How to open GL Accounting Periods? – Oracle General Ledger

General Ledger Accounting periods are opened and closed in order to control journal posting and journal entry. It also computes period-end and year-end actual and budget account balances for reporting. Lets find out how to open GL Accounting periods…

Prerequisites to open GL Accounting Periods

  • Set of books should be defined.
  • Ledger should be setup.

Statuses of GL Accounting Periods

Open

  • Journal entry is allowed.
  • Journal posting is allowed.

Close

  • Journal entry is not allowed until period is reopened.
  • Journal posting is not allowed until period is reopened.
  • Reporting and inquiry is allowed.
  • Closed status can be reopened

Never Opened

  • Journal Entry is not allowed.
  • Journal Posting is not allowed.
  • You cannot change this period status.
  • GL assigns this status to all preceding periods after the first period.

Future-Entry

  • Journal Entry is allowed.
  • Journal Posing is not allowed.
  • To change this period status you require to run concurrent program.

Permanently Closed

  • Journal Entry is not allowed.
  • Journal Posting is not allowed.
  • You cannot change this period status.
  • Reporting and inquiry is allowed.
  • Once you change status to permanently closed it can not be reopened.

Steps to open GL Accounting period

Navigate to XX General Ledger Super User → Setup → Open/Close

how to open GL accounting period 1

Once you click on Open/Close below screen will appear from where you have to select the ledger for which the period is required to be opened.

how to open GL accounting period 2

GL Accounting period screen will be opened once you click on Find button.

how to open GL accounting period 3

Click on Open Period button. A screen will appear that will ask you to select target period that you would like to open.

how to open GL accounting period_4

Once you click on Open button request for below concurrent programs will be submitted automatically:

  1. Periods – Open Periods
  2. Program – Automatic Reversal
  3. Open Period Balances

how to open GL accounting period_5

New Period will be opened as shown below:

how to open GL accounting period_6

If you liked the above post, please leave your comments.

You can also Subscribe here to stay updated on latest posts of OracleMine.com.

 

2 thoughts on “How to open GL Accounting Periods? – Oracle General Ledger

    1. Thanks Yv.. I am glad that you liked the article.

      You can subscribe to this blog if it helped you. Also you can share it with your colleagues, friends as well as near and dear ones if you wish 🙂

Leave a Reply

Your email address will not be published. Required fields are marked *