Closing Tasks and Their Dependencies

The Extended Accounting Period Close Process feature provides a separate period close checklist for each active accounting book including newly activated secondary accounting books.

Marking a task complete partially unlocks dependencies between certain tasks. For example, a task such as Calculate Consolidated Exchange Rates or GL Audit Numbering cannot be marked complete until the previous dependent tasks in the checklist are marked complete.

Marking a book-specific task complete impacts another book-specific task later in the checklist only if they are in the same book. For example, if you are closing the period in only the primary book, and you mark complete the Revalue Open Foreign Currency Balances task, you can then mark complete the Calculate Consolidated Exchange Rates task, followed by the Eliminate Intercompany Transactions task, if you use intercompany transactions. Next, you can mark complete the GL Audit Numbering task and then close the period in the primary book. Because you closed the period only in the primary book, those same tasks remain open in any secondary book.

Book-specific dependencies apply to periods as well as tasks. For example, if you close the January 2016 period for only the primary book, you can close the February 2016 period for only the primary book. You cannot close the February 2016 period for any secondary book.

Book-generic locking tasks remain open if a period is not closed. Other book-generic tasks remain open if at least one accounting book in the previous period is closed, the period is not closed, and the tasks have no within period dependencies.

• Tasks for Closing All Accounting Books

• Tasks and Dependencies for Closing a Primary or Secondary Accounting Book

Tasks for Closing All Accounting Books

When you close the period for all of your accounting books you see the cumulative closed status for the selected period. For example, if you have Book A and Book B, the period is marked as closed only if the period is closed in both books. System notes captures the user ID and date and time stamp at task closure. If a task is marked complete in one book but not in all books, it displays as In Progress on the All books period close checklist. If you mark a task complete on this checklist, it changes the status and system notes of books where the task remains incomplete. When one accounting book is closed and another is not closed, and a user attempts to change a completed task to In Progress, the task status is changed only in the book that is not yet closed.

Book-generic tasks that are marked complete appear as completed across all accounting books. Book-generic tasks are as follows:

• Lock A/R

• Lock A/P

• Lock Payroll

• Lock All

• Resolve Date/Period Mismatches

• Review Negative Inventory

• Review Inventory Cost Accounting

• Review Inventory Activity

• Create Intercompany Adjustments

Book-specific tasks related to only the primary accounting book as well as book-specific tasks related to any secondary accounting book also appear in the period close checklist when you close all of your accounting books. Book-specific tasks are as follows:

• Revalue Open Foreign Currency Balances

• Calculate Consolidated Exchange Rates

• Eliminate Intercompany Transactions

• Create Period End Journals

• GL Audit Numbering

• Close Period

Tasks and Dependencies for Closing a Primary or Secondary Accounting Book

When you close the primary or secondary accounting book, both book-generic and book-specific tasks appear in the period close checklist. Depending on the enabled features in your account, tasks that appear are as follows.

• Lock A/R – No within period or cross-period dependency

• Lock A/P – No within period or cross-period dependency

• Lock Payroll – No within period or cross-period dependency

• Lock All – No within period or cross-period dependency

• Resolve Date/Period Mismatches – Lock All within period – At least one accounting book in the previous period must be closed for cross-period dependency

• Review Negative Inventory – Resolve Date/Period Mismatches within period – At least one accounting book in the previous period must be closed for cross-period dependency

• Review Inventory Cost Accounting – Review Negative Inventory within period – At least one accounting book in the previous period must be closed for cross-period dependency

• Review Inventory Activity – Review Inventory Cost Accounting within period – At least one accounting book in the previous period must be closed for cross-period dependency

• Create Intercompany Adjustments – Lock All within period – At least one accounting book in the previous period must be closed for cross-period dependency

• Revalue Open Foreign Currency Balances – Create Intercompany Adjustments within period – The primary book in the previous period must be closed for cross-period dependency

• Calculate Consolidated Exchange Rates – Revalue Open Foreign Currency Balances within period – The primary book in the previous period must be closed for cross-period dependency

• Eliminate Intercompany Transactions – Calculate Consolidated Exchange Rates within period – The primary book in the previous period must be closed for cross-period dependency

• Create Period End Journals -Eliminate Intercompany Transactions within period -The primary book in the previous period must be closed for cross-period dependency

• GL Audit Numbering – Lock All within period – The primary book in the previous period must be closed for cross-period dependency

  Note:

  This task appears on the period close checklist as is dependent upon the frequency of GL audit numbering as a part of the period close process. The frequency is specified at Setup > Accounting > Preferences > Accounting Preferences. Options in the GL Audit Numbering Method list include Base Accounting Period, Quarter, or Year.

• Close Period – All prior tasks in the primary book must be completed within period – The primary book in the previous period must be closed for cross-period dependency

General Notices