Financials for India - EBS (MOSC)

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Transactions in new year when IL Tax Calander is not open

edited Mar 31, 2011 5:01PM in Financials for India - EBS (MOSC) 7 commentsAnswered
 Hi Team

I have question regarding the year end closing for India Localisation.

There are notes available on metalink on this subject.

As per notes business has to ensure that all transactions, reconcilation is completed before we open new year in Org Additional Information.

As a practical problem it is difficult to open new year on very first day i.e. on 1st April. It took couple of days to complete the closing i.e. I understand at the earliest new year can be open on 3rd or 4th of the April.  In this case how the new year transactions are handled. Since the Base apps april period for Inv/PO is open, it will allow to do the transactions, but the IL next year is still not open. In this case how the taxes are handled by oracle ?

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