Oracle Apps: Payables Period Closing process( Payables month end closing)

To complete the close process in Oracle Apps Payables:
1. Validate all invoices.
    Run Invoice Validation Concurrent program.

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.

4. Resolve all unaccounted transactions. Submit the Payables Accounting Process to account for all
    unaccounted transactions. Review the Unaccounted Transactions Report. Review any unaccounted
    transactions and correct data as necessary. Then resubmit the Payables Accounting Process to account
    for transactions you corrected. Or move any unresolved accounting transaction exceptions to another
    period (optional).

• Payables Accounting Process.
• 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: Payables Transfer to General Ledger Program.

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

7. Reconcile Payables activity for the period. 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.

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

10. Post journal entries to the general ledger and reconcile the trial balance to the General Ledger.

You cannot close a period in Payables if any of the following conditions exist:
o Outstanding payment batches. Confirm or cancel all incomplete payment batches.
o Future dated payments for which the Maturity Date is within the period but that still have a status of Issued.
o Unaccounted transactions. Submit the Payables Accounting Process to account for transactions, or submit the Unaccounted Transaction Sweep to move any remaining unaccounted transactions from one period to another.
o Accounted transactions that have not been transferred to general ledger. Submit the Payables Transfer to General Ledger process to transfer accounting entries.


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Create Mass Additions from Invoice Distributions in Payables

11i/R12 process to Add Asset through PO/Invoice to FA

1. Make sure that the Asset item that you want to procure is having the expense account  as the Asset
   Clearing account of the Asset category that you want to assign in Fixed Assets.

2. Raise a PO for this Asset item you want to procure, so that the PO Distribution account is the Asset
   Clearing item.

3. Receive the Asset item in the Expense Location.

4. Make new Invoice and match it with Inventory Receipt.

5. The Invoice Distributions will automatically be defaulted due to matching with receipt. "Track As Asset
    Flag" will be set to Yes in Invoice distribution

7. Validate the Invoice and Create Online Accounting for this Invoice.

8. Run the Mass Addition Creation request from Payables module. The Invoice distribution will be imported
    into the Mass Addition Tables in FA.

10. Prepare and Post the Mass Addition line to create the Asset.

Conditions for Invoice distribution Line to be picked up by Create Mass additions Program following
are the important points
1. Invoice Distribution account is a Asset Account.
2. The account is set up for an existing asset category as either the
    asset clearing account or the CIP clearing account
3. Track As Asset check box is checked.
4. Invoice line distribution is posted to GL.

Conditions for Expensed Invoice Line Distributions To Be Imported
The create mass additions process imports an expensed line only if:
1. Invoice line distribution is an Expense account
2. Track as Asset is checked
4. Invoice line distribution is posted to GL.
5. The general ledger


R12 Features:
1. Enhanced Asset Tracking:
   Asset information typically entered on a purchase order, such as manufacturer, serial number, and model
   number, can now flow seamlessly into Payables and Assets. R12 provides the ability to track attributes such as Manufacturer, Model, Serial Number, Warranty Number from Purchasing through Accounts Payable to Fixed Assets.This increases processing efficiency and eliminates manual updates in FA that may have been required in the past.

2. Addition of  Asset Book at Invoice Line level:
   The Create Mass Additions process can now be submitted to select only those invoice distributions with a   specific Asset Book, reducing the possibility of errors that need to be manually corrected. Addition   of this field to the Lines and Distributions model will enable controlled transfer of Asset Distributions per Asset Book over to Oracle Assets via the Create Mass Additions process.  In 11i, the Asset Book is defaulted from the parameter given to the Mass Additions process; the user has not control in terms of selecting appropriate distributions to transfer to the given Asset Book since the distributions don’t have Asset Book information.  With the addition of this field to the Lines and Distributions model, the Payables user will be able to select the appropriate Asset Book for a line, have that default to the distribution and in turn have the Create Mass Additions process transfer distributions having Asset Book matching the parameter for the run.

3. Addition of  Asset Category at Invoice Distribution level:
With the addition of this field to the Lines model, the Payable user will be able to populate the Asset Category via the Invoice Entry mechanisms.  One caveat of this solution is that the field will not be mandatory and thus, distributions may still be transferred with null Asset Category.  Furthermore, since Oracle Payable will not support validation of the Asset Category against the Asset Clearing Account, distributions may be transferred with mismatched Asset Category.

4. Invoice Lines:
   Oracle Payables incorporates Invoice Lines into the invoice model. Adding Invoice Lines is a key 
   architectural change, which enables Oracle Payables to better model the paper or electronic business
   document yet maintain key features that exist at the invoice distributions level.Furthermore, it facilitates
  the capture and transfer of additional, pertinent information to and from Oracle Projects and Oracle Assets.