Wednesday, December 19, 2012

Resolving Exception Code “Please create at least one open period for this operating unit” in Invoice Processing


Steps to resolve Exception Code “Please create at least one open period for this operating unit” in Invoice Processing

What are accounting periods?
Accounting period in bookkeeping is the period with reference to which accounting books of any entity are prepared. Period for which a firm prepares its internal or external accounts; the period covered by the financial statements. For internal accounts, it may be a month or a quarter; for external accounts it is normally a period of 12 months

It is the period for which books are balanced and the financial statements are prepared. Generally, the accounting period consists of 12 months. However the beginning of the accounting period differs according to the jurisdiction. For example one entity may follow the regular calendar year, i.e. January to December as the accounting year, while another entity may follow April to March as the accounting period

In some of the ERP tools there are more than 12 accounting periods in a financial year

Accounting periods can have one of the following statuses:
Open: Journal entry and posting allowed
While executing any transaction, the transaction date must fall in an open period. If that period is not open then the system prevents us from proceeding any further

Closed: Journal entry and posting not allowed until accounting period is reopened. Reporting and inquiry allowed

Permanently Closed: Journal entry and posting not allowed. You cannot change this period status. Reporting and inquiry allowed

Never Opened: Journal entry and posting are not allowed. General Ledger assigns this status to any period preceding the first period ever opened in your calendar, or to any period that has been defined, but is not yet future-enterable. You cannot change this period status

Future: Journal entry is allowed, but posting is not. Your period is not yet open, but falls within the range of future-enterable periods you designated in the Set of Books window. You cannot change this period status without using the concurrent process to open the period

How to resolve Exception Code “Please create at least one open period for this operating unit” in Invoice Processing?
In case the Exception Code is displayed as below while Invoice Processing i.e. “Please create at least one open period for this operating unit”, in Invoice Processing, follow below steps
 Figure 1


1)      Logon to Oracle E-Business Suite

2)      Locate Payables, Vision Operations (USA) under Main Menu
 Figure 2


3)      Select Accounting Periods
 Figure 3


4)      Click … button next to Never Opened. Select Open from Control Statuses
 Figure 4

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