FAQ for Open/Close Period In GL

1. If we open the first period of the new year, can we still process entries for the prior year(s)?

Yes. You can still create entries for any period that has a status of Open or Future Enterable. You can post to any period that has a status of Open. If you post in a prior fiscal year, the balanced will be rolled foward and retained earnings will be updated as needed.

2. I opened the first period of the new year without closing the prior year. Will this cause a problem?

No. Closing a period in General Ledger does nothing more than close that period. There is no processing that goes on behind the scenes when you close a period.

3. The first period of my new fiscal year was opened and closed. What are the ramifications to the roll forward process and retained earnings?

None. General Ledger will properly maintain the balances for the new year, regardless of how many times the periods are opened or closed. Retained earnings is calculated when the first period of the new year is initially opened, and thereafter when any posting is done to a revenue or expense account in a prior year.

4. We opened a period by mistake and need to set the status back to future enterable? Can we do this?

No. There is no way within the application to set the period status back to Future Enterable after the period has been opened. To do so would lead to data corruptions on a large scale. You can close the period as work around so it prevent users from posting entries to this period

5. We created new periods after the last period defined was opened. Now we can not see those new periods on the Open/Close form.

When Open Period runs, it sets the status of the next X periods to Future Enterable. On the Set of Books form, you define the number of Future Enterable periods. If, when you open a period, there are no subsequent periods defined, the Future Enterable periods can not be updated. When you define new periods in the calendar, the status will remain Never Opened, until you open the next period. At that time, the program will update the status to Open on the next period, and will update the status to Future Enterable on the next X periods. If you dont have future enterable periods setup and dont set your calendar up before opening the last defined period the will need to raise an SR.

6. Can I add a 13th period to my calendar?

No. You associate a Period Type with a Set of Books. The Period Type is defined to have a fixed number of periods. That is the number of periods you must define for your set of books - no more and no less.

7. How do you open a permanently closed period?

You cannot open a period that has a status of Permanently Closed within the application. If this is an important issue and you have not archived this data log a Service Request to see if Oracle can help.

8. Is there a way to automatically open General Ledger periods?

No. There is no way within General Ledger to do this

9. Is there a way to get a Closing Journal ?

Yes, you can run the run the Create Income Statement Closing Journals process to transfer income statement year-end account balances of your revenue and expense accounts to
the retained earnings account.

10. When you try to open the first period of the new year, you are getting an error message in module gloire. Ret CCID which failed validation or does not exist What is causing this error?

The open period program will try to create/access retained earnings account combinations for ALL balancing segment values. These must be enabled, postable, and not expired. If the account combination does not exist, and dynamic insertion is not enabled, it must be pre-defined on the account combination form. If dynamic insertion is enabled, there must be no security rules or cross validation rules that prevent the creation of the account.
For example :
SHRD0015: fdfkfa-FFSEGSID failed:
SHRD0180: gloire - Performing action >> Ret CCID which failed validation, does not exist
Create a responsibility that has no security rules attached just for the year end process. This will avoid security rule issues. Make sure that you do not date end or disable the retained earnings accounts and beware end dating the balancing segment values. Even unused balancing segments must be able to create a code combination.

11. Does open period update balances in the previous periods?

No. Open period does not update balances backwards, only forward.