Creating New Accounting Calendar in Oracle Fusion Financials General Ledger

As per the statutory requirements all profit/non profit organizations are required to report its financial transactions in the form of Balance Sheet/ in any format prescribed by the governing statute. The transactions reported should be confined to a particular period interval which has a start date and an end date. Usually the requirement would be for a complete financial year. This lays down the basis for using an accounting calendar in the ERP.

Before defining a calendar in Oracle Fusion it is mandatory to keep certain things in mind –

* To define the calendar start date, a full year before the start date of the year of the first translation period for the ledger should be considered. It is important to remember translation cannot be run in the first period of a calendar. Translation requires the first period that is ever translated for the ledger must be at least the second defined period in the ledger's calendar because it derives an opening balance based on the prior period's ending balance.

* We need to make right choices when specifying the options, because it is difficult to change the accounting calendar after a period status is set to open or future enterable.

Defining New Accounting Calendar

Navigation-

Goto Navigator----More----Setup and maintenance

Search---Manage Accounting Calendar----Goto Task

• Select Start date- Specify a calendar start date that is a full year before the start date of the year of the first translation period for your ledger.

• Choose Period Frequency- Use period frequency to set the interval for each subsequent period to occur, for example, monthly, quarterly, yearly.

• Select Adjusting period in case it’s required. The default is None which adds no adjusting periods.

• Click Next

Oracle Fusion automatically generates the calendar alongwith adjusting period.

Click Save and Close

Incase you want to add another year—Click Edit---Click Add Year 

The following year will be added by default.

Click Save and Close.

Accounting Calendar Considerations

Few important factors needs to be taken into consideration-

• Foreign currency translations cannot be performed in the initial period opened for your ledger.

• We need to select the earliest period carefully. After opening of the first accounting period, prior periods cannot be opened.

• When the next accounting period is opened, Oracle Fusion Applications rolls account balances forward to the new period. We shouldn’t change the name of the period once already used.

Anjan Mukerji

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