OpenItem Accounting

OpenItem accounting enables you to efficiently define, control, and maintain open accounts until all transactions for an OpenItem cause it to reach a zero balance. You can set up many types of OpenItem accounts when you define accounts on the Account page. Common examples of OpenItem accounts are employee advances, suspense accounts, and interunit accounts. Once an OpenItem account is established, you can keep track of the PeopleSoft Payables transactions that are posted to this account using the OpenItem Update page.