Oracle Apps Functional All About Oracle Apps functional & Technical FAQs, Tutorials

Accounts Payables Close Process

The process to close an accounting period has changed in release 11i. The close process is reviewed here in order to compare it with the close process in prior releases.

The form to control the status of an accounting period has been renamed from "AP Accounting Periods" to "Control Payables Periods". Its location in the navigator has also changed. It has moved from the Setup section into the new Accounting section of the menu. The rules to close a period in Payables in release 11i are:

• All payment batches must be confirmed
• All transactions must be accounted
• All accounting entries must be transferred to general ledger
• All future dated payments which have reached maturity in the accounting period must have their status updated to negotiable and be accounted

Optionally, unaccounted transactions can be swept to the next accounting period if allowed by accounting rules. There is a new program in 11i to support this - the Unaccounted Transactions Sweep. This program can be submitted from the Control Payables Periods window in both a review mode and an update mode. The program can be called only if there are any unaccounted transactions in the period. The report output of the program looks very much like the Unaccounted Transactions Report. This new program replaces the Unposted Invoice and Payment Sweep.
Before invoices can be accounted they must be validated by the Invoice Validation process. Before payments can be accounted they must pass through the Confirm process. Typical steps to close a period in Payables release 11i are:

• Import all invoices and/or expense reports from interface tables
• Run Invoice Validation
• Confirm any outstanding payment batches
• Run the Update Matured Future Payment Status program for any future dated payments
• Run the Payables Accounting Process
• Review the accounting process output and correct any accounting errors
• Review the Unaccounted Transactions Report to identify transactions which cannot be accounted
• Correct any transaction data and run the Payables Accounting Process again
• Review the Payables Account Analysis Report (If someone reviewed the Expense Distribution Detail Report for certain accounts in prior releases they will want to review this new report in 11i)
• Run the Payables Transfer to General Ledger
• Optionally run the Unaccounted Transactions Sweep
• Close the Payables period

Reconcile

Related Posts

• Account Payables Tables