Defining The Calendar

General Ledger -> Setup -> Financials ->Calendars -> Types

 

Oracle General Ledger provided standard period types, but we can create our own period types to suit the companies operational and reporting requirements. Certain companies use 14 periods calendar where the 1st & 13th period would be an adjustment period and have the first day & last day of the financial year as the period range respectively.

 

The 13th period is used for yearend closing activity, while the 1st period is used for year opening balances.

 

In oracle General Ledger each ledger has a dependent Accounting Calendar.

 

Note: It is identified that if you use different calendars with non-identical periods for actual and budget/Forecast , FSG reports will have problem retrieving data.

 

general Ledger is equipped to create actual closing journals for year-end and other closing periods. This functionality can be secured by utilizing the data access sets feature. The data access set controls the access to those ledgers where full read and write access is assigned.

 

To process year-end closing journals

• Set up the last day of the fiscal year as an adjusting period.
• Set up the first day of the new fiscal year as an adjusting period.
• Ensure the period that is closed is an Open period.
• Complete all routine accounting before the last day of the year.
• Post all adjustments and closing entries in the adjusting period.

 In the last adjusting period of the fiscal year you want to close:

• Run the Create Income Statement Closing Journals process to transfer income statement year-end account balances of your revenue and expense accounts to the retained earnings account.
• Run the Create Balance Sheet Closing Journals process to close and zero out the year-to-date balances of all balance sheet accounts: assets, liabilities, and owner's equity.

 

Note: The Data Access Set assigned to your responsibility controls whether or not you can run the closing journals programs against a ledger

 

In the first adjusting period of your new fiscal year:

• Run the Open Period program to open the Opening adjustment period of the New Year.
• Reverse and post the balance sheet closing journals to reopen those balances.

The Following details are used to define calendar type

 

Period Type           : PAM_Perod
Periods Per Year   : 13
Year Type              : Calendar
Description            : 13 Period inclusive of one year end adjustment Period

 

Note:

•  If you plan to close your balance sheet using the “Create Balance Sheet Closing Journals” program, define enough accounting periods for your period type to allow for two adjusting periods
• Choose Year type as Calendar to use the year in which an accounting period begins for the system name.
• Choose Fiscal to use the year in which your fiscal year ends for the system name.

IF for a financial year that spans from 01-Jun-2009 to 31-May-2010 , If Year type is calendar the Jun Period will be automatically denoted as Jun-09 by oracle because Jun starts on 2009, while if it is fiscal year the Jun period will be denoted as Jun-10 because the Financial year ends on 2010.

 

Defining the Calendar

Details that are used for defining the calendar is as below.

Calendar Name : PAM_2010
Description       : PAM Calendar for year 2010
Enable Security : This is an optional feature.

Note:

Access to calendar definition can be Controlled using definition access sets. Definition access sets are optional security feature that allows control on, view, and modify access to General Ledger definitions


For Accounting Calendar view and modify access is possible.


View Access    : Allows the privileged users to View & Modify the Calendar Definition.
Modify Access : Allows the privileged users to View & Modify the Calendar.


How to define definition access set will be covered as a spate topic.

 

Note: The Adjustment Period has the Adjustment Column check marked.

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