Payble Periods Ends Process

•  Isolating Information 
•  Produce The Income Statements 
•  Key Business Decisions

 

All Modules Major Activities

•  Complete Transactions 
•  Creating Accounting 
•  Post To GL 
•  Reconcile Accounting 
•  Close Period 

Period Close Sequence - R12 

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Key Process

Process

01. Complete all transactions for the period being closed
02. Run the payable approval process for all invoices
03. Review and resolve amounts to the General Ledger
04. Reconcile the Payment to Bank Statement Activity for the period
05. Transfer all Approved invoices and payments to the General Ledger
06. Review the Payable to General Ledger posting Process after completion
07. Submit the unaccounted Transaction sweep program
08. Close the current payable period
09. Accrue unvoiced receipts
10. Reconcile payable activity for the period
11. Run mass additions transfer to Assets

Question What are the most common issues encountered while AP Period Closing process?

Answer Without going to technicality, on a broader level the most common issues are:

- Invoice (Distributions) not Validated

- Invoices on Hold 

- Invoices not Accounted

- Payments not Accounted

- Invoices & Payments accounting entries not transferred to GL

- Maturity Accounting not done for Future Dated payment