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
