AP Closing Period Step 10

Reconcile Oracle Payables Activity for the Period

Run the Accounts Payables Trial Balance Report

This report is used to facilitate reconciliation of the total accounts payable liabilities in Oracle Payables, with the Oracle General Ledger Creditors Control Account, for a specific accounting period. This report lists, and sub-totals, by vendor, all unpaid and partially paid invoices for which Oracle Payables created journal entries (i.e. posted invoices). These invoices represent the outstanding accounts payable liability for the organization.

To obtain the most up-to-date trial balance for a given period, journal entries should be posted for the invoice and payment activity for the period, prior to running the report.

For reconciliation of Oracle Payables and Oracle General Ledger when posting is only performed at period end, the following reconciliation method can be used:
To the previous periods Accounts Payables Trial Balance, add the current period’s posted invoices (total amount from the Posted Invoices Register) , and subtract the current period’s posted payments (total cash plus discounts taken, from the Posted Payments Register) . The calculated amount should equal the balance for the current period’s Accounts Payables Trial Balance.

Attention: However, when posting to the general ledger from Oracle Payables is performed multiple times throughout each accounting period, the Posted Invoices Register and Posted Payments Register reports must be run after each posting run, for reconciliation of Oracle Payables liabilities with Oracle General Ledger’s Creditor Control.