Closing Inventory Period

Oracle Inventory uses accounting periods to group material transactions and

work in process transactions for accounting purposes. So normally these
deatils are grouped for a month and the transaction details are posted to GL.
An automatic general ledger transfer is processed when you close an
accounting period.
1. Material Transaction
=======================
The Material Transaction includes miscellaneous issue, sales order issue, or
cycle count adjustment.
2. WIP Transaction
==================
Resource transaction Lists resource transaction details.
Overhead transaction Lists overhead transaction details.
Outside processing Lists outside processing transaction details.
Cost update Lists cost update transaction details.
Period close variance Lists transaction details for period close variance
transactions for expense jobs and certain instances of repetitive schedules.
Job close variance Lists job close variance transaction details.
Closing a Period
================
You can close the earliest accounting period with a status of Open or Error.
Before you close a Inventory period make sure you have noticed all the
pending transactions that is showing for the particular accounting period that
you have chosen to close, to find the pending transactions (navigation)
1.Inventory Superuser > Accounting Close Cycle > Inventory Accounting
Period >
Pressing the pending button in the bottom left corner of the screen !
2. After Choose the Pending button. The Pending Transactions window

appears
Resolution Required: Displays the number of unprocessed material
transactions,
uncosted material transactions, and pending WIP costing transactions
existing in
this period. These must be resolved before the period is closed.
Resolution Recommended: Displays the number of pending receiving
transactions,
pending material transactions, and pending shop floor move transactions
existing
in this period. You can close the accounting period, however, after it is closed
these transactions cannot be processed.
See
Unprocessed Transaction Messages
One of the following messages appear if there are unprocessed transactions:
Pending receiving transactions for this period
When you use Purchasing, this message indicates you have unprocessed
purchasing transactions in the RCV_TRANSACTIONS_ INTERFACE table. These
transactions include purchase order receipts and returns for inventory. If this
condition exists, you will receive a warning but will be able to close the
accounting period. These transactions are not in your receiving value.
However, after you close the period, these transactions cannot be processed
because they have a transaction date for a closed period.
Unprocessed material transactions exist for this period
This message indicates you have unprocessed material transactions in the
MTL_MATERIAL_TRANSACTIONS_TEMP table. You are unable to close the
period with this condition. Please see your system administrator. Inventory
considers entries in this table as part of the quantity movement.
Closing the period in this situation is not allowed because the resultant
accounting entries would have a transaction date for a closed period, and
never be picked up by the period close or general ledger transfer process.
Pending material transactions for this period
This message indicates you have unprocessed material transactions in the
MTL_TRANSACTIONS_INTERFACE table. If this condition exists, you will
receive a warning but will be able to close the accounting period. These
transactions are not in your inventory value. However, after you close the
period, these transactions cannot be processed because they have a
transaction date for a closed period.

Uncosted material transactions exist for this period

This message indicates you have material transactions in the
MTL_MATERIAL_TRANSACTIONS table with no accounting entries (Standard
Costing) and no accounting entries and no costs (Average Costing). You are
unable to close the period with this condition. These transactions are part of
your inventory value.
Closing the period in this situation is not allowed because the resultant
accounting entries would have a transaction date for a closed period, and
never be picked up by the period close or general ledger transfer process.
Pending move transactions for this period
This message indicates you have unprocessed shop floor move transactions
in the WIP_MOVE_TXN_INTERFACE table. If this condition exists, you will
receive a warning but will be able to close the accounting period. These
transactions are not in your work in process value. However, after you close
the period, these transactions cannot be processed because they have a
transaction date for a closed period.
Pending WIP costing transactions exist in this period
This message indicates you have unprocessed resource and overhead
accounting transactions in the WIP_COST_TXN_INTERFACE table. You are
unable to close the period with this condition. These transactions are in your
work in process value, and awaiting further processing.
Closing the period in this situation is not allowed because the resultant
accounting entries would have a transaction date for a closed period, and
never be picked up by the period close or general ledger transfer process.
After you have checked all the pending transactions and after clearing all the
mandatory pending transactions and again once again check for any pending
transactions, Once you are sure that you are ready to close the inventory
period you can come back to the main inventory accounting periods page in
the right end corner press the change status button in the pop up window
select Close and be sure that INVENTORY PERIOD CLOSED CANNOT BE
REOPENED (This is a irreversable process), Take extra care while closing
inventory period