Accounts Receivables Period Close Check list

Following steps need to follow before the Receivable period closure

 

Check Details
Product	Period Close Phase		Description		Standard Oracle/ Custom process		Action Item Details
AR	1: Evaluate and Prepare		Apply Recommended Patches		Oracle
AR	1: Evaluate and Prepare		Apply Recommended Patches		Oracle
AR	1: Evaluate and Prepare		Ensure Data Consistency		Oracle
AR	1: Evaluate and Prepare		Ensure Data Consistency		Oracle
AR	2: Process Transactions		Complete Invoicing, Credits and Adjustments		Oracle
AR	2: Process Transactions		Complete Receipts and Reversals		Oracle
AR	2: Process Transactions		Complete Invoice and Customer Import		Oracle
AR	2: Process Transactions		Complete Lock Box Processing		Oracle
AR	2: Process Transactions		Run the revenue recognition program (Optional; required if OM & Shipping is used)		Oracle
AR	2: Process Transactions		Print Invoices		Oracle
AR	3: Create Accounting		Run Create Accounting		Oracle
AR	3: Create Accounting		Review the Transfer Journal Entries to GL		Oracle
AR	4: Reconcile		Reconcile Transaction Activity for the Period		Oracle		Run the Transaction Register for the same accounting period date range
AR	4: Reconcile		Reconcile Transaction Activity for the Period		Oracle		Run the Sales Journal by Customer Report and the Sales Journal by GL Account Report for the same accounting period date range
AR	4: Reconcile		Reconcile Transaction Activity for the Period		Oracle		Run the Journal Entries Report for the same accounting period date range
AR	4: Reconcile		Reconcile Transaction Activity for the Period		Oracle		Run the AR to GL Reconciliation Report for the same accounting period date range
AR	4: Reconcile		Reconcile Outstanding Customer Balances		Oracle		Run Beginning Balance - Aging reports
AR	4: Reconcile		Reconcile Outstanding Customer Balances		Oracle		Run Transactions - Transaction Register
AR	4: Reconcile		Reconcile Outstanding Customer Balances		Oracle		Run Adjustments - Adjustment Register
AR	4: Reconcile		Reconcile Outstanding Customer Balances		Oracle		Run Exceptions- Invoice Exceptions Report
AR	4: Reconcile		Reconcile Outstanding Customer Balances		Oracle		Run Applied Receipts - Applied Receipts Register (Identify payments received from customers)
AR	4: Reconcile		Reconcile Outstanding Customer Balances		Oracle		Run Unapplied Receipts - Unapplied and Unresolved Receipts Register (identify payments received from customers)
AR	4: Reconcile		Reconcile Outstanding Customer Balances		Oracle		Run Ending Balance - Aging report (as of the last day of the accounting period)
AR	4: Reconcile		Reconcile Receipts		Oracle		Run Receipts Journal Report
AR	4: Reconcile		Reconcile Receipts		Oracle		Run Receipt Register
AR	4: Reconcile		Reconcile Receipts to Bank Statement Activity for the Period		Oracle		Re0run the Create Accounting process for any miscellaneous accounting entries generated from the bank reconciliation, for transfer to the General Ledger
AR	4: Reconcile		Reconcile Posted Journal Entries		Oracle		Reconcile the Journal Import by manually reviewing the transactions in the Subledger Accounting Program Report, and comparing them with the Journal Entries Report output.
AR	5: Close Period		Close the Current Oracle Receivables Period		Oracle		Close the current period in Oracle Receivables using the Open/Close Accounting Periods window.
AR	5: Close Period		Review the Subledger Period Close Exceptions Report		Oracle
AR	5: Close Period		Third Party Balances Report		Oracle
AR	5: Close Period		Review the Unposted Items Report		Oracle
AR	5: Close Period		Review Account Analysis Report		Oracle
AR	5: Close Period		Open the Next Oracle Receivables Period		Oracle
AR	5: Close Period		Run Reports for Tax Reporting Purposes (Optional)		Oracle