Applies to:
Oracle General Ledger - Version 11.5.2 to 11.5.10.2 [Release 11.5.2 to 11.5.10]
Information in this document applies to any platform.
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Goal
The goal of this document is to provide the steps needed to correct
wrong Retained Earnings Account balances, which were updated by posting
the Year End Closing Journals based on Misclassified Accounts Types.
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Solution
If the Year End Closing Journals program wasn't run and the journals
posted then this would be a simple case of misclassified account types.
However the case can become more complex depending on the operations
performed by the user before and/or after the error is detected.
Please read
Note:1050920.6
and the General Ledger Users Guide - Maintenance: Correcting
Misclassified Account Types before executing the steps described below.
The general procedures are:
1. Reopen the last period of the year
2. Set the Account Type (and the Account Code Combination Type if you
have also changed it) to what it was at the time the Closing Process
was run (only where the account type was changed after having Open the
first period of the new year and before running the Closing Process).
3. Reverse the journals created by the Create Balance Sheet Closing
Journals (using the change sign method) and post it on the same
period(s).
4. Change the Account Type (and the Account Code Combination Type if you have also changed it see
Note:1050920.6
) back to the old wrong account type - this should be the account type at the time the first period of the new year was opened.
5. Enter a manual journal to set the final account balance in the
last period of the year to zero and post it (any account other than
retained earnings can be used as offset account because this journal
will be reversed later).
The Retained Earnings Account begin
balance for the first period of the new year may be automatically
updated depending on the current account type.
6. Change the Account Type to the correct account type.
7. Update the Account Code Combination Type in account code
combinations table using sql*plus to the correct account type (check
Note:1050920.6
).
8. Reverse the manual journal created in step 5, to put back the correct accounts balance, and post it.
The
Retained Earnings Account begin balance for the first period of the new
year may be automatically updated depending on the current account
type.
9. Run the Closing Process again.
