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Payables prevents you from closing an accounting period until you post all transactions with an accounting date in that period. If there are unposted invoices or payments that you want to move forward into the next accounting period, you can submit the Unposted Invoice Sweep program to move them forward.

You should close a period when no one is entering any invoices or payments. This way you avoid the possibility of someone entering (without saving) a transaction in an open period, you close the period, and someone then saves a transaction. If this does happen, just submit the Unposted Invoice Sweep program.

   To complete the close process in Payables:

1. Approve all invoices and confirm all payment batches.

• See: Approval.

• See: Confirming 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.

• See: Controlling the Status of AP Accounting Periods.

6. Reconcile Payables activity for the period. See: Reconciling Payables Activity. 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. See: Purchasing Integration.

8. Post journal entries to the general ledger and reconcile the Trial balance to the General Ledger. See: Reconciling Payables Activity to General Ledger.

CLOSE RESTRICTIONS: