Reconciling and Closing Open Item Balances in Oracle Fusion Financials
Summary:
In PeopleSoft we were able to reconcile and close open item balances, how is this accomplished in Oracle Fusion Financials?
Content (please ensure you mask any confidential information):
- GL accounts classified as Open Item accounts require to have open Item ID / Key on the Journal Line
- Open Item Open ID / Key examples are Loan #, Employee #, Checking acct # ,etc.
- We currently leverage the Open Item reconciliation process, an out of the box solution in PeopleSoft that reconciles the balances by Account, Cost Center and Open Item Key.
- How can we accomplish this in Oracle Fusion Financials?
- Example:
- Employee takes a cash advance on 5/1/2024 of $100 and we assign an open item number - 123456
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