Period closing process Ap and GL?
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For AP, there are few standard steps.
1. Complete the invoice import process - Make sure that no records get struck in invoice interface table.
2. Run Invoice Validation with option as "All" and make sure that all the invoices are validated in the period in which closing is done.
3. All the invoices are approved (if applicable), accounted and transferred to GL.
4. All the payment batches (which belongs to the closing period) are in either confirmed status or in cancelled status.
5. Accounting is done for all payment batches and transferred to GL.
6. Optionally use sweep program to transfer documents to next period. (Better to get concurrence from finance before any sweep).
7. Run "AP Data Validation Report" (available in R12.2, check if it is available in earlier versions). This report can be used to check all the errors.
8. Run standard reconciliation reports like Posted invoice register, Posted Payment Register, Trial balance report.
Standard formula is Prev period closing balance in trial balance+invoice register total-payment register total = current period trial balance closing balance.
Compare the results with the account analysis report and GL trial balance reports.
Note: It is very easy to list down the above steps, but in reality, reconciliation is a very tedious process (atleast for few months), nothing tally in one go.
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