How To Run Create Accounting and Close Payables Period?

Learnt the steps to close Payables Period in Oracle Fusion Payables

Today I will take you through the steps for closing Payables Period and transferring all transactions to General Ledger in Oracle Fusion Payables.

Table Of Content:

  • Create Accounting and Transfer to General Ledger
  • Create Multiperiod Accounting Entries and Transfer to General Ledger
  • Submit the Unaccounted Transactions Sweep Process
  • Close the Current Payables Period
  • Open the Next Payables Period

Create Accounting and Transfer to General Ledger

You need to run Create accounting in order to transfer approved invoices and payments to General Ledger.

To make sure that Invoices and Payments have been successfully transferred to General Ledger you need to run Create Accounting process with the Transfer to General Ledger option set to Yes to transfer any unaccounted transactions to General Ledger. Choose Accounting Mode Final.

Select Post in General Ledger to Yes to transfer to General Ledger to post Transferred transactions automatically to General Ledger.

After submitting the process review the output reports generated by the Create Accounting process to view the subledger journal entries created and any errors that may have occurred.

Create Multiperiod Accounting Entries and Transfer to General Ledger

Create Multiperiod accounting and transfer the multiperiod accounting entries to General Ledger.

Tools> Scheduled Proccesses> Schedule New Process

Set Transfer to General Ledger and Post in General Ledger option to Yes to transfer multiperiod accounting entries to General Ledger and post Journals automatically.

Submit the Unaccounted Transactions Sweep Process

Submit the Payables Unaccounted Transactions and Sweep Report to transfer unaccounted transactions from one accounting period to another. If your accounting practices permit it, use this process to change the accounting date of the transactions to the next open period.

For example, if you have invoices which you cannot resolve holds before the close, and your accounting practices allow you to change invoice distribution accounting dates, you can submit this process to change invoice distribution accounting dates to the first day of the next open period so you can close the current period.

The Unaccounted Transactions Sweep process does not roll forward accounted transactions or accounted transactions with errors. To create successful accounting entries for accounted transactions with errors, correct any accounting errors and resubmit the Create Accounting process. The process transfers unaccounted transactions to the period you specify by updating the accounting dates to the first day of the new period. You can then close the current accounting period in Payables.

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. It is automatically submitted when closing a Payables period if there are unprocessed accounting events or un-transferred journal entries. 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 to allow recording business as usual.

That is it, guys:) Hope you are clear with the topic. If not, please do not hesitate to reach me.

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