Oracle 12 Finance Training Journal Entry & Posting on Oracle Quick Reference Guide

Transcription

1 Oracle 12 Finance Training Journal Entry & Posting on Oracle UK SBS Training Services Team

2 Contents 1 General Ledger Month & Financial Year End Processes The Accounting Cycle Period End Processes Financial Year End Processes Journal Entry using Oracle Forms Standard Journal Entry using Oracle Forms Posting Journals on Oracle Posting Journals on Oracle... 8 Version Control Version Created Author Reviewer Signed Off 2.0 Dec-2013 K. Wilkinson-Bourne D.Rees 03/01/ Mar-2014 D. Rees M. Brown H. Ford T. Fox 15/03/2014 Legend These recognised abbreviations tell you what action to take. They will not appear as options on the Oracle 12 system, but are our instructions to you: (N) Navigate (T) Tab (ST) Sub Tab Page ii

3 1 General Ledger Month & Financial Year End Processes 1.1 The Accounting Cycle Within Oracle there is an accounting cycle that runs within each period, this is detailed below: 1. In order for any transaction to be accounted for correctly, the appropriate system accounting period needs to be open o UK SBS complete the opening of Finance module accounting periods o Full details of the month end closing & opening procedures are given in Chapter Once a period is open, journal entries can be created o These are: Journals that Oracle automatically creates on behalf of the user e.g. accruals for receipted items Manual Journals Journals that are created by an individual directly on the General Ledger Caution Note: The Journal Naming Convention is shown in the table below: Directorate Space Creator s Initials Financial Year (First 2 Digits) Creator s Journal Sequence AMS SA Page 1

4 3. Once a journal entry has been created it requires approval & posting o Journals that Oracle automatically creates are approved and posted automatically o Manual Journals Have to be reviewed, approved and posted by a named colleague Once journals have been reviewed they will subsequently be posted by the approver i.e. booked onto the General Ledger 4. Review Accounts refers to the Oracle enquiry options to ensure that the information has all been input correctly 5. At the end of each month the relevant accounting period is closed o UK SBS complete the closing of Finance module accounting periods o Full details of the month end closing & opening procedures are given in Chapter After the General Ledger period closes, you can run the OBIEE Dashboard end of month budget monitoring reports o This is to ensure that all GL actual, budget and forecast balances are updated o For the sub ledger modules, the housekeeping reports can be run at any time throughout the month Page 2

5 1.2 Period End Processes Period end is completed as quickly as possible at month end. A highly disciplined approach from all is required to minimise delays in processing. Learning Note: The order of period end closedown is: Purchasing & Accounts Payable closes at 6pm on the last working day of the month. Accounts Receivable closes at 2pm on the 1 st working day of the next month. General Ledger closes at 4pm on the 3 rd working day of the next month. Action Note: All journals must be posted before the close deadline otherwise the system will prevent close activities from commencing. Teams will be able to load and post their own journals. If you are loading a journal for posting please let the approver know because they will need to log in to approve the journal. They will not otherwise be informed. Caution Note: Any un posted journals will be removed by UK SBS and would need to be re-entered by the business in the following period. The 3pm cut-off must be adhered to, therefore please do not attempt to process any more journals on Working Day 3 after the cut off time. 1.3 Financial Year End Processes Financial Year End works in the same way as period end, but contains 4 adjustment periods to allow adjustments to be made to closed periods. Each adjustment period has its own strict closure timetable that is agreed between Finance and UK SBS each year. All staff must adhere to the timetable and procedures published each year. ADJ01 Adjustment period 1 o First set of accounts for Core BIS Entity ADJ02 Adjustment period 2 o Second set of accounts for Core BIS Entity ADJ03 Adjustment period 3 o Final set of accounts - post audit adjustments for Core BIS Entity ADJ04 Adjustment period 4 o Balance Sheet Roll Up Journals Page 3

6 2 Journal Entry using Oracle Forms Caution Note: It is the responsibility of retained finance functions to post all the journals that they have created. There are no automated Journal Workflow Notifications on Oracle 12; therefore there are two journal responsibilities: GL Journal Entry GL Journal Post It is the responsibility of the journal creator with GL Journal Entry responsibility to contact the nominated individual with the GL Journal Post responsibility to advise them that there are journals ready for posting. Individuals with the GL Journal Post responsibility are charged with reviewing and posting the journal. (Posting the journal acts as the approval). Remember to make a note of the Journal Name so that the person posting the journal can easily find it on the system. The recommended Journal Naming Convention is as follows: Directorate Space Creator s Initials Financial Year (First 2 Digits) Creator s Journal Sequence AMS SA Standard Journal Entry using Oracle Forms 7. Responsibility BIS GL Journal Entry 8. (N) Journals > Enter 9. The Find Journals screen is displayed: Page 4

7 10. In the Find screen click on 11. The Journal (BIS Core) [New] screen is displayed: 12. Enter the following data values: Field Journal Period Effective Date Category Description Control Total Content Directorate-Space- Your Initials-F/Y-Creators Journal Sequence Select as appropriate Select as appropriate Select as appropriate Enter appropriate Description for the journal Enter the control total of the journal Learning Note: Within Oracle 12, yellow fields are mandatory. White fields are open text fields where additional information may be entered. Page 5

8 13. Enter the appropriate Account Information Action Note: If the journal represents a transaction with a Government Counter Party then you will need to change the default Inter Entity Code 0000 to the code assigned to the Counter Party. 14. Once you have finished adding the accounting information, check the journal balances then click on the Save icon 15. A text box will appear at the bottom of the screen to show that the record has been saved. 16. Close out of all the open journal screens and return to the Navigator Action Note: Remember to make a note of the Journal Name, as you need to advise the nominated individual with the Journal Posting responsibility that you have created a journal which now requires them to review and post. Page 6

9 3 Posting Journals on Oracle Caution Note: It is the responsibility of retained finance functions to post all the journals that they have created. There are no automated Journal Workflow Notifications on Oracle 12; therefore there are two journal responsibilities: GL Journal Entry GL Journal Post Those with the GL Journal Post responsibility will be advised by colleagues with the GL Journal Entry responsibility of when they have created a journal for review and posting. An individual cannot hold both the Journal Entry and Journal Post responsibilities. Action Note: All journals must be posted before the close deadline otherwise the system will prevent close activities from commencing. Teams will be able to load and post their own journals. If you are loading a journal for posting please let the approver know because they will need to log in to approve the journal. They will not otherwise be informed. Caution Note: Any un-posted journals will be removed by UK SBS and would need to be re-entered by the business in the following period. The 3pm cut-off must be adhered to, therefore please do not attempt to process any more journals on Working Day 3 after the cut off time. Learning Note: The Query by Example function can be used to find Journals: key (F11), enter % and a partial search value followed by a wild card % then Ctrl F11 to find. Page 7

10 3.1 Posting Journals on Oracle 1. Responsibility BIS GL Journal Post 2. (N) Post Journals 3. The Find Journal Batches screen is displayed: 4. In the Batch field enter the required journal name, and click Find 5. The Post Journal (BIS Core) screen is displayed: 6. This screen shows details of the entered journal. 7. Select the relevant journal and to review the details, click on Review Batch Page 8

11 8. The Batch (BIS Core) screen is displayed which shows more information in relation to the entered journal, for example Balance Type and the date the journal was created: 9. To review the particular details of the Journals that form the batch, click on Journals 10. The Journals (BIS Core) entry screen is displayed, showing the full details of the created journal: Action Note: If after review the journal is not suitable for posting, advise the journal creator of the amendments that need to be made. Page 9

12 11. After reviewing the journal, close down the Journals (BIS Core) and Batch (BIS Core) screens, the Post Journal (BIS Core) screen is displayed 12. If you are satisfied that the journal batch is ready for posting, tick the box next to the Journal Batch and click on Post Action Note: By posting the journal, those with the GL Journal Post responsibility are approving the journal. Therefore care should be taken to fully review the journal details to ensure that no miss postings occur. 13. A unique request ID notification is displayed, click 14. This returns you to the Find Journal Batches screen from where you can search for another journal which requires review and posting 15. If you have completed the journal posting closed down all open screens by clicking on the close icon or (N) File > Close Form Page 10