Open and close accounting periods in your calendar to control the recording of accounting information for these periods. Receivables lets you open future accounting periods while your current period is still open. Receivables also lets you reopen previously closed accounting periods and enter receivables activities without transferring transactions to the general ledger when you set your accounting periods to 'Future.'
Define your receivables calendar in the Accounting Calendar window. Receivables references the statuses of these accounting periods to control transaction entry and journal entry creation to your general ledger. You cannot enter an activity in a closed accounting period.
When you close an accounting period, Receivables automatically generates the Collection Effectiveness Indicators Report.
An accounting period can have one of the following statuses:
Closed: Posting and transaction entry are not allowed unless the accounting period is reopened. Receivables verifies that there are no unposted items in this period. Receivables does not let you close a period that contains unposted items.
Note: In Oracle Receivables, unposted items are those which have not been finally accounted in Receivables. These items may or may not have been posted to General Ledger.
Close Pending: Similar to Closed, but does not validate for Unposted items but journal entry and posting continues to work for the period. The Close Pending status prevents the data entry of new transactions and allows accounting corrections during the close process.
Note: Before using the Close Pending status, you must run Revenue Recognition for transactions with accounting rules.
Future: This period is not yet open, but you can enter transactions in this period. However, you cannot post in this period until you open it.
Not Opened: This period has never been opened but you can enter transactions in this period. However, you cannot post in this period until you open it.
Open: Transaction entry and posting are allowed.
Prerequisites
Navigate to the Open/Close Accounting Periods window.
To update the status of an accounting period, place the cursor in the Status field next to that period, then enter a new status.
Note: You cannot close an accounting period if there are any unprocessed accounting events or unposted journal entries in Oracle Subledger Accounting (SLA) for the period. You can identify the incomplete transactions by running the Period Close Exceptions report for Journal Source Receivables, and take any of the following actions to close the period:
Change the GL_DATE on the transaction to move it to next open period.
Complete the transaction.
Delete the transaction.
To open the next accounting period after the Latest Open Period, choose Open Next Period. Oracle Receivables changes the status of the next period to 'Open.'