GL Period Close Process in Oracle Fusion

Manage Accounting Periods is a functionality that allows organizations to control and manage the opening, closing, and maintenance of accounting periods in their financial calendars. This feature is crucial for ensuring accurate and timely financial reporting.
You can see all types of your periods:
 Open
 Closed
 Permanently Closed
 Future Enterable
 Never Opened

Watch here AP Period close process in oracle fusion

Close Monitor

The Close Monitor provides a hierarchical ledger set display of period close status, income statement summaries, and manager contact information .

It mirrors consolidation relationships and aggregates financial data at each node, offering detailed views for specific
accounting periods and currencies. Each piece of information, such as period status and financial data, is displayed in navigable tags for an interactive experience.

Multicurrency-GL Period close

Revalue Balances

Revaluation launches a process that revalues the ledger currency equivalent balances for the accounts and currencies you selecT.

It uses the appropriate current rate for each currency for daily rate setup.

Resulting unrealized gain or loss amounts are posted to the unrealized gain or loss accounts

Translate Balances

The translate GL Account Balances process restates actual account balances from a ledger currency to a reporting currency.

Manage Currency Rates

Financial institutions, such as banks, usually transact in more than one currency .

This necessitates multi-currency accounting, which,in turn, requires currency rates management.

Using Currency Rates Manager, you can input cross-currency exchange rates for currencies .

Transfer Balances to Secondary Ledgers

Secondary ledger an optional ledger linked to a primary ledger for the purpose of tracking alternative accounting.Can differ from its primary ledger by using a different accounting method, chart of accounts, accounting calendar, currency, or processing options.

When you run the Transfer Balances to Secondary Ledger process,balances are transferred from the primary ledger to the secondary ledger.You can fill in the required data and submit.

Year-End Processing

Create Income Statement Closing Journals

Posts all the income statement account balances to one or more retained earnings accounts

Create Balance Sheet Closing Journals

Posts all assets, liability, and equity balances to one or more closing accounts

Balance Inquiry

Inquire and Analyze Balances

Review summary and detailed information at any point in your account hierarchy using different points of view.
Drill down from the parent and detail levels into balances and transactions.

Check here-AR Period close process

If you click on the balance, it will take you to screen Inquire on Detail Balance.

Inquire and Analyze Average Balances (GL Period Close)

The Average Balance feature of Oracle General Ledger provides organizations with the ability to track average and end-of-day balances, report average balance sheets, and create custom reports using both standard and average balances.
The difference between an average and standard balance sheet is that balances are expressed as average amounts rather than actual period-end amounts. An average balance is computed as the sum of the actual daily closing balance for a balance sheet account, divided by the number of calendar days in the reporting period.

check here PPM Period close process

Inquire on Journal Line-GL Period close

The Journal Entry Inquiry window shows you information about actual, budget, or encumbrance journal entry batches in your set of books. You can review detailed information about a batch, a journal entry within that batch, and the detail lines within that ent