1.1 Before submitting the Payables Accounting Process
1. Run the following Standard reports.
a) Invoice Register (with Unvalidated Invoices parameter as “YES”).
This report gives the details of invoices entered into the system, but no action is taken i.e. the status of the invoice is Never Validated.
This report gives details of all the invoices that are on hold in the system. Pass the Parameters as shown in the Screen Shot below, give the period end date in the To Entered Date field.
Resolve the Holds in the period end so that no Invoices are carried forward to the next period during the Year End Close. In the Month End Closing you can also choose to Sweep the Invoices in the next period. .
2. Based on the information from above reports, take necessary action on invoices. Approve the Unvalidated Invoices, Account for the Unaccounted Invoices, Release Holds where ever the Invoices are placed on Hold.
3. If payment batches are used, confirm all the Payment Batches.
4. Submit the Payables Accounting Process Program to account for transactions. All the transactions needs to be accounted before transferred to General Ledger.
5. Run and Review the Standard report Unaccounted Transactions Report. Review any unaccounted transactions and correct data as necessary. Then resubmit the Payables Accounting Process to account for transactions corrected.
6. Unposted Payable Journal entries will be found in the GL and it will be posted into the General ledger.
7. This will be queried in the Journal Entry form with source as “Payables” and posting status as “Unposted”. These Journal entries will be reviewed and Posted into the GL. If Autopost is scheduled for Payables Invoices, query for any unposted journals that are remaining after the programe runs. Review and post the remaining entries.
8. After running the “Payables Accounting Process Program” program, run ‘Create Mass Additions’ program from Account Payables responsibility. This program transfers all the account lines that are marked as ‘Track as Asset’ and have corresponding Clearing Account set up in Fixed Assets. (You cannot run this program before Payable Transfer to General Ledger program is run, as it considers all lines to be interfaced to the Fixed Assets must be transferred to the General Ledger).
9. Reconcile with the General Ledger .The following standard reports from payables module can be used for reconciliation.
1. Account Payables Trial Balance.
2. Posted Invoice Register.
3. Posted Payment register.
Module: AP Module.
Navigation: Accounting > Control Payables Periods.
1. Complete the Transfer to General Ledger from the Payables for the period to be closed.
2. Select the period to close. Select ‘Closed’ from list of values in the Period Status and save the record. I
3. If any invoice/s, debit/credit memo, prepayment, expenses reports are not approved, these will be swept into the next or decided open/future period. If sweep is required, future period should be opened before sweeping is done.
4. Select the Next period to open. Select ‘Open’ from list of values in the period status and save the record.