Oracle Cloud

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...

  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...