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Month End Process for Account Payable

Posted on April 29th, 2007 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

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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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Posted in 11i, Finance, Oracle Payable | 1 Comment »Email This Post Email This Post | Print This Post Print This Post

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One Response
  1. Biju Nair Says:

    Hi Anand,
    Good useful information.
    I have a question, the AP Trial Balance report in 11i show details if we select the parameter to show details, but the corresponding report in R12 “Open Account Balances Listing” report does not show any details. Is there any setup that needs to be done or is there any customization involved? Please advise.

    Thanks and Regards

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