Oracle AP Month End Closing Process - Oracle Payables

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Oracle AP Month End Closing Process:

In this article I will explain the period end- month end closing process for Oracle Payables. What are the steps for closing process and what reports are required for this process to ensure the closing process without any issue.

1- Complete Transactions:

 Complete all the transactions in Oracle Payables and approve the invoices if invoice approval is required in Oracle Payables.

• Complete Invoicing and Credits
• Complete Prepayments
• Complete Expense Reports
• Complete Invoice Import

Validate the invoices then approve if invoice approval is enable.

 2- Complete Payments:

 Complete the payments for all invoices that is required to process. 

Approve all the payments in the same way if payment approval is enable in Payables.

3- Run Create Accounting & Transfer to GL:

  After completing invoices and payments the next step is create accounting.

3.1 - Create Accounting:

 Run the create accounting ( You can run the create accounting in draft or final mode)

• Journal import programe will automatically run when you run the create accounting.

• Review the Create Accounting output file it will give to overall picture of create accounting summary. How many entries are process and how many entries are not processed. 

3.2-Transfer to GL:

When you run create accounting  Transfer to GL option select YES. It will transfer all the entries into GL.

You can also run the Transfer to GL Programe to transfer the transaction to GL.

 4-Month End Closing Reports:

When you complete the create accounting and transfer to GL process. The next step is to check whether all the transactions are successfully transferred to GL and there is no transactions stuck in the interface.Then you need to run the following reports.

4.1 - Unaccounted Transaction Report : 

This report shows the transactions that are not accounted for the period that report is run.

You can run this report to verify that accounting have been successfully created for all the transactions.

4.2 - Sub ledger period close Exception Report : 

This Reports shows the exception if there is for the period for that report is run. You can run this report and resolved the exceptions.

5- Close Payables Period.

After doing all the activities, you need to close the Oracle Payables Period.

Period will not close if there is any exception for that period. then you need to Sweep that exceptions to the next period and close the current period.