Multiple Accounting Periods

Question

Does Oracle Financials Support Multiple account periods ( Future Periods or 13th Periods as they are called)
basically we are dealing with a Multi - national company , they have different accounting periods for different countries they work in (Jan - Dec 31 in US, April 1 - March 31 for their Australia Ops)
ultimately they want to use oracle financials globally for all their accounting , the challenge we have right now is we can have only 1 "13th period" in which we can post adjusting entries, so we can either use it for the US or Australia.
any ideas ?

Answer 1

Hello.
You can define multiple calendars and assign a different calendar to each set of books. For example, you can use a monthly calendar for one set of books, and a quarterly calendar for another.
Each set of books has an associated period type. When you assign a calendar to a set of books, the set of books only accesses the periods with the appropriate period type. Thus, you can define an accounting calendar with periods of more than one period type; however, each set of books will only use periods of a single period type.
For example, you could define a Week period type and specify 52 periods per year. You can assign up to 366 accounting periods per fiscal year for any period type, and maintain actual balances for those periods. However, for budgets you can only use the first 60 periods.
For example, assume you have a July 1 to June 30 fiscal year and the current date is July 15, 1995. If you choose the Calendar year type, General Ledger appends the year 1995 to the period name (JUL-95) because July begins in 1995. If you choose the Fiscal year type, General Ledger appends 1996 to the period name (JUL-96) because the fiscal year ends in 1996.
Using the same July to June fiscal year example, if the current date is March 15, 1995 and you choose the Fiscal year type, General Ledger appends the year 1995 to the period name because the fiscal year ends in 1995.
Octavio