Payables Month End Checklist 1p3l60

Payables Month end checklist Complete entry of all invoices received dated up to last day of period. Make necessary adjustments (memo and prepayment) against invoice Validate all invoice batches for the current period. Run Invoice on Hold Report. Review and release holds as appropriate. Submit Payables ing Process to create ing entries for the current period. Run Uned Transactions Report. Review any uned transactions and correct as appropriate. Re-submit the Payables ing Process. Submit Payables Transfer to General Ledger process for current period. Set current period to Closed and Open next period. Submit Unposted Invoice Sweep program to update the GL date of any uned transactions (invoices on hold). Run AP Trial Balance Report, Posted Invoice and Posted Payment to reconcile Payables activity for the period.

Period closing Process for Payables Period closing Process for Payables You cannot close a period in Payables if any of the following conditions exist: o Outstanding payment batches. Confirm or cancel all incomplete payment batches. o Future dated payments for which the Maturity Date is within the period but that still have a status of Issued. o Uned transactions. Submit the Payables ing Process to for transactions, or submit the Uned Transaction Sweep to move any remaining uned transactions from one period to another. o ed transactions that have not been transferred to general ledger. Submit the Payables Transfer to General Ledger process to transfer ing 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 for them. 4. Resolve all uned transactions. Submit the Payables ing Process to for all uned transactions. Review the Uned Transactions Report. Review any uned transactions and correct data as necessary. Then resubmit the Payables ing Process to for transactions you corrected. Or move any unresolved ing transaction exceptions to another period (optional). o Payables ing Process. o Submit the Uned Transactions Sweep Program. 5. Transfer invoices and payments to the General Ledger and resolve any problems you see on the output report: o Payables Transfer to General Ledger Program. 6. In the Control Payables Periods window, close the period in Payables. o Controlling the Status of Payables Periods. 7. Reconcile Payables activity for the period. You will need the following reports: o s Payable Trial Balance Report (this period and last period). o Posted Invoice . o Posted Payment . 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.