Manage cost accounting periods

How to close costing period in Oracle Fusion?

To close a period:

1. Enter all transactions
2. Check Inventory and Work in Process transaction interfaces
3. Check Cost Management cost interfaces
4. Check Order Entry transaction processes
5. Review Inventory transactions
6. Balance perpetual inventory
7. Validate Work in Process inventory
8. Transfer summary or detail transactions

What are the different accounting and project accounting periods?

Accounting periods are used to assign periods and dates to project transactions.
Accounting periods are maintained by ledger and use the same calendar as the general ledger periods.
Project accounting periods are used for project planning, costing, billing, budgeting, forecasting, and performance reporting..

To open a new accounting period:

1. Navigate to the Open and Close Periods window
2. General Ledger displays the Latest Open accounting period.
Note that while a period may be the most recently opened accounting period, this period may have a current status of closed.
3. Choose Open Next Period
4. Save your work