Project Periods in Oracle Fusion PPM

The first one from the project foundation configuration is the calendars and periods, the calendars and period play an important role, in the context of projects we have three periods General Ledger Period, Accounting Period and Project Accounting period.

General Ledger Period: GL period is used by Oracle Fusion General Ledger to post all the financial transactions (Journal) arising from Oracle Fusion Projects; it could be project costing, project revenues transaction that is flowing through receivables  These Journals are later posted and Essbase cubes gets updated which can be used for reporting purpose.

Accounting Period: Accounting periods are used by Oracle Fusion Projects to stamp accounting period and dates to transactions. Accounting periods are maintained by ledger and use the same calendar as the general ledger periods. The GL Period is shared by accounting period in Oracle Fusion Projects hence in most of the cases if you have GL Period as monthly then you would have Accounting period as monthly. Though the GL period is shared by accounting period the period status are maintained separately. There are chances GL Period status in Oracle Fusion General Ledger could be Open and Accounting Period status in Oracle Fusion Projects could be closed.  

Project Accounting Period:  Project accounting period is used by Oracle Fusion Projects for project planning, costing, billing, budgeting, forecasting, billing and project performance reporting. Project accounting period are maintained by business unit and typically do not use the same calendar as the accounting and general ledger periods. You may have project accounting period same as accounting period say monthly. You are provided with the flexibility to have the project accounting period defined at more granular level for reporting purpose, which can be weekly or bi-weekly or any other time period different than accounting period. This period needs to be mapped to GL Period and it is achieved thru Accounting period.

Set Common or Separate Accounting Periods and Project Accounting Periods :  During implementation you determine whether to maintain common accounting and project accounting periods, or define project accounting periods that have different accounting frequency than the accounting periods.

Maintain Common Accounting and Project Accounting Periods

If you want to report project information with the same frequency as the accounting periods, you can use the accounting period as both the accounting and project accounting period.

How can I set up common accounting and project accounting periods?

Complete the following steps: Set up the general ledger accounting calendar and accounting periods. During project business unit implementation, select the accounting calendar as the project accounting calendar, then select the option to maintain common accounting and project accounting periods.

Define Project Accounting Periods that are different from Accounting Periods.

If you want to account for project transactions and report project information more frequently than the accounting periods allow, you can define at more granular level that are shorter than the accounting periods. For example, you can define weekly project accounting periods and monthly accounting periods

How can I set up project accounting periods that are different from accounting periods? Complete these tasks to set up project accounting periods that are different from accounting periods. ·         Set up the accounting calendar and manage the accounting period statuses in Oracle Fusion General Ledger. ·         During project business unit implementation, specify the project accounting calendar for each business unit. ·         Verify that the option to maintain common accounting and project accounting periods is not selected. ·         Copy the accounting calendar into the project accounting period table, which copies the period start and end dates. ·         Manage the period statuses for project accounting periods.