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Multiple Cost Accounting Periods Open

in Costing 4 comments

Summary:

In Oracle Fusion Cost Accounting in the Ledger attached to a Cost Book (Primary) 'Maximum Open Periods' can be set. While it is a good practice from better internal control and compliance to set this value to 1 (ie. only 1 Period is allowed to be 'Open') wish to seek inputs if there are any specific points to consider / which may result in variations between transaction accounting / inventory valuation in Cost Accounting and General Ledger for reconciliation of balances of Inventory Valuation Accounts.

Content (please ensure you mask any confidential information):

Considering different dates - ie. Transaction Date, Cost Date, Accounted Date - are there any specific points of concern if more than 1 Costing Period is 'Open' . More specifically, we are examining this for a Cost Organization/Cost Book using Standard Costing. Valuable inputs would be of help.

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