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R12 Period Close Process

R12 Period Close Process

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About OSI

• Founded in 1993

• OSI has grown to become a leading technology consulting and services

firm with over 450 professionals both from US and India

• Internationally recognized experts in business technologies and

Internationally recognized experts in business technologies and

applications – Oracle Certified Platinum Partner

• Client experience ranging from emerging businesses to Global 1000

corporations

corporations

• Integrated Service Offerings:

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Period Close

• Why Reconciliation is so important at Period

• Why Reconciliation is so important at Period

Close?

“Effective Management of account reconciliation activities generally increases executive’s ability to proactively identify

d l i th t ld lt t t t i and resolve issues that could result erroneous statements in

financial accounting and reporting records and may lead to substantial wrte-offs.”

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Benefits of ERP

• Data Quality and Auditability

• Data Quality and Auditability

• Reporting Capabilities

• Reduce Reconciliation Process by improving

Close Process

– Reduce staff for reconciliation: enable staff to

focus on proactive business operations

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Business Process

Change in R12

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Business Process

Change in R12

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Reconciliation

• From a reconciliation perspective the picture below shows what has been

changed between R11i and R12. In Release 11i, you reconciled transactions and distributions to the general ledger through transactional reports. In the

accounting reports in Release 11i, the balances are displayed but not the transactional information

transactional information

• In Release 12, there is no reason to reconcile distributions on transactions to the general ledger. You can still reconcile transaction reports to accounting reports. general ledger. You can still reconcile transaction reports to accounting reports. The new accounting reports in Release 12 now also contain more comprehensive information - not just on balances but also on suppliers, customers and

transactions.

• The point to note is that when you do account balance reconciliation, you should ignore distributions in Release 12, especially if you have altered your subledger accounting rules.

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Period Close

Dependencies

Dependencies

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Sub Ledger

Accounting

Accounting

• SLA is an intermediate step between subledger products and the Oracle General Ledger. Journal entries are created in Subledger Accounting and then transferred to Oracle General Ledger. Each subledger transaction that requires accounting is represented by a complete and balanced subledger journal entry stored in a

common data model common data model.

• Sub Ledger is a Service not an application.

• A new transactional application that generates accounting impact • Used to store detailed information not needed for a general ledger • Used to store detailed information not needed for a general ledger

• Sub ledgers post summarized activity to a general ledger periodically to maintain centralized account balances for the company

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Sub Ledger

Accounting

Accounting

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Sub Ledger

Accounting

Accounting

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Business Process

with IL

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Period Close

Process

Process

• Complete Transaction

p

• Create Accounting

• Reconcile Transactions

• Post to General Ledger

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India

Localizations

Localizations

• All tax related accounting entries are generated by concurrent programs – India Excise Invoice Generation

– India VAT Invoice generation/accountingg g

– India Local Concurrent for processing Order Lines to AR – India To Insert Taxes for Pay On Receipt

– India Receiving Transaction Processorg – India Service Tax Processing

• Accounting entries have to be imported in GL with corresponding journal g p p g j sources

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Order

Management

Management

• Complete all Transactions

• Complete all interfaces and workflow processes • Review Orders on hold, back orders, exceptions etc • Process India – Excise Invoice Generation

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Cash Management

• Load and Reconcile Bank Statements • Resolve Exceptions

• Create Miscellaneous Transactions • Resolve unreconciled lines

• Create accounting entries for all transactions entered in Oracle Payables and Oracle Receivables, transfer and post them to General ledger. Run GL

Reconciliation Report to reconcile General ledger bank account balance with bank statement balance

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Payables

• Complete Transactions • Approve Invoices

• Complete Payments

• Complete Service Tax manual entries for manual transactions entered in Payables for transactions that are not matched to Purchase Order

• Complete Service Tax Processing programs • Reconcile TDS Invoices

• Perform VAT settlement processes

• Reconcile payments with bank statement in Cash Management

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Receivables

• Complete Transactions

– Complete Autoinvoice program

– Complete India Local concurrent for processing order lines to AR’

• Review Unapplied receipts

R il i t t b k t t t • Reconcile receipts to bank statement

• Create Accounting and transfer entries to GL

• Complete Service Tax manual entries for manual transactions entered in Receivables

Receivables

• Complete Service Tax Processing • Review Transaction Activity

– Transaction RegisterTransaction Register – Sales Journals

– Receipt Register

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Purchasing

• Complete all transactions • Reconcile Accrual Account

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Inventory

• Complete all transactions

– Move Orders – Adjustments – Shipments

• Review Transaction ManagersReview Transaction Managers

– Cost Manager

– Material Transaction Manager

• Review pending transactions and process • Create Accounting in final post mode

• Execute India Master Org RG Entries request set • Reconcile RG with physical stocks

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Assets

• Complete Transactions

• Calculate depreciation for all capitalized assets for the period and pass journals to record depreciation expense and corresponding depreciation reserve

• Create Accounting

• Rollback Depreciation for adjustments • Run Depreciation to close period

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General Ledger

• Make sure accounting entries from following sub-ledgers have been transferred and posted in General Ledger. Check Sub-ledger interfaces for any accounting lines pending to be interfaced and posted in GL

– Oracle Payables – Oracle ReceivablesOracle Receivables

– Oracle Cash Management – Oracle Purchasing

– Oracle Inventory

M k th t I di L li ti i t d d t d • Make sure that India Localization sources are imported and posted

– Payables India – Purchasing India – VAT India

– Service Tax India – Register India

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General Ledger

• Run Revaluation

• Reconcile Intercompany • Close Period

• Consolidate Ledgersg • Run Final Reports

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Best Practice

Run accounting for Review and resolve exceptions listed in Subledger Transactions

Daily

exceptions listed in Subledger Accounting Program Report Daily

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Best Practice

Import all subledger At period end, run the subledger period end transaction journals in

General Ledger Daily

subledger period end close exception report

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Summary

• Centralized repository for subledger accounting entries • Exceptions report and subledger accounting inquiry • Various subledger accounting reports

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References

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