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Monday, April 01, 2013

Year end closing....

In India, the financial year, also known as fiscal year, is from April to March.

Yesterday was the last day of the financial year 12-13.

Just came back home after completing the new financial year process. 

This was a well planned operation. We prepared neat documentation, prepared very good year closing checklist, got the organization to complete most of the transactions by 30th of March, 'Ship Confirmed' all the sales orders by about 8.00 PM, transferred all the invoices to AR by about 11.00 PM.

Since we have a number of manufacturing units, created an extended year closing team comprising of the IT Team and the users from the business. All of us had a very detailed planning meeting and ensured that everyone is in sync with the plans. 

Since we are on India Localization, RG Consolidation was a key challenge. We are still grappling with it.

Sharp at 12.00 midnight, we restricted access, completed all the new year tasks including India Localization Period Opening process, creation of new Document Sequences and Category Assignment. Once it was done, we took a 'Hot' backup and finally opened the first period of the new financial year and the Tax calenders. Released the application to the users at 6.00 AM.

Some learnings that I had over the last one week.

One, before going in for the process, it is important to review Oracle documentation relating to Year Closure. There are a number of insights available in that document.

Two, it is important to focus on RG Consolidation. That is a show stopper and very tedious process. So ensure to give a lot of focus on that.

Three, however much you plan, Murphy will still be lurking out there to test you. Hence it is very important to plan very thoroughly, anticipate any expected challenges and factor for them. That way, you have time and  patience to handle with Murphy.

Other lessons follow....

How was your year end processing? All went well?

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