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Oracle Cloud Payables Close Process

Oracle Cloud Payables Close Process

Jun 2020

Madhavi Godbole

Payables Period Close:

The following are the detailed steps which describes the procedures for performing period-end processing in Payables. 

  • Complete all transactions for the period being closed:

Ensure that all transactions are completed for the period you are closing. 

  • Complete all expense reports and import them to Payables using the Process Expense Reimbursements and Cash Advance process. 
  • Complete all invoices, credits, and prepayments. 
  • Submit Import Payables Invoices process to import. Review and Resolve exceptions/Errors, if any.
  • Approve all unapproved invoices. 
  • Resolve holds on invoices. 
  • Validate invoices. 
  • Complete all payment files and payment process requests. 
  • If creating leases in Fixed Assets, interface all leasing invoices to Payables and pay them. 
  • Reconcile payments to bank statement activity for the period.
    • Reconcile payments to bank statement activity for the period in Oracle Fusion Cash Management. 
  • Transfer all approved Invoices and payments to General Ledger
    • Run Create Accounting with the Transfer to General Ledger option set to Yes.
    • Run the Post Journal Entries to General Ledger process to transfer to General Ledger transactions accounted in final mode.
  • Submit unaccounted transactions sweep program
    • The Unaccounted Transactions Sweep Program transfers unaccounted transactions from one accounting period to another. 
    • The program re-dates all accounting dates of all unaccounted transactions to the first day of the open period you specify.
  • Close the current Payables period
    • Close the current Payables period and review the Payables Period Close Exceptions report to view accounting events and journal entries that fail period close validation. 
    • The period can be re-opened if needed. 
  • Open the Next Payables Period
    • Open the next period in Payables using the Manage Accounting Periods task in the Invoices work area.
  • Reconcile Payables Activity for the Period
    Reconcile Payables activity using the following reports. With the exception of the first one, these reports are submitted in the Scheduled Processes window. The Payables to Ledger Reconciliation report is described in more detail below.
  • Payables to Ledger Reconciliation report – Lists the transactions and journals posted to the General Ledger for open payables balances to facilitate the reconciliation of accounting and transactional data recorded in Payables, Subledger Accounting, and General Ledger.
    • How to use the Payables to Ledger Reconciliation Report: 

The reconciliation report is comprised of two parts – 

  1. Prepare Payables to General Ledger Reconciliation process 

The extract process, Prepare Payables to General Ledger Reconciliation, is used to select data for the Summary section of the Reconciliation Report. This must be submitted in the Schedule Processes window prior to viewing the report. Required parameters: 

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A screenshot of a cell phone Description automatically generated
  1. Prepare Payables to General Ledger Reconciliation Process Report

The Summary report allows you to see payables and accounting beginning and ending balances, plus summarized activity for the period and how it was accounted. 

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  • Payables Trial Balance report – Lists and subtotals by supplier and liability account all unpaid and partially paid invoices. 
  • Payables Posted Invoice Register – Lists accounting lines for invoices that have been transferred to the general ledger. 
  • Payables Posted Payment Register – Lists accounting lines for payments that have been transferred to the general ledger. 
  • Journal Entries Report – Lists detailed information about subledger and general ledger journal entries, including transactions that have been accounted with error or not transferred to General Ledger. 
  • Payables Open Items Revaluation report – Lists changes in the value of open items, such as unpaid invoices and credit memos, due to conversion rate fluctuations. 
  • Review Payables Invoice Aging Report 
  • After Payables is reconciled, submit the Payables Invoice Aging Report in the Scheduled Processes window.
  • Accrue Un-invoiced Receipts. 
  • Run the Receipt Accruals – Period End Process 
  • Reconcile Accrual Accounts – Perpetual Accruals 
  • Submit Mass Additions Transfer to Fixed Assets
    • Submit the Create Mass Additions process to transfer capital invoice line distributions from Payables to Fixed Assets.
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About the Author

Madhavi Godbole

A seasoned ERP Oracle Expert with a proven track record in designing, implementing, and optimizing Oracle ERP solutions for diverse business environments. With a deep understanding of business processes and a passion for leveraging technology to drive operational excellence, I bring over 23+ years of hands-on experience in Oracle ERP implementations- in this with full name

33 thoughts on “Oracle Cloud Payables Close Process”

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