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TC-08005 : Follow the period close checklist to close a period.
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Process Area : F&A
Prerequisites
Previous Period has been closed.
Steps To Execute
Roles: Various and include Kimray Controller Kimray AR Supervisor Kimray AP Supervisor Kimray Accounting Supervisor Kimray Cost Accountant 1. Go to Setup ; Accounting ; Manage G/L ; Manage Accounting Periods. Click the Checklist icon for a period Review the tasks in the checklist. Tasks are listed in the order in which they should be completed. Status icons indicate whether each task is completed To complete a task click the Go To Task icon for the task. Click Lock AR (after all Sales fulfillment and invoicing and collections activities are completed for the month) using Kimray AR Supervisor role. Click Lock AP (after all Purchasing Receiving and Billing and Payment activities are completed for the month) using Kimray AP Supervisor role Click Lock All (after all Inventory and manufacturing activities are completed for the month) using Kimray Accounting Supervisor role Click Resolve Date/Period Mismatches. Click Resolve Period Matches button (ensure no inventory transaction types are listed here as they can cause issues with the costing engine and inventory valuation reporting. You can optionally edit the transactions to ensure the date and accounting period line up. Click Back to Period Close and Click Mark Task Complete. Use the Kimray Cost Supervisor Role Click Review Negative Inventory and click Review Negative Inventory button. A list of negative inventory items will come up that can be filtered by location. Determine course of action (e. g. Inventory adjustments) to resolve the issue. Click Back To Period Close and click Mark Task Complete. Use the Kimray Cost Supervisor Role Click Review Inventory Cost Accounting and click the Review Inventory Cost Accounting button. Ensure there are 0 items left for cost calculation. Click Back To Period Close and click Mark Task complete. Use the Kimray Cost Supervisor Role Click Review Custom GL Plugin Exceptions and click the Review Custom GL Plugin Exceptions button. Ensure there are no incomplete or failed plugin executions. There should be none in Fusion project. Click Back to Period close and click Mark Task complete. Use the Kimray Controller Role. Click Create Period End Journals. Click Create Journals and check the two boxes under Historical Balances and Income Statement closing tabs. This process will only create journals in the last period of the fiscal year. Click Submit. When the process completes click back to period close and click Mark Task complete. Note clicking on the execution log icon enables one to identify when the process is complete. Note: clicking on the process for a period that is not the last period will not display any journals to be created. Use the Kimray Controller role. Click Close and click Close Period Button. Use the Kimray Controller role.
Expected Results
Month end close checklist can be accessed and completed through the following roles: Kimray AP Supervisor Imray AR Supervisor Kimray Cost Supervisor Kimray Accounting Supervisor Kimray Controller