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Our institution is new to R12 (went live 7/1/17) which means we haven't done a year-end close yet. We've been told that year-end is similar to month-end. We know we'll have to build new calendars...but our functional leads are questioning how balances roll forward and what they look like in the new year. Is the carryforward a separate line or is it lumped into the new year funding? What happens with unaccounted/POs that need to roll forward? And to top that all off we are upgrading to R13 in the next 6wks.
Thanks - Kim
Comment
Have you implemented Budgetary Control or Encumbrance Accounting?
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Yes per our manager of accounting.
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In General Ledger, when you open the first period of the new fiscal year, the system will automatically take the year-to-date balance of revenue and expense accounts from the prior year and adjust the beginning balance of the Retained Earnings account as appropriate. When you have Budgetary Control and Encumbrance Accounting implemented, there are carry forward programs you can run to carry forward the open purchase orders to the new year. Please see this Support Note for more information:
Oracle ERP Cloud Budgetary Control Carry Forward Release 10, Release 11 and Release 13 (Doc ID 2208855.1)
If you run the carry forward program in Release 13, the budget that is carried forward in Budgetary Control will appear in a separate line in the new Review Budget Entries screen (not available in R12).
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Thanks Linda!
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Linda, given what is mentioned above and RE flowing into the new year properly is there any need to run the Closing Income Statement process? Or is this just to add support from an audit perspective on what the 'roll' entry would look like by account?
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No, there is no need to run the Closing Income Statement process. That process is available for those who want the audit trail, or for those countries which mandate a journal entry showing the closing entries.
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I don't know if this will help but there is a white paper called ERP Cloud Period Close Procedures on Cloud.com that discusses Month End vs Year End that may offer some insight.
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Hi Becky,
The link that you have provided is taking us to oracle.com site but nothing else. Can you please provide the right pointer ??
Thanks,
Sree
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Hi Kim,
We also went live 7/1/17 and we experienced what Linda has explained. We had no issues with RE or Balance sheet.
For PO's you are able to run a job in Scheduled Process to accrue for received not invoiced PO's. All other PO's for us simply remained open.
Thanks,
Kevin
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