Founded in 1993 OSI has grown to become a leading technology consulting and services firm with over 450 professionals both from US and India

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1 R12 Period CloseProcess Chitti, OSIConsulting, Chairperson, India OAUG

2 About OSI Founded in 1993 OSI has grown to become a leading technology consulting and services firm with over 450 professionals both from US and India Internationally recognized experts in business technologies and applications Oracle Certified Platinum Partner Client experience ranging from emerging businesses to Global 1000 corporations Integrated Service Offerings: Business Solutions (Professional Services) Global l Technology Services Application / IT Management 2

3 Period Close Why Reconciliation is so important at Period Close? Effective Management of account reconciliation activities generally increases executive s ability to proactively identify and resolve issues that t could result erroneous statements t t in financial accounting and reporting records and may lead to substantial wrte-offs.

4 Benefits of ERP Data Quality and Auditability Reporting Capabilities Reduce Reconciliation Process by improving Close Process Reduce staff for reconciliation: enable staff to focus on proactive business operations Generate reliable financial statements and reports

5 Business Process Change in R12 5

6 Business Process Change in R12 6

7 Reconciliation From a reconciliation perspective the picture below shows what has been changed between R11i and R12. In Release 11i, you reconciled transactions and distributions to the general ledger through transactional reports. In the accounting reports in Release 11i, the balances are displayed but not the transactional information In Release 12, there is no reason to reconcile distributions on transactions to the general ledger. You can still reconcile transaction reports to accounting reports. The new accounting reports in Release 12 now also contain more comprehensive information - not just on balances but also on suppliers, customers and transactions. The point to note is that when you do account balance reconciliation, you should ignore distributions in Release 12, especially if you have altered your subledger accounting rules. 7

8 Reconciliation 8

9 Period Close Dependencies 9

10 Sub Ledger Accounting SLA is an intermediate step between subledger products and the Oracle General Ledger. Journal entries are created in Subledger Accounting and then transferred to Oracle General Ledger. Each subledger transaction that requires accounting is represented by a complete and balanced subledger journal entry stored in a common data model. Sub Ledger is a Service not an application. A new transactional application that generates accounting impact Used to store detailed information not needed for a general ledger Sub ledgers post summarized activity to a general ledger periodically to maintain centralized account balances for the company 10

11 Sub Ledger Accounting 11

12 Sub Ledger Accounting 12

13 Business Process with IL 13

14 Period Close Process Complete Transaction Create Accounting Reconcile Transactions Post to General Ledger Reconcile Accounting Close Period 14

15 India Localizations All tax related accounting entries are generated by concurrent programs India Excise Invoice Generation India VAT Invoice generation/accounting g India Local Concurrent for processing Order Lines to AR India To Insert Taxes for Pay On Receipt India Receiving Transaction Processor India Service Tax Processing Accounting entries have to be imported in GL with corresponding journal sources 15

16 Order Management Complete all Transactions Complete all interfaces and workflow processes Review Orders on hold, back orders, exceptions etc Process India Excise Invoice Generation Process India VAT Invoice Generation/Accounting 16

17 Cash Management Load and Reconcile Bank Statements Resolve Exceptions Create Miscellaneous Transactions Resolve unreconciled lines Create accounting entries for all transactions entered in Oracle Payables and Oracle Receivables, transfer and post them to General ledger. Run GL Reconciliation Report to reconcile General ledger bank account balance with bank statement balance 17

18 Payables Complete Transactions Approve Invoices Complete Payments Complete Service Tax manual entries for manual transactions entered in Payables for transactions that are not matched to Purchase Order Complete Service Tax Processing programs Reconcile TDS Invoices Perform VAT settlement processes Reconcile payments with bank statement in Cash Management Transfer entries to GL to ensure that accounting entries generated by SLA are transferred to GL Review Accounting Payables Accounting Process Report Posted Invoices Register Posted Payments Register 18

19 Receivables Complete Transactions Complete Autoinvoice program Complete India Local concurrent for processing order lines to AR Review Unapplied receipts Reconcile receipts to bank statement t t Create Accounting and transfer entries to GL Complete Service Tax manual entries for manual transactions entered in Receivables Complete Service Tax Processing Review Transaction Activity Transaction Register Sales Journals Receipt Register Journals Entries Report 19

20 Purchasing Complete all transactions Reconcile Accrual Account 20

21 Inventory Complete all transactions Move Orders Adjustments Shipments Review Transaction Managers Cost Manager Material Transaction Manager Review pending transactions and process Create Accounting in final post mode Execute India Master Org RG Entries request set Reconcile RG with physical stocks Execute India Excise reconciliation 21

22 Assets Complete Transactions Calculate depreciation for all capitalized assets for the period and pass journals to record depreciation expense and corresponding depreciation reserve Create Accounting Rollback Depreciation for adjustments Run Depreciation to close period 22

23 General Ledger Make sure accounting entries from following sub-ledgers have been transferred and posted in General Ledger. Check Sub-ledger interfaces for any accounting lines pending to be interfaced and posted in GL Oracle Payables Oracle Receivables Oracle Cash Management Oracle Purchasing Oracle Inventory Make sure that t India Localization sources are imported and posted Payables India Purchasing India VAT India Service Tax India Register India Execute Sub ledger Period Close Exception report 23

24 General Ledger Run Revaluation Reconcile Intercompany Close Period Consolidate Ledgers Run Final Reports 24

25 Best Practice Run accounting for Subledger Transactions Daily Review and resolve exceptions listed in Subledger Accounting Program Report Daily 25

26 Best Practice Import all subledger transaction journals in General Ledger Daily At period end, run the subledger period end close exception report 26

27 Summary Centralized repository for subledger accounting entries Exceptions report and subledger accounting inquiry Various subledger accounting reports Period Close Exceptions Report 27

28 28

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