8/8/2019 Payables Month End Checklist

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Payables Month end checklist 

Complete entry of all invoices received dated up to last day of period.

Make necessary adjustments (memo and prepayment) against invoice

Validate all invoice batches for the current period.

Run Invoice on Hold Report. Review and release holds as appropriate.

Submit Payables Accounting Process to create accounting entries for the current period.

Run Unaccounted Transactions Report. Review any unaccounted transactions and correct as

appropriate.

Re-submit the Payables Accounting Process.

Submit Payables Transfer to General Ledger process for current period.

Set current period to Closed and Open next period.

Submit Unposted Invoice Sweep program to update the GL date of any unaccounted transactions

(invoices on hold).

Run AP Trial Balance Report, Posted Invoice Register and Posted Payment Register to reconcile

Payables activity for the period.

Period closing Process for Payables 

Period closing Process for Payables

You cannot close a period in Payables if any of the following conditions exist:

o Outstanding payment batches. Confirm or cancel all incomplete payment batches.

o Future dated payments for which the Maturity Date is within the period but that still have astatus of Issued.

o Unaccounted transactions. Submit the Payables Accounting Process to account for

transactions, or submit the Unaccounted Transaction Sweep to move any remaining

unaccounted transactions from one period to another.

o Accounted transactions that have not been transferred to general ledger. Submit the Payables

Transfer to General Ledger process to transfer accounting entries.

8/8/2019 Payables Month End Checklist

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To complete the close process in Payables:

1. Validate all invoices.

Run Invoice Validation Concurrent program.

2. Confirm or cancel all incomplete payment batches.

3. If you use future dated payments, submit the Update Matured Future Dated Payment Status

Program. This will update the status of matured future dated payments to Negotiable so you can

account for them.

4. Resolve all unaccounted transactions.

Submit the Payables Accounting Process to account for all unaccounted transactions. Review

the Unaccounted Transactions Report. Review any unaccounted transactions and correct data

as necessary.

Then resubmit the Payables Accounting Process to account for transactions you corrected. Or

move any unresolved accounting transaction exceptions to another period (optional).

o Payables Accounting Process.

o Submit the Unaccounted Transactions Sweep Program.

5. Transfer invoices and payments to the General Ledger and resolve any problems you see on

the output report:

o Payables Transfer to General Ledger Program.

6. In the Control Payables Periods window, close the period in Payables.

o Controlling the Status of Payables Periods.

7. Reconcile Payables activity for the period. You will need the following reports:o Accounts Payable Trial Balance Report (this period and last period).

o Posted Invoice Register.

o Posted Payment Register.

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

9. If you use Oracle Assets, run the Mass Additions Create Program transfer capital invoice line

distributions from Oracle Payables to Oracle Assets.

10. Post journal entries to the general ledger and reconcile the trial balance to the General

Ledger.