Oracle Fusion Month-End Close, Day-by-Day Walkthrough

A slow month-end close in Oracle Fusion Cloud Financials is usually a sequence problem, not a system problem.

In this video we walk through a practical close order: Expenses, Payables, Cash Management bank reconciliation, Receivables, Assets, accruals, revaluation before translation, intercompany, reconciliation and the Close Monitor. We finish with a Day -2 to Day +5 calendar and show where India GST checks fit.

Process names follow Oracle's current Financials documentation. Menus depend on your roles and configuration, so confirm them in your own environment.

Learn more: https://egisedge.com/articles/oracle-fusion-period-close-checklist/

#OracleFusion #MonthEndClose #OracleERP

Transcript

[Scene: Presenter on camera. On-screen title: "Oracle Fusion month-end close, day by day".]

PRESENTER: When month-end close in Oracle Fusion runs late, the cause is rarely the software. It is usually the order. Payables closed before expense reports were processed. Reconciliation run while Receivables was still open. Translation run before revaluation. Here is a close order that avoids that rework.

[Scene: Flow graphic: Expenses, Payables, Cash Management, Receivables, Assets, General Ledger.]

PRESENTER: The rule is simple. Subledgers feed the General Ledger, so they close first. General Ledger closes last.

[Scene: Chapter card, "Expenses and Payables".]

PRESENTER: Start with Expenses. Expense reports become Payables invoices, through the Process Expense Reimbursement process. Run it before Payables closes. Then Payables. Validate invoices and clear holds. Complete payments. Reconcile payments to the bank in Cash Management. Run Create Accounting and transfer to the General Ledger. Sweep anything you cannot fix to the next period. Close, then review the period close exceptions report and the Payables to Ledger reconciliation.

[Scene: Checklist on screen with the Payables steps ticking off one by one.]

[Scene: Chapter card, "Bank reconciliation and Receivables".]

PRESENTER: In Cash Management, load bank statements and run Autoreconciliation. Work the exceptions, then explain any gap between bank and ledger cash. In Receivables, finish invoicing and receipts, run Create Accounting, then set the period to Close Pending before you reconcile. That stops the numbers moving while you check them.

[Scene: Chapter card, "Assets and accruals".]

PRESENTER: Assets comes after Payables, so additions from invoices can come across. Post every addition, transfer and retirement first. Then run depreciation. Be careful here: a closed Assets period cannot be reopened. Next, book accruals and allocations in the General Ledger, and set accruals to reverse next month.

[Scene: Chapter card, "Revaluation, intercompany, translation".]

PRESENTER: Load month-end rates and run revaluation. Oracle's guidance is revaluation before translation. Settle and reconcile intercompany and clear the differences. Then translate balances into your reporting currency.

[Scene: Arrow graphic: Rates loaded, Revaluation, Intercompany, Translation.]

[Scene: Chapter card, "Reconcile, Close Monitor, next period".]

PRESENTER: Run trial balance and account analysis and sign off every balance sheet account. Use the Close Monitor in the Period Close work area to see close status by module across your ledgers. Then close the General Ledger period and open the next one.

[Scene: Chapter card, "Day -2 to Day +5". Calendar table on screen with tasks and owners per day.]

PRESENTER: Put it on a calendar with a named owner for every row. Day minus two and minus one: approvals, holds, payments, bank statements. Day zero: rates and Create Accounting. Days one and two: subledger close, depreciation and accruals. Day three: revaluation, intercompany and GST ledger reconciliation. Days four and five: translation, sign-offs and GL close. For India, check GST on supplier and customer invoices before those subledgers close, and reconcile GST accounts to the trial balance and GSTR-2B before the ledger closes.

[Scene: Chapter card, "Recap". Presenter back on camera.]

PRESENTER: Subledgers first, General Ledger last. Revaluation before translation. Reconcile closed periods, not open ones. And name an owner for every step. The full checklist is on egisedge dot com. If you would like help shortening your close, email info at egisedge dot com.

[Scene: End card with egisedge.com and a link to "GSTR-2B reconciliation demo".]