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Oracle Cloud - Year End Process

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Many countries follow specific procedures to generate journal entries to close and open fiscal years. These year-end entries apply to both the income statement and balance sheet accounts. Auditable closing procedures vary based on country's reporting requirements and an organization's business needs. Oracle Fusion General Ledger provides two processes for the year-end closing journals. These processes close the accounts by putting the sum of the debits in the credit and vice versa. For many European countries the accounts must be closed by recording the difference between the total debits and total credits. Optionally run one or both of these closing processes to create one of two types of closing journals that move forward year-end and other closing period-end balances. Create Income Statement Closing Journals: Posts all of the income statement account balances to one or more retained earnings accounts. Create Balance Sheet Closing Journals: Posts all asset, liability, an...
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Oracle ERP - Year End Closing Journals

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  Many organizations follow specific procedures to generate special journal entries to close and open fiscal years. These closing entries apply to both the income statement and balance sheet. Auditable closing procedures vary considerably, depending on country reporting requirements, generally accepted accounting practices in a country, and organization business needs. General Ledger is equipped to create actual closing journals for year-end and other closing periods. If your organization has multiple legal entities, you can create closing journals for multiple ledgers simultaneously with ledger sets. You also have added security through data access sets because you can only run the closing journals programs against ledgers you have full read and write access to through your data access set. To process year-end closing journals, we recommend you: Set up the last day of your fiscal year as an adjusting period. Set up the first day of your new fiscal year as an adjusting period...
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Oracle Financial Cloud New Feature

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Learn how to configure dependencies between chart of accounts segments using  related value sets   Introduction: A related value set is an Independent type value set whose values are related to another Independent type value set. Use this feature to automatically display a list of related values in a segment value choice list, based on what value was selected in a preceding segment in your chart of accounts.   For example, if you have Company and Division segments in your chart of accounts, and the company US East has transactions in only the Car and Truck divisions, while the company US West deals with only the Motorcycle and Car divisions, you can define relationships between the Company and Division segments to enforce the relationships between their segment values.   The order of the segments in a chart of accounts impacts the behavior of related value sets. For example, if the value of the Company segment determines the valid values for the Division ...
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