Ledger Close Dates

Oracle is organized into a general ledger and several subledgers, cash management, payables, procurement, Projects (PPM) and accounts receivable (AR). Data is summarized as it flows from the subledgers to the general ledger, and each subledger must close to new transactions in a particular order. There is work the central offices must do to close the month in each module, and transacting must stop for this to occur.

How does this differ from prior ledger close periods?  The previous legacy system and reporting tool, IFIS/Finlink, did not have this breakout, all the work was handled in the general ledger. This means what you formerly knew as the General Ledger (universally meaning both general/operating) is separated out by function. 

Because in Oracle vendor payments cannot be performed after the last day of the month, cash management, payables and procurement are the first to close. Then:

• Invoice and payment data flows through to PPM, which is the next to close. The last day to process recharge transactions for the month is the PPM cutoff deadline (generally the night before the close date)
• AR closes after PPM because PPM pushes billing data to AR
• Once all the subledgers are closed, and accruals booked, then the GL can close

Areas operating in the GL will be primarily VC and central accounting offices. For most departments the PPM ledger close date should be your primary focus, with the general ledger date as a secondary focus.

 To ensure transactions and online journal entries post to the appropriate accounting period, the document, with final approval, needs to occur prior to the end of business (4:30 pm) on the cutoff date listed below based on subledger.   

ORACLE LEDGER CLOSE DATES