Calendar
Define your calendar to fit your business. You can define a calendar for any fiscal year, The periods can be of different lengths, but they all must be of the same period type for one Ledger so that Oracle General Ledger can use them appropriately.
Calendar Setup in oracle application involves below Steps
- Defining the Period Type
- Define the Calendar Periods
- Validate the Calendar
Defining the Period Type
Before defining a calendar it is required to define Period types. Use the Period Types form to define your accounting period types. Oracle General Ledger provides you with standard period types Month, Quarter and Year. Period types are used to define organization’s calendar which can be used for Defining GL, Payables, Purchasing, Inventory ect. Application related calendars.
There are two options for Year type.
Fiscal: To specify how Oracle General Ledger determines the system name for your accounting periods
Calendar: Oracle General Ledger uses the year in which an accounting period begins to determine its system name
Navigation: Setup à Financials à Calendars à Types
Defining the Calendar Periods
Accounting Calendar form can be used to define your calendar. Oracle General Ledger lets you add periods to your calendar at any time. When a New accounting periods is defined it is required to use the same period type that you originally assigned to the Ledger. The Calendar structure defined is used for Defining GL, Payables, Purchasing, Inventory etc. Module related calendars where in Periods can be Opened or closed at individual application Level. While Defining the Calendar makes Sure all periods in the Fiscal year have same value for year.
Adjusting Period:
Check the Adjusting Period box to indicate you want your accounting period to be an adjusting period. An Adjusting accounting period can overlap with other accounting periods. Journals cannot be imported in an adjusting accounting period.
Navigation: Setup à Financials à Calendars à Accounting
Validate the Calendar
Validating the calendar is the most important step in setting up Calendar. Once the calendar set up is complete, review it to make sure it is correct before assigning it to a Ledger. Calendar periods cannot be changed once they have been used. The Period cannnot be modified once the Period status is open or closed. The first Encumbrance Year is opened automatically when the first period is opened Even if encumbrance is used or not.
The Calendar Validation Report is used for validating the calendar. This will be run automatically when the changes are made to existing calendar or a new calendar is created. This Program can also be submitted at will from Standard Report Submission window. However, please note that this report does not fix anything. It just produces a report that shows the problems with calendar definition. The Problems if any must be corrected from Accounting Calendar form.
