Considerations for Closing a Payables Period

You can close an Oracle Fusion Payables period after accounting entries are created for period transactions and you transferred the accounting entries to general ledger.

Consider performing the following closing activities:

Complete and approve all transactions and payment files.
Reconcile payments to bank statement activity.
Transfer all approved invoices and payments to the general ledger.
Submit the Unaccounted Transactions and Sweep process.
Close the current Payables period.
Reconcile Payables activity for the period.
Open the next Payables period, run interface processes, and run reports.

Complete and Approve All Transactions and Payment Files

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

Run the Import Payables Invoice process to process all interface records. If the import process rejects any records, review the import corrections spreadsheet and resubmit the import.
If invoice approval is enabled, approve all unapproved invoices. Depending on how your invoice options are set, validation or accounting may be required before you can approve the invoices.
Resolve holds on invoices.
Validate the invoices.
Optionally submit a payment process request.
Complete all payment files.
Submit the Invoice and Payment Registers.
Run the Update Matured Bills Payable Status process.
Run the Apply Missing Conversion Rates process.

Reconcile Payments to Bank Statement Activity

Reconcile payments to bank statement activity for the period in Oracle Fusion Cash Management. Ensure that payments are cleared if you account for payments at clearing.

Transfer All Approved Invoices and Payments to the General Ledger

Transfer approved invoices and payments to the general ledger.

To account and transfer any unaccounted transactions 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, but that weren't transferred.
Review the output generated by the Create Accounting and Post Journal Entries to General Ledger processes.

Submit the Unaccounted Transactions and Sweep Process

Run the Payables Unaccounted Transactions and Sweep process 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, you have invoices for which you can't resolve holds before the close. Your accounting practices allow you to change invoice distribution accounting dates. You can submit the process to change invoice distribution accounting dates to the first day of the next open period. You can then close the current period.

The Unaccounted Transactions and Sweep process doesn't 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.

Reconcile Payables Activity for the Period

Reconcile Payables activity using the following reports:

Payables Trial Balance report
Payables Posted Invoice Register
Payables Posted Payment Register
Payables to Ledger Reconciliation report
Payables Open Items Revaluation report

Open the Next Payables Period, Run Interface Processes, and Run Reports

Open the next Payables period. Run Payables interface processes, including Create Mass Additions and Transfer Costs to Cost Management, to transfer information to other products.

Run the following transaction tax, withholding tax, and key indicators reports:

Tax Reconciliation by Taxable Account
Tax Audit Trial report
Use Tax Liability report
Financial Tax Register
Payables Tax by Ledger Extract report
Withholding Tax reports
Withholding Tax by Tax Authority report
Withholding Tax Letter
Key Indicators report