Answer Posted / mahesh .gudeti

AP PERIOD END PROCESS:

1. Complete all the invoices for the period being closed

1. complete invoices and credits
2. complete prepayments
3. complete expense reports
4. complete invoice imports
5. complete prepayments.

2. Approve and Validate all the invoices

3. Review the invoice on hold reports

4. Review the Journal entries reports

5. Review the Unaccounted Transaction reports

6. Optionally run the payment process request at the month end

7.Confirm all the payment instructions

8. Reconcile payment with bank statement

9.Transfer all invoices and payments to the GL

10. Complete internal reconcilation of payables

11. Submit the unaccounted transaction sweep progrome

12. Reconcile payable activity with GL

13. Close the oracle payable current period

14. Accure un invoiced receipts

15.Run mass additions transfer to oracle assets

16. open the next accounting period

Reconcilation in Account payable side :

there are two types...
1. AP Internal reconcilation
2. Ap transfer to GL Reconcilation


1. AP Internal reconcilation:

Here we know the opening balance and closing balace

for example : opening balance : 1000000

invoice Amount : 2000000
__________
3000000
__________
paid 800000
________
liability ( closing balance) = 2200000
___________

AP Trail balance (last balance of the current period)

+ posted invoice register

- posted payment register

= AP trail balance ( last of the current period)

2. AP To GL Reconcilation

Here we need to check the

Account ANALYSIS REPORT in GL(total of the AP Liability accounts in GL)

AP trail balance ( last of the current period).

Please post the setups required to approve the payable invoice in AP.

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