Completing MRC-Related Activities in the Correct Order
There are multiple dependencies between a reporting set of books and the primary set of books to which it is assigned. Therefore, it is important that you complete your period-begin tasks, day-to-day accounting tasks, and period-closing tasks in the correct order. Some guidelines are presented below.
Open the accounting period in both your primary and reporting sets of books before you create journals for the period. MRC will only generate converted journals in your reporting set of books if the period is open or future-enterable.
Day-to-Day Tasks
Enter the daily exchange rates to convert your journals to each of your reporting currencies.
You need to be sure to complete the following period-end tasks:
- Finish entering all regular and adjusting journals for the period in your primary set of books.
- If you use Oracle feeder systems, such as Receivables and Payables, you must run the subledger application's post to General Ledger process in both your primary and reporting sets of books.
- Post all unposted journals in your primary set of books.
- Post all unposted journals in your reporting sets of books.
- Run Revaluation in both your primary and reporting sets of books. Post the resulting revaluation batches in each set of books.
- As needed, translate balances in both your primary and reporting sets of books.
- Generate needed reports from both your primary and reporting sets of books.
- Close your accounting period in both your primary and reporting sets of books.
See Also
Special Considerations for General Ledger
Primary versus Reporting Responsibilities
Performing Standard General Ledger Activities
