PERIOD CLOSE PROCESS AND CHECK LIST:

1. Complete Period Close Actions/Processes

A period cannot be closed unless the following criterion is met for ALL operating units
assigned to a ledger:

 All payment batches must be confirmed

 All transactions must be accounted
 All accounting entries must be transferred to general ledger
 All future dated payments which have reached maturity in the accounting period must
have their status updated to negotiable and be accounted

Complete the following actions for each operating unit assigned to a ledger:

2. Complete Invoices and Credits

Process all Invoice, Debit Memos, Credit Memos, Prepayments, Expense Reports, etc...
User has to process and check the all entered invoices against Vendors

3. Complete Invoice Import.

The Payables Open Interface Import Program (APXIIMPT) is used to create Payables
invoices from invoice data entered in the Payables Open Interface tables
AP_INVOICES_INTERFACE and AP_INVOICE_LINES_INTERFACE.

User needs to import Invoice if there any third party tools using in Oracle EBS, Verify
the Payable open Interface Output to check the issues.

Ex: If System showing any import issue and shows with code, User needs to resolve the
issue based on Error code.

4. Import from external system or Internet Expenses

If you import transactions from an external system, or you are using internet expenses or
expense express, ensure you have imported all transactions, and reviewed all audit trails
for completeness.

User has to run the Expense Report Export program to import Employee expenses from
payables and Internet Expense Sources to generate invoices in invoice Work bench

User needs to check View Log, is there any expenses are fetched not generated invoices.

Example: Expenses reports will not fetch due to below route cause: Payment method is
not assigned and Sites are end dated status.
 Solution: Users needs to query the vendor as employee and Assign the Payment method
and re run the program to generate

2. If site was end dated, Activate the site or give new site at payables open interface level
and re run the expense report export program to generate.

5. Run Invoice Validation

The Invoice Validation process checks the matching tax, period status, exchange rate, and
distribution information for invoices you enter and automatically applies holds to
exception invoices.

User will run the program to validate all Eligible invoices like Standard, Debit\Credit
Memo Invoices

Ex: If Invoices are not validated due to any reasons it will show the count, then run the
below program

6. Review the Invoice 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 that Oracle
Payables cannot select for posting and therefore cannot create journal entries.

Review the hold report output and users will take decision to review and correct the
invoices based on hold description

Ex: Rate Variance Hold, Distribution hold,

Query the Invoices and correct the information, re run the invoice validation report

7. Re Run the Invoice Validation again if there are any invoices are corrected

8. Run the Create Accounting program

This program will create accounting and Journal entries for Validated Invoices,

Ex: If any Error occurred in Program and able to see error codes in Output File

User needs to check the transactions based on Invoice number and correct the invoices

We are facing some kind of errors at the time of running create accounting program.

 While we run the create accounting program it’s shown with error message as
completed in worming

Sol: Setting the profile option Concurrent: OPP Response Timeout to a higher value
  Online accounting could not be created for this transaction. Please inform your
system administrator that the Create Accounting program has encountered an
internal error.

Sol: Log a SR

 while running the manual program of create accounting the Accounting Program is
going with Completed Error and Create Accounting program is going with
Completed Normal

Sol: Go to your COA Mapping setup to check any duplicates or missing entries

 While run the create accounting program one AR invoice failed it showing error no
95261 due to code combination invalid.

Sol: Go to General Ledger -> Setup -> Financials -> Accounts -> Enter Code
combination.

 Online Accounting Could not be created for this transaction please inform your
system administrator that the Create Accounting Program has encountered an
internal error.

Sol:

 Please open the period corresponding to the GL date of your invoice in General
Ledger Responsibility
 And open the period in secondary ledger also if you have any secondary ledger
 Validate Application Accounting Definition" for the AAD "Encumbrance Accrual
 And Check the user not running the create accounting program in open period

 Create Accounting Program is Taking Too Much of Time and Get Completed with
ORA-01555 Error

Sol: Typically occurs on a busy database hear 2 types of solutions are as under,

1. Increase UNDO space

2. run the request in off hours

9. If the Period Close process STILL has exceptions

Please run the Period Close Analyzer diagnostic.

This diagnostic will list all the transactions which are stopping period close and a suitable
action suggested to resolve the issue. This also includes the data corruptions (if any) and
the corresponding solution to fix it.

Follow the instructions given in the solution part of the diagnostic to fix any transactions
stopping period close and attempt closing the period once all the transactions are fixed.
10. Make sure all information is transferred from the sub ledgers and can be reconciled before
closing GL
11. Run the Misclassified Accounts Setup Diagnostic before opening the first period of the next year.
12. Make sure next year's calendar is already defined before you open the last period of the current
financial year.
13. Make sure that you review the calendar validation report when you set up your calendar for
next year.
14. If you use the year end closing journals process, remember that any journals you enter after
running that process will obsolete the journal, which needs to be reversed, and the process
must then be run again.
15. If you prepare financial statements from FSG, reconcile them to your detail trial balance
16. If you use journal approval, make sure that the approvers are available. To avoid delays in
approving journals, ensure that proper vacation/delegation rules have been set up.
17. Consider using concurrent manager specialization rules to assign FSGs to a specific manager, so
that you can control the printing. This means that running complex FSGs will not stop the
processing of journal posting.
18. Does a test run of your consolidation, to make sure that it completes properly. You can run this
in audit mode and review the unmapped subsidiary account report, as that will highlight any
problems that need resolution.