Which cost period status allows a manager to make corrections and adjustments before permanently closing the period?

The status that allows a manager to make corrections and adjustments before permanently closing the period is referred to as "Close Pending." This status indicates that the cost period is in the final stages of preparation for closure, meaning that while it is not entirely closed, it is nearing the completion of its processing. During the "Close Pending" phase, managers have the opportunity to review all entries and make any necessary adjustments. This flexibility is crucial for ensuring that all data is accurate and compliant with organizational reporting and accounting standards before the period is officially closed.

In contrast, when a cost period is "Open," it typically means that regular entries and changes can still be made to the period, but it might not showcase a final view of costs. A "Closed" status signifies that the period is completely finalized, preventing any further adjustments or changes. Similarly, a status labeled "Finalized" indicates that the period’s data is locked and cannot be altered, signifying that all necessary adjustments should have already been made during the earlier stages, like the "Close Pending" phase. Understanding these statuses is essential for proficient management and accurate financial reporting in Oracle Cloud Cost Management.