Questions about Leaving Multiple Periods Open with OPM Financials (Doc ID 2128297.1)

Last updated on AUGUST 07, 2023

Applies to:

Goal

On : 12.1.3 version, Period Close for Process Orgs

Want to understand if it will cause any problem in actual costing and financials to have multiple periods open for a few months, since PMAC relies on closing balance of previous period.

What if I have 3 costing periods opened at the same time ( Jan , Feb and Mar ).

Then I add a Receipt or IPV Payable Transaction in Jan , Is the opening balance for Feb and Mar will be updated with the effect of this transaction ? how the system will work ?

Can I run "Actual Cost Process" for Feb Period while Jan Period is not Frozen or Closed yet?

As of mid April our finance department is still receiving and registering late IPV invoices and LCM invoices related to January.

The situation is that by the end of each month - our finance department has an actual view of 85% percent of transactions - So they need a facility to open February Period ( and may be run "Actual Cost" process for Feb with the current status of Feb Balance ) while Jan still not closed yet ( with the current ending balance of Jan ) and in case of they have any later update in Jan after month or two - this effect will appear in Feb and Mar and any other opened periods after it.

Can that happen in Oracle? Or it is needed to close the Jan Period before we can run "Actual Cost" process for Feb?
 

Solution

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