R12-Currency Types

Functional Currency: R12 this is the currency of the ledger. FASB52/IAS21: "An entity’s functional currency is the currency of the primary economic environment in which the entity operates".

Reporting Currency: FASB52: "The currency in which an enterprise prepares its financial statements. "Reporting currencies are additional currency representations of primary or secondary ledgers".


Local Currency: According to FASB52: "The currency of a particular country being referred to".

Foreign Currency: According to FASB52: "A currency other than the functional currency of the entity being referred to".

Transaction Currency: According to FCG page 4-5: "Transaction currency is the currency of denomination for a transaction document. We sometimes refer to this as the entered currency".

Primary Currency: According to FCG page 4-5: "The currency used for accounting and reporting in a ledger is called "the ledger primary currency", although it is often referred to as the ledger’s accounting currency".

Source->Link

Open/Close Periods in R12

Purchasing:
1.Navigate to Purchase Super User->Setup->Financials->Accounting->Control Purchasing Periods
2.Select Operating Unit name and click Go button
3.Search for period name and set status and click Save button.

Inventory:
1.Navigate to Inventory->Accounting Close Cycle->Inventory Accounting Periods
2.Select Organization
3.Click on Change Status button.

Payables:
1.Navigate to Payables->Accounting->Control Payables Periods
2.Select Ledger Name and Operating Unit and click Find button
3.Search for period name and set status and click Save button.

General Ledger:
1.Navigate to General Ledger->setup->Open/Close
2.Select the ledger for which the period is required to be opened/closed
3.Once you click on Open button request for below concurrent programs will be submitted automatically:
Periods – Open Periods
Program – Automatic Reversal
Open Period Balances