Lets have something informative for some important reports to reconcile Accounts Payable sub ledger to the General Ledger.

1. Accounts Payable Trial Balance

(Normally this report is run at the end of this period and the prior period. This represents your opening and closing AP Trial Balance)

The closing value per AP control account in this trial Balance should agree to the corresponding Account in the General Ledger Trial Balance.

If it does not, you will need to investigate why.

Run the following reports to assist you in the process:

o Posted Invoices report
o Posted Payments report

The Opening Account Payable Trail Balance (AP TB)

+ The Posted Invoice
- The Posted payments
= The Closing AP TB

The above formula is a key formula in attempting to identify the source of potential problems.

Note that in above:

The Aging Invoice Report Total should equal
The AP Trial Balance Total +
The Total of Swept (Unposted Transactions)

You may wish to perform this reconciliation as a further month end reconciliation check.

2.Invoice Aging Report

This is yet another important report which shows you a complete list of all unpaid invoices on the system irrespective of whether they are due for payment or not, whether they are on hold or not. This report groups invoices by how many days they are over due. The grouping of invoices by age past due is dependent on the Aging bucket selected for the report.

Running the Invoice Aging report is like running any other report. The key points to note are that
1. The report name to choose is “Invoice Aging Report”
2. It is recommended that you use the Standard Aging bucket.

Accounts Payable Trial Balance

The Accounts Payable Trial Balance shows you a complete list of all unpaid invoices on the system that has been transferred to the General Ledger, irrespective of whether they are due for payment or not. This report will assist with the month end reconciliation process.

Apart of the above, these are the additional reports which helps in completing account payable month end close procedure.

a) Invoice on Hold Report

b) This report normally run to identify the invoices with Holds that need releasing.

c) Payables Accounting Entries Report

d) Invoice validation report

 Normally to approve multiple invoices run the “Invoice Validation” request.once this report request runs the payables approval process and produces a report detailing the types and number of holds placed on invoices as a result of this run.

e) Unaccounted Transactions Report

f) Final Payment Register

g) Reconciliation Reports

Lets summarize some important steps that highlight the activity required to perform the month end close in account payable.

• The very first step is to submit and review the Invoice Validation and Invoice on Hold Report.

From the output, determine if there are invoices on hold; Resolve any holds on invoices. Note that depending on the type of hold on an invoice, it may be impossible to transfer the Invoice to the General Ledger.

• Make sure that if you still have any invoices on hold, they are invoices you intend to roll over to the following month. Once you are satisfied with your review, submit the Payables Transfer to General Ledger Program to transfer invoice and payment Accounting information to the General Ledger. This process will auto generate the Payables Accounting Process request. This creates all the accounting entries for Oracle Payables.
• Once your concurrent request get completes and you are satisfied that your journal has been Transferred, you are ready to reconcile your month end numbers. Sweep any unposted invoices to the following month.
• After your reconciliation, close the current period and open the following period.
  For This you should

Navigation > Accounting > Control Payables Periods

• An Accounts Payable Reconciliation is required to record reconciling items when reconciling Accounts Payable to the General Ledger.

The other activity, which involves accounts Payable User/Manager, is responsible for:

• Preparing all journal entries pertaining to Accounts Payable transactions, accrued Accounts Payable, and adjustments for Accounts Payable aging reconciliations
• Posting Accounts Payable transactions to the General Ledger
• Reconciling Accounts Payable accounts to the General Ledger
• Verifying current Accounts Payable aging
• Locating and voiding missing checks
• Correcting account distribution errors.

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