Friday, 25 September 2015

Payables Period Closing Procedure

1. Review and Complete All Open Transactions for the Period Being Closed. (Complete all pending Invoices, Expenses Report Export Program, Unvalidated Invoices, Clear holds, Journal Import). 
Use the following Reports to complete Pending Transactions.  
    A) Invoice Register (with Unvalidated Invoices parameter as “YES”).
    B) Invoice on Hold Report.
    C) Unaccounted Transaction Report.
2. Run the Payables Auto Approval Process for All Invoices / Invoice Batches.
3. Complete all Payment against the period being closed. Ensure you process all Payment Process request(PPR) before you close the period.
4. Reconcile Payments to Bank Statement for the Period.
5. Run Create Accounting Program. It will create and transfer accounting for Payables Modules to General Ledger.

6. Review the Payables to General Ledger Posting Process After Completion
7. Submit the Unaccounted Transactions Sweep Program
8. 
 Run Mass Additions Transfer to Oracle Assets
9. Close the Current Oracle Payables Period
10. Open the Next Payables Period
11. Reconcile with the General Ledger. The following standard reports from payables module can be used for reconciliation.
     A) Account Payables Trial Balance.   

     B) Posted Invoice Register.
     C) Posted Payment register.


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