Payables Accounting and Period Closure Procedures
This guide will walk you through the process step-by-step of closing the Payables period in Oracle Payables Cloud by sweeping the transactions with error status to the following month and running the necessary reports to resolve the exceptions.
At first, try to submit the Payables Period Close exception report from the scheduled process. Use this report to review the list of exceptions that are preventing from closing an Oracle Fusion Payables accounting period. Click on the Scheduled Processes submenu under Tools menu.
Click on Schedule New Process button.
Select the Type as Job. In the Name enter “Payables Period Close Exception Report”, click enter and once the description appears below click on OK.
Select the Ledger from the list of values. After that enter either Accounting date or Period parameter. At last, click on the submit button to run the process.
A confirmation message is displayed along with the Process ID. Click on the OK button to continue.
Click on the Refresh icon to update the process status.
To download the report, click on the Republish button after selecting the Payables Period Close Exceptions Report process.
Click on Setting icon > Export > Select the format in which you want to review the data. For Demo purpose HTML is selected.
Summarizes the exceptions for each business unit within the ledger, and indicates whether user has access to that business unit. The types of exceptions reported are: Unaccounted invoices, Unaccounted payment activity, Bills payable requiring maturity event and accounting ,Outstanding payment process requests, Open intercompany transactions, Accounting entries not transferred to the General Ledger and ,Other exceptions.
Provides details, such as supplier, invoice number, and accounting date, for each type of exception.
Once, the exceptions are resolved and to sweep the transactions that are to be processed in next month run the Payables Unaccounted Transactions and Sweep report. Click on the OK button to continue.
Select the Ledger from the list of values. After that enter either Accounting date or Period parameter. Select the Sweep Now parameter as No to report only the transactions with exceptions message. If the Sweep Now parameter is set to Yes, specify an open or future period. The accounting date for unaccounted transactions is updated to the first date of the period that specified. At last, click on the Submit button to run the report.
A confirmation message is displayed along with the Process ID. Click on OK button to continue.
The report has the following sections: Unaccounted Invoices: Lists the supplier, supplier number, invoice number, invoice date, entered currency, invoice amount, purchase order number (if an invoice has matching-related holds), and the exception.
Unaccounted Payments: Lists the supplier, supplier number, payment number, payment date, payment currency, payment amount, and exception. At last, Exception reasons table is there which shows the Exception and its description using which Corrective action can be taken.
Once the Exceptions transactions are swept to next month, and create accounting from the Cash Management and Payables ran successfully then navigate to Invoice work bench for closing the Payables Period.
Click on the Manage Accounting Periods from the task list to access the period close work area.
Open the Ledger under which business unit is attached by clicking on the Ledger name hyperlink.
The different period status with the Icon is displayed. Select the Accounting period which want to be closed, and then click on the Close period button.
Navigate to the Scheduled Process to verify whether Close Payables Accounting Period process is succeeded.
Once the period is closed, then open the next period by selecting the period and click on the Open Period Button.
The procedure for executing the necessary reports, such as the Payables Period Close exception report, Payables Unaccounted Transactions report and Sweep report, to close the payable period was demonstrated in this guide.