It’s not too early to begin preparing for your 2024 General Ledger Year-end closing. The “General Ledger Year-End Closing Process” document (Doc ID 66532.1, https://bit.ly/3O6gdSH) has details that will assist you in the Oracle General Ledger application year end closing process using the Open/Close Period program. Use the Year-End Close Checklist as a guideline to perform year-end processing in Oracle General Ledger.
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.
- Be sure to 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.
- It is very important to check that you do not have any misclassified accounts (combinations with incorrect account type) before opening the new year. To help you detect misclassified accounts use the diagnostic test ‘Oracle General Ledger (GL): Misclassified Accounts Activity’ script for your release from “Oracle General Ledger (GL) Diagnostics Catalog” (Doc ID 1416402.1, https://bit.ly/47Zg4bI).
Also, be sure to review the Period Close Advisor: E-Business Suite (Doc ID 335.1, https://bit.ly/3Rqe4DY ) under the GL Tab, which describes the step-by-step processes and activities required for a successful period close in Oracle General Ledger Release R12. Best practices with tips and troubleshooting references are oultined to assist you through each phase.
Other resources to help you prepare for General Ledger Year End:
- Information Center: Using Oracle General Ledger (Doc ID 1489534.2, https://bit.ly/3Nc2t96)
- Information Center: Oracle Financial Control (FC) and Reporting (Doc ID 1565157.2) – GL Tab, https://bit.ly/3t5i9UQ)
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