before running the depreciation, Project the depreciation by running the Projections. Select the projection calendar, number of periods, Starting period, the corporate book and click on the ‘Run’ button. Total Depreciation for the period will be shown as the output in the concurrent request output.

3.    Run the depreciation program without closing the period.

4.    Module: Fixed Assets.

5.    Navigation: Depreciation Depreciation. Select the corporate
book and the period. Do Not Check the Check Box‘ Close Period ’

6.    Verify The Journal Entry Reserve Report for the calculation of Depreciation and whether depreciation is calculated for all the assets. After checking the results go to next step.

7.    Now run the Depreciation program with the check box ‘Close Period’ Checked.

8.    Transfer information from fixed assets to General Ledger.
(Module: Fixed Assets. Navigation: Submit RequestCreate Journal Entries in Fixed Asset. Choose the Corporate Book and period for parameters as shown below.

9.    This process creates the Journal Entries Automatically in the
General Ledger. Journal import from general Ledger need not be run both for Primary as well as Reporting Set of Books.

10.    Verify the Unposted Entries in the journal Entry Screen.

11.                       Post the journal Entries.

2.1  Opening / Closing the Period in Fixed Assets:

1.    If the Depreciation is run with the Check Box ‘Close Period’ Checked, the period will be closed and the next period will be opened automatically.
         Note: In Fixed Assets, once a period is closed, it cannot be reopened.

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