Prepare now for your General Ledger Year-end closing! “General Ledger Year-End Closing Process” (Doc ID 66532.1, https://bit.ly/3O6gdSH) will assist you in the GL year end closing process using the Open/Close Period program.
Important things to be aware of:
- Opening periods prematurely can result in posting performance degradation. This can occur because the posting program also updates all affected account balances to all future periods that were ever opened.
- Run the Trial Balance report for the last period of the current year (December 2024 or adjustment period, if applicable) to confirm the ledger is in balance before opening the first period of the new fiscal year.
- Check for misclassified accounts (combinations with incorrect account type) before opening the new year. Use the Oracle General Ledger (GL): Misclassified Accounts Activity script found on “Oracle General Ledger (GL) Diagnostics Catalog” (Doc ID 1416402.1, https://bit.ly/47Zg4bI).
- The Period Close Advisor: E-Business Suite (Doc ID 335.1, https://bit.ly/3Rqe4DY ) under the GL Tab, describes step-by-step processes and activities required for a successful period close in Oracle General Ledger Release R12.