Please can someone answer the following question as I have received some conflicting responses from our on-site consultants (we are implementing Oracle).
Can I open a GL period when a prior period is still open (Oracle R12) e.g. we are still working on the May close in GL (all subledgers are closed) but I want to open subledgers and general ledger for June. I have been told that I can physically open the June GL period but it will not accept subledger transactions until May has been closed.
I believe what you have heard is false, you can work with multiple periods open at the same time. But as a best practice its better if you could close the relevant month period on due dates so as to avoid transaction being entered to previous open periods... Because the accounts will go on a mess if transaction rolls in from future periods.