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FAQ for Retained Earnings (REA) (Doc ID 136510.1)

in General Ledger & Intercompany 3 comments

General Ledger FAQ for Retained Earnings (REA) (Doc ID 136510.1) this is for EBS, I'm looking for the same thing for Fusion Cloud or confirmation that Cloud functions the same way as EBS


thanks

What are the consequences of opening the first period of the new year before closing the last period of the previous year?

The Oracle General Ledger application encompasses the year end closing process into the Open/Close Period program. To open the first period of a new year, the GLOIRE process in the Open/Close program completes the transfer of all balances marked Revenue or Expense in the code combination table to the Retained Earnings account for that balancing segment. The program then sets the beginning balances for these accounts to zero for the first period of the new year. This process does not create a journal entry, it simply updates the account balances.

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