Account Payables Period
Closing Process
What are the steps involved in the period closing process
for payables?
You cannot close a period in Payables if any of the
following conditions exist:
- Outstanding payment batches. Confirm or cancel all incomplete
payment batches.
- Future dated payments for which the Maturity Date is
within the period but that still have a status of Issued.
- Unaccounted transactions. Submit the Payables Accounting
Process to account for transactions, or submit the Unaccounted Transaction
Sweep to move any remaining unaccounted transactions from one period to
another.
- Accounted transactions that have not been transferred
to general ledger. Submit the Payables Transfer to General Ledger process
to transfer accounting entries.
To complete the close process in Payables:
1. Validate all invoices.
Run Invoice Validation Concurrent program.
2. Confirm or cancel all incomplete payment batches.
3. If you use future dated payments, submit the Update
Matured Future Dated Payment Status Program. This will update the status
of matured future dated payments to Negotiable so you can account for them.
4. Resolve all unaccounted transactions.
Submit the Payables Accounting Process to account for
all unaccounted transactions. Review the Unaccounted Transactions Report.
Review any unaccounted transactions and correct data as necessary.
Then resubmit the Payables Accounting Process to account
for transactions you corrected. Or move any unresolved accounting transaction
exceptions to another period (optional).
- Payables Accounting Process.
- Submit the Unaccounted Transactions Sweep Program.
5. Transfer invoices and payments to the General Ledger
and resolve any problems you see on the output report:
- Payables Transfer to General Ledger Program.
6. In the Control Payables Periods window, close the period
in Payables.
- Controlling the Status of Payables Periods.
7. Reconcile Payables activity for the period. You will
need the following reports:
- Accounts Payable Trial Balance Report (this period
and last period).
- Posted Invoice Register.
- Posted Payment Register.
8. If you use Oracle Purchasing, accrue uninvoiced receipts.
9. If you use Oracle Assets, run the Mass Additions Create
Program transfer capital invoice line distributions from Oracle Payables
to Oracle Assets.
10. Post journal entries to the general ledger and reconcile
the trial balance to the General Ledger.
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