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Preparing payments for 2004

Since year end is coming, I need to open up period for Jan 2004 so Finance AP can prepare the payments now, which are dated Jan 2004. But if I open the period now, all my balances as per 2003 will be BROUGHT FORWARD onto the RETAINED EARNINGS.

For GL, AP & AR the system is period 13 for audit adjustment. For Purchasing and Inventory there is no period 13. Is it necessary to open up Jan 2004 for Inventory & Purchasing estimated 29/12/2003.

Kindly please advise how will this having impact on the Period 13th.

GL: You can define new calendar periods with no adverse affect on GL. You should not OPEN the periods until you are ready to use them (post to them). Having too many open periods will adversely affect posting performance.

AP: It does not affect Payables if you create new periods in GL. You may also want to check your special calendar in AP, as this may need to be extended as well. This is a calendar unique to AP that is used for reporting purposes. It is used by the Key Indicator report, withholding taxes and recurring invoices. The navigation path should be setup: Calendar -> Special

AR: There should be no impact to AR when defining new periods. As with all products, you should note that you can not post to adjusting periods.

Purchasing: Defining more periods into the year 2000 should not have any affect on the Oracle Purchasing. As documented, Purchasing can only create journal entries for open periods and you should only open the period you intend to post to at that time. All open future periods will allow users to post transactions into these periods.

OE/OM: There should be no impact to Order Entry when creating new periods in GL. You will have to set your calendar in the individual organization as well as the master organizations. All open future periods will allow users to post transactions into these periods.

Inventory: In order to create the GL calendar into year 2000, you must also create your workday calendar into the year 2000 and you must open your Inventory Accounting Periods for the year 2000. The only repercussion is that once these periods are open, it will allow users to post transactions for these periods, which you may not want to do at this time.

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