Oracle Cloud | PREVENT GENERAL LEDGER PERIOD CLOSURE WHEN OPEN SUBLEDGER PERIODS EXIST

PREVENT GENERAL LEDGER PERIOD CLOSURE WHEN OPEN SUBLEDGER PERIODS EXIST Prevent General Ledger Period Closure When Open Subledger Periods Exist Prevent the closure of a General Ledger accounting period if the accounting period for any of the corresponding subledgers is still open, or if incomplete accounting entries or transactions exist for the period. This ensures an effective period close process by validating that all transactions are complete and that incomplete transactions aren't held up during the close. Assets is now included in the list of subledgers along with the existing Cost Management, Payables, Project Foundation, Receivables and Revenue Management subledgers. By including the Assets subledger, the period statuses of the asset books are also checked, and the General Ledger period close is prevented if any of the asset books enabled for posting to the primary ledger have not been closed. This feature provides the following business benefits: • Brings the General Ledger period close process in line with your corporate-wide business policy. Comply with the general business practice of not allowing a closed General Ledger period to be reopened, unless there are material changes. In general, companies follow this practice unless there are strong justifications and related approvals. By using this feature, you might not need to reopen a closed accounting period because you already ensured all unprocessed transactions and exceptions were duly resolved before the General Ledger period was closed. • Provides more meaningful and accurate financial reporting because all exceptions would have been duly resolved and accounted for, before reporting. • Helps comply with audit requirements. The prevention of period closure applies to the primary ledger. The period close process prevents the corresponding General Ledger accounting period from closing if any of the following exceptions exist: A. Period Status exception • Subledger accounting periods are not closed B. Transaction exception • Unprocessed and untransferred subledger transactions • Pending Intercompany transactions • Pending transactions in the General Ledger interface • Unposted transactions in General Ledger You can also exclude one or more subledgers listed as lookup codes for the ORA_GL_INCLD_STRICT_PRD_CLOSE lookup type. The General Ledger period close process will skip the period status exception encountered within the context of the subledgers that you have excluded.