Oracle Accounts Payables Period Close Activity

  To complete the close process in Payables:

1. Approve all invoices and confirm all payment batches.

2. Review and amounts you will transfer to the general ledger.

• Submit the Expense Distribution Detail Report for unposted invoices.

• Submit the Posting Hold Report and resolve holds before posting.

• Review Payment Register.

3. Transfer invoices and payments to the General Ledger and resolve any problems you see on the following reports:

• Accounts Payable Journal Entry Exception Report.

• Accounts Payable Journal Entry Audit Report.

• Posting Hold Report.

4. Move any unresolved posting exceptions to the next period(optional).

• Submit the Unposted Invoice Sweep Program.

5. Close the period in Payables.

6. Reconcile Payables activity for the period. 

You will need the following reports:

• Accounts Payable Trial Balance Report(this period and last period).

• Posted Invoice Register.

• Posted Payment Register.

7. If you use Oracle Purchasing, accrue uninvoiced receipts. 

8. Post journal entries to the general ledger and reconcile the Trial balance to the General Ledger.