Implementing Oracle Fusion General Ledger and Oracle Fusion Accounting Hub

CHAPTER12

Period Close

In this chapter we’ll look at how we close accounting periods in Fusion Financials as part of the overall accounting cycle. At the beginning of each accounting period, which is typically a calendar month, such as January 2014, or even a calendar quarter or year, accounting departments look into the existing accounting books, put them into order, and close the prior accounting period before opening a new one. Each company or organization typically has its own period-close business process or checklist, which needs to be taken into consideration when implementing Fusion Financials or indeed any other ERP packaged system.

The team implementing Fusion Financials will look at the existing period-close process, optimize it, ...