Steps
Oracle Inventory and
Oracle Cost Management provide the required features to effect the necessary
period-end procedures to:
§
Reconcile the inventory and work in process costs and values.
§
Transfer inventory and manufacturing costs to the General
Ledger.
§
Transfer summary or detail accounting information to the general
ledger.
§
Independently open and close periods for each inventory organization.
§
Perform interim transfers to the General Ledger without closing
the period.
§
Maintain the same set of periods and fiscal calendar as for the
General Ledger.
Attention: For
period-end adjustment purposes, it may be appropriate to hold more than one
period open per inventory organisation at the same time, although at other
times, having only one period open at a time ensures that transactions are
correctly dated and posted to the correct accounting period.
Procedures
The following steps are
taken in performing period-end processing for Oracle Inventory:
Complete
All Transactions for the Period Being Closed
§
Ensure that all issues, receipts, and adjustments have been
entered and verify that no hard copy records exist or are awaiting data entry,
e.g. packing slips in receiving.
§
Optional Report - Cycle Count Report
This report will
highlight any unconfirmed ad-hoc Stocktakes.
Check
Inventory and Work in Process Transaction Interfaces
Check the Interface
Managers window to ensure that there are no background or concurrent programs
unprocessed.
Check all three
selections, Transactions Interface, Internal Transactions, and Demand
Interface, and fix any rejected transactions.
The interface managers
that need to be run are as follows:
§
Material Transaction Manager
§
Material Cost Transaction
§
Move Transaction Manager
§
Resource Cost Transaction Manager
§
Check the Reservation Managers window
§
Demand Reservation Manager
Check
Oracle Order Management Transaction Processes
Ensure all sales order
(Pick Release) issues through Oracle Order Management have been completed and
transferred successfully to Oracle Inventory.
Attention: If orders
have not been released, they do not have to be completed.
Review
Inventory Transactions
Before closing a period,
review all of the transactions for the period that have a high dollar value
and/or a high transaction quantity. Verify that the correct accounts have been
charged. Correcting incorrect account charges before closing the period is
easier than writing manual journal entries to resolve them later.
Balance
the Perpetual Inventory
Check that the perpetual
inventory value up to the end of the period being closed matches the value
reported in the General Ledger. This balancing is usually effected
automatically, but one of the following three sources may create a problem:
§
Other inventory journal entries
Journal entries from
products other than Oracle Inventory, that update the inventory accounts.
§
Charges to improper accounts
For example, material
issued from a sub-inventory to a miscellaneous account, but one of the
sub-inventory accounts was used as that miscellaneous account.
§
Transactions after period end reports
This occurs when the
period-end inventory valuation reports are submitted before all transactions
for the period have been completed.
Use the Historical
Inventory Balance Report to obtain period valuation information before the
extra transactions.
The following reports
can be run to help with these reviews:
§
Inventory Value Report
Use the Inventory Value
Report to show quantity, valuation, and detailed item information for the
sub-inventories specified.
§
Period Close Value Summary Report
Use the Period Close
Value Summary to see summary balances for sub-inventories. If you run this
report for a closed accounting period, the report displays the sub-inventory
values at the end of that period. If you run the report for an open period, the
report displays the sub-inventory value at the point in time you run the
report. You can see more sub-inventory balance detail by running the Inventory
Value Report, or the Elemental Inventory Value Report.
§
Material Account Distribution Detail Report
Use the Material Account
Distribution Detail Report to view the accounts charged for inventory
transactions. Review inventory transaction values transferred to the general
ledger by GL batch.
§
Material Account Distribution Summary Report
Use the Material Account
Distribution Summary report to review inventory accounting activity. If you
detect unusual accounts or amounts, use the Material Account Distribution
Detail report to print the transaction in detail.
Use the Material Account
Distribution Summary Report to verify inventory account activity against
inventory valuation increases or decreases for the accounting period. Finally,
use this report to reconcile an account across several periods.
Thanks for sharing this info!
ReplyDeleteThat was extremely helpful
Melbourne Web Developer
Thanks for providing this blog for us. Actually We are an Accounting solution company. Now a days maximum user working on the Accounting software and the availability of Quickbooks Support Phone Number can be easily solved. You have to dial 800-901-6679 for the urgent solution.
ReplyDeletehttps://tinyurl.com/y5e6s475
Quickbooks is mostly used by smart business owner. If you are using this software and sometimes face errors. Avail instant & effective solution for your queries & issues while using Quickbooks Payroll accounting, simply dial Dial Quickbooks Support Phone Number 800-901-6679. Visit on https://tinyurl.com/y667hyjh
ReplyDeleteNice Blog. Get instant & easy solutions for your queries by contacting us, on Quickbooks Support Phone Number 1-800-986-4607. We provide the best support service to the user because Our Team constitutes of Highly skilled & Experienced staffs.
ReplyDeleteQuickBooks Support +1-877-651-8034 QuickBooks is considered as the best accounting software which has the ability to integrate with other sorts of programs. This software is offering a lot of time in the matter of managing any type of complex business accounting process in less time. Quickbooks Billing Support Number Simply put, you can easily rely on its high productivity and automating accounting software. If you are one of those who are running their own business and using this QuickBooks accounting software, Quickbooks Enterprise Support Number you should know QuickBooks Technical Support Phone Number is available 24*7 or even on public holidays. When you will dial QuickBooks Technical Support Number, our technicians will coordinate you to discuss your problems and resolve them in lesser time. Quickbooks Error Support NumberWhen you will dial QuickBooks Technical Support Number to consult your problems, you will be able to get valuable and reliable solutions to your problems. Our team knows how to fix any sort of technical problem; be it complex or not. If you are dealing with some sorts of problems while using this QuickBooks accounting software, you are free to dial Quickbooks Online Support NumberQuickBooks Technical Support Phone Number which is mentioned on our website. This will be more convenient for you to reach easily at our QuickBooks Technical Support channel. It will definitely help you in answering your questions which are puzzling in your mind. QuickBooks Support +1-877-651-8034
ReplyDeleteQuickBooks Support +1-877-651-8034 is accounting software which is fully responsible to handle banking transactions. If you are one of those who are driving their own business then you can choose this accounting and finance management tool in the matter of managing your business finance. Suppose, you are dealing with some issues while using then you can dial Quickbooks Support Number QuickBooks Enterprise Support Phone NumberIf you are a customer then you can be thinking about the quality of QuickBooks Support Services before contacting any type of technical help, it is always recommended that you should dialQuickbooks Payroll Support Number QuickBooks Customer Support Phone Number to talk to our team of experts. If you are one of those who are worried the quality of QuickBooks Desktop Support channel and hesitating to dial our QuickBooks Desktop Support Phone Number, Quickbooks Pro Support Number or you are worried about to take the availability of our technicians, you just need to focus on us. This is because we have an option of mailing and messaging which areto discuss your queries with our team of technicians who have immense knowledge in this stream. When you will dial QuickBooks Enterprise Phone Number to talk to our experts then you will definitely get quick and reliable solutions to your problems. They have great knowledge in this stream so, you can You can easily obtain 24*7 QuickBooks Payroll Support by calling at QuickBooks Support +1-877-651-8034
ReplyDeleteNice Blog, I saw Somany unknown topics in this Blog. Thanks For sharing,Keep it up.
ReplyDeleteOracle Fusion HCM Online Training
Oracle Fusion SCM Online Training
Oracle Fusion Financials Online Training
Big Data and Hadoop Training In Hyderabad
Awesome Post!! We are providing services to resolve problem of QuickBooks. To access our services for any issue related to QuickBooks you can contact our Quickbooks Online support phone number which is toll-free +1-866-5O2-O2O4.
ReplyDeleteIf you are searching for Quickbooks pro support phone number then just dial +1-866-502-0204. Our technical support team is 24/7 available for you to solve all of your Quickbooks server issues.
ReplyDeleteWhenever you face an issue, call us today and take advantage of our unparalleled technical support, we try our best to fix your problem and provide you hassle-free working environment.
Thank you for sharing such a nice and interesting blog.
ReplyDeleteOracle Fusion HCM Online Training
Thanks for sharing this great information I am impressed by the information that you have on this blog. Same as your blog i found another one oracle fusion product hub. Actually, I was looking for the same information on internet for
ReplyDeleteOracle taleo tutorial and came across your blog. I am impressed by the information that you have on this blog. It shows how well you understand this subject, you can learn more about Oracle CPQ BML Tutorial also.