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You're reading from  Oracle E-Business Suite 12 Financials Cookbook

Product typeBook
Published inAug 2011
PublisherPackt
ISBN-139781849683104
Edition1st Edition
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Author (1)
Yemi Onigbode
Yemi Onigbode
author image
Yemi Onigbode

Yemi has over a decade of experience in ERP systems development and maintenance. He has progressed from the early days of the IBM mainframe-based systems to the present day of web-based distributed systems. He has worked with large multinational consulting firms including Oracle Corporation, Accenture, Deloitte, Fujitsu Consulting, IBM, Sun Microsystems, and CSC. Yemi is a hybrid techno-functional expert. He is a hands-on Project Manager, Business Architect and Instructor, specialized mainly in Financials, Human Resources, and Supply Chain models. He has assisted a number of businesses to find solutions to complex business issues using various technologies. Yemi is also a keen believer in self-development and research; he is at par with the current developments in the IT and communications industry. He is currently developing and implementing e-business solutions for large and medium sized companies, fully integrating their business applications with the Internet and providing a totally integrated solution. He has been developing in Java since 1996 and implementing Oracle Applications since 1997. Yemi is an Oracle Financials Certified Trainer, Sun Certified Instructor, and a Fellow of the Association of Chartered Certified Accountants. He has a Bachelor of Science (Honors) degree in Pure and Applied Mathematics. Yemi is also a technical writer on Accountancy and IT issues, and presents at Accounting and IT seminars. He also motivates and mentors young adults on career management and planning. In his spare time Yemi loves to write and play musical instruments.
Read more about Yemi Onigbode

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Introduction


At the end of every period, accounting books need to be closed. In this chapter, we will look at the core steps required to close the financials periods.

The following diagram shows a typical period end process:

  1. 1. The bank statements are reconciled in Cash Management. Additional miscellaneous transactions are created.

  2. 2. All the transactions for the period are completed in the Subledger. All outstanding issues are resolved.

  3. 3. Run the Invoice Validation Report in Payables.

  4. 4. Review and resolve holds in Payables.

  5. 5. Run Purchasing Receipt Accruals.

  6. 6. Run Mass Additions Create for Assets.

  7. 7. Post Mass Additions.

  8. 8. Run Depreciation.

  9. 9. Create Accounting for transfers from the Subledgers to the General Ledger.

  10. 10. Run Payables Accounting Process to transfer to the General Ledger.

  11. 11. Run Receivables to transfer to the General Ledger.

  12. 12. Run Inventory to transfer to the General Ledger.

  13. 13. Post Journals in the General Ledger.

  14. 14. Run Journal Import.

  15. 15. Post Journals in the General Ledger...

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You have been reading a chapter from
Oracle E-Business Suite 12 Financials Cookbook
Published in: Aug 2011Publisher: PacktISBN-13: 9781849683104

Author (1)

author image
Yemi Onigbode

Yemi has over a decade of experience in ERP systems development and maintenance. He has progressed from the early days of the IBM mainframe-based systems to the present day of web-based distributed systems. He has worked with large multinational consulting firms including Oracle Corporation, Accenture, Deloitte, Fujitsu Consulting, IBM, Sun Microsystems, and CSC. Yemi is a hybrid techno-functional expert. He is a hands-on Project Manager, Business Architect and Instructor, specialized mainly in Financials, Human Resources, and Supply Chain models. He has assisted a number of businesses to find solutions to complex business issues using various technologies. Yemi is also a keen believer in self-development and research; he is at par with the current developments in the IT and communications industry. He is currently developing and implementing e-business solutions for large and medium sized companies, fully integrating their business applications with the Internet and providing a totally integrated solution. He has been developing in Java since 1996 and implementing Oracle Applications since 1997. Yemi is an Oracle Financials Certified Trainer, Sun Certified Instructor, and a Fellow of the Association of Chartered Certified Accountants. He has a Bachelor of Science (Honors) degree in Pure and Applied Mathematics. Yemi is also a technical writer on Accountancy and IT issues, and presents at Accounting and IT seminars. He also motivates and mentors young adults on career management and planning. In his spare time Yemi loves to write and play musical instruments.
Read more about Yemi Onigbode