Introduction/ Issue:
In Oracle Fusion Cloud Financials, Fixed Assets (FA) periods are closed after completing depreciation, adjustments, and accounting. However, in real projects, there are situations where you may need to reopen a closed FA period—for example, to correct asset transactions or post missed entries.
(At the end of October, the user closed the Fixed Assets period for one of the corporate books. As expected, the system automatically opened the November period.
Later, the user realized that some transactions that should have been entered in October were missed. Since November was already open, we needed to find a way to reopen the October period and post those pending entries.
I will explain the situation and show how we can reopen a closed Fixed Assets period in a simple and practical way.)
Why we need to do / Cause of the issue:
Common scenarios include:
- Missed asset capitalization
- Incorrect depreciation run
- Wrong asset category or cost center
- Late capitalization of CIP assets
Pre-Requisites Before Reopening:
1.Verified that there are no FA Transactions in the current open period
2.Verified that there is no Depreciation run in the current open Period
How do we solve:
Navigator –> Fixed assets –> Assets
Tasks –>Manage All Books
Click on
- Select the book
- Click on Open Previous Period
Click on Yes
Submitted the ESS job
Once ESS job succeeded you can the Oct25 period open
Post the missed Assets
Conclusion:
Reopening a closed Fixed Assets period is a sensitive activity that requires careful coordination between finance and system administration teams. When a subsequent period is already open, organizations must follow a controlled and compliant process to ensure that financial integrity is not compromised. By applying the recommended approach and maintaining proper documentation and approvals, businesses can successfully address missed transactions while upholding audit and governance standards.
