AP Period Closing Step 5

Create Payables Accounting Entries and Transfer All Approved Invoices and Payments to the General Ledger.

Payables Subledger Accounting Process creates detail or summary journal entries from the invoice and payment activity when you post. The journal entries are posted in Oracle General Ledger to update account balances.

The subledger accounting entries are transferred to the General Ledger interface tables, creating journal entries for invoice and payment transactions, if the option Submit Transfer to GL is set to Yes in the Parameter window. 

Run Create Accounting Process

The Create Accounting program processes eligible accounting events to create subledger journal entries. To create the subledger journal entries, the Create Accounting program applies application accounting definitions that are created in the Accounting Methods Builder (AMB).

The Create Accounting program:

• Validates and creates subledger journal entries
• Transfers the final journal entries in the current batch run to General Ledger and starts the General Ledger posting process
• Generates the Subledger Accounting Program Report, which documents the results of the Create Accounting program

Transfer Journal Entries to GL program

The Transfer Journal Entries to GL program enables you to transfer any eligible journal entries to General Ledger, including those from previous batch runs that have not yet been transferred to General Ledger.

It is recommended to run the "Create Accounting" process in "Draft" mode before running it in Final mode in order to do the necessary updates before creating final accounting entries.

Review the Payables Subledger Accounting Entries

Review and analyze subledger accounting entries in the Payables subledger. You can produce a detailed or summary listing of the accounting information you want to review. 

When running "Create Accounting" program with "Summary" or "Detail" report, you can view the program output and review Transactions that have been accounted with error and entries that could not be transferred to the general ledger interface. 

When a transaction is accounted with errors, find the error cause and resolve it before submitting payables create accounting program.

Review the Unaccounted Transactions Report

This report enables review of all unaccounted invoice and payment transactions and sees the reason that Payables cannot account for a transaction. Payables sort the report by transaction type (invoice or payment), exception, supplier, transaction currency, and transaction number.

Run this report after you have run the Payables Accounting Process. The report will then show only transactions that had problems that prevented accounting. You can then correct the problems and resubmit the accounting process.

Note that this report does not include invoices that have no distributions.