Oracle Applications :Receivables Period End closing
At the end off each accounting period , companies must complete the closing process in Receivables
1)Review, balance,and reconcile AR transactions
2)Review transfer Oracle
3) Post journal results, and resolve entries in GL transfer issues General Ledger
Balancing Accounts Receivable Transactions
Before initiating transfer to the general ledger, use standard reports to:
⦁ Reconcile receipts
⦁ Reconcile journals
⦁ Reconcile transactions
⦁ Reconcile customer balances
At the end off each accounting period , companies must complete the closing process in Receivables
1)Review, balance,and reconcile AR transactions
2)Review transfer Oracle
3) Post journal results, and resolve entries in GL transfer issues General Ledger
Balancing Accounts Receivable Transactions
Before initiating transfer to the general ledger, use standard reports to:
⦁ Reconcile receipts
⦁ Reconcile journals
⦁ Reconcile transactions
⦁ Reconcile customer balances
Month end balance=outstanding balance at the end of the month+transactions-receipts
Generating Reconciliation Reports
Run reports from the Print Accounting Reports
window or run as concurrent processes from the Submit Requests window.
- Use the Aging Report as of the last date of the prior month to get the outstanding opening balance.
- Use the Transaction Detail Report to identify invoices, debit memos, credit memos, deposits, guarantees, and charge backs that increase the outstanding opening balance.
- Use the Adjustment Register to identify any adjustments that affect the transactions for the month.
- Use the Invoice Exception Report to reduce the outstanding amount where transactions do not update customers accounts.
These transactions appear in the Transaction Register, but not on the Aging reports.
Use the unapplied Receipt and Applied Receipt registers to identify the payments received from customers.
These reduce the outstanding customer balances.
