You close a Payables period after you have completed accounting for transactions for the period and you have transferred the accounting entries to general ledger.

You cannot close a period in Payables if any of the following conditions exist:

• Outstanding payment batches. Confirm or cancel all incomplete payment batches.

• Future dated payments for which the Maturity Date is within the period but that still have a status of Issued. Submit the Update Matured Future Payment Status Program.

• Unaccounted transactions. Submit the Create Accounting program to account for transactions, or submit the Unaccounted Transaction Sweep to move any remaining unaccounted transactions from one period to another. See: Creating Accounting Entries in PayablesUnaccounted Transactions Sweep.

• Accounted transactions that have not been transferred to general ledger. Transfer accounting entries to General Ledger. See: Transferring Journal Entries to Your General Ledger

To complete the close process in Payables:

1. Validate all invoices.

   See: Payables Invoice Validation.

2. Confirm or cancel all incomplete payment batches.

3. If you use future dated payments, submit the Update Matured Future Dated Payment Status Program. This will update the status of matured future dated payments to Negotiable so you can account for them.

   See: Update Matured Future Payment Status Program.

4. Resolve all unaccounted transactions.

   Submit the Create Accounting program to account for all unaccounted transactions.

   See: Creating Accounting Entries in Payables.

   Review the Unaccounted Transactions Report. Review any unaccounted transactions and correct data as necessary.

   See: Unaccounted Transactions Report.

   Then resubmit the Create Accounting program to account for transactions you corrected. Or move any unresolved accounting transaction exceptions to another period (optional).

   Submit the Unaccounted Transactions Sweep Program.

5. Transfer invoices and payments to the General Ledger and resolve any problems you see on the output report:

   Transferring Journal Entries to Your General Ledger.

6. In the Control Payables Periods window, close the period in Payables.

   See: Controlling the Status of Payables Periods.

7. Reconcile Payables activity for the period. See: Reconciling Payables Activity. You will need the following reports:

   • Accounts Payable Trial Balance Report (this period and last period).

   • Posted Invoice Register.

   • Posted Payment Register.

8. If you use Oracle Purchasing, accrue uninvoiced receipts. See: Purchasing Integration.

9. If you use Oracle Assets, run the Mass Additions Create Program transfer capital invoice line distributions from Oracle Payables to Oracle Assets. See: Mass Additions Create Program.

10. Post journal entries to the general ledger and reconcile the trial balance to the General Ledger. See: Reconciling Payables Activity to General Ledger.

CLOSE RESTRICTIONS:

COMBINED BASIS ACCOUNTING: If you use the combined basis accounting method, you must transfer invoices and payments to your accrual ledger and payments to your cash ledger before you can close an accounting period.