Hi Friends..
Can any one explain Payables Month end process...
Regards
shiv
Payables month end process???
Hello.
Navigate to Open/Close periods in both modules and try to close the periods. If the system does not allow you to close:
In AP, run the Unaccounted Transactions Report for the corresponding period. If any items are listed, you must account for them.
In AR, run the Unposted Items Report and run the Transfer to GL program.
Octavio
Navigate to Open/Close periods in both modules and try to close the periods. If the system does not allow you to close:
In AP, run the Unaccounted Transactions Report for the corresponding period. If any items are listed, you must account for them.
In AR, run the Unposted Items Report and run the Transfer to GL program.
Octavio
Hello.
As i said in my previous post, try to close the period. If the system does not allow you to do it, you must run the Unnacounted Transactions Report which will list all transactions you will need to account for. Solve all eventual holds/unnaccounted and then run the Payables Accounting Process again until the system lets you close the period.
Octavio.
As i said in my previous post, try to close the period. If the system does not allow you to do it, you must run the Unnacounted Transactions Report which will list all transactions you will need to account for. Solve all eventual holds/unnaccounted and then run the Payables Accounting Process again until the system lets you close the period.
Octavio.
-
vanisri_mayya
- Posts: 34
- Joined: Wed Jan 13, 2010 4:33 am
- Location: India
Hi,
Accounts Payable should be closed before the purchasing, fixed assets and inventory modules. General Ledger journal entries include postings to the following accounts: prepayments, expense distribution, taxes paid, payable liabilities, discounts and cash accounts. The Accounts Payable period cannot be closed if there are any unposted items for the period. Make sure the Accounts Payable period is closed before closing the Purchasing period.
To close payable module:
Run Accounts Payable Month-End Reports
The Accounts Payable month end reports includes, the Accounts Payable Trial Balance, Posted Invoice Register,
Posted Payment Register, and the Expense Distribution Detail Report.
Reconcile Accounts Payable to the General Ledger
The equation for verifying the month end Accounts Payable Trial Balance is as follows:
(Previous Month) Accounts Payable Trial Balance
+ (Current Month) Posted Invoice Register
- (Current Month) Posted Payment Register
= (Current Month) Accounts Payable Trial Balance
The current month?s Accounts Payable Trial Balance total should equal the General Ledger account balance.
Close Current Accounts Payables Accounting Period and Open Next Period
Verify that the Ending Accounts Payable Trial Balance agrees with the General Ledger Trial Balance.
Once the balances have been verified, close the Payable accounting period.
Regards,
Vanisri
Accounts Payable should be closed before the purchasing, fixed assets and inventory modules. General Ledger journal entries include postings to the following accounts: prepayments, expense distribution, taxes paid, payable liabilities, discounts and cash accounts. The Accounts Payable period cannot be closed if there are any unposted items for the period. Make sure the Accounts Payable period is closed before closing the Purchasing period.
To close payable module:
Run Accounts Payable Month-End Reports
The Accounts Payable month end reports includes, the Accounts Payable Trial Balance, Posted Invoice Register,
Posted Payment Register, and the Expense Distribution Detail Report.
Reconcile Accounts Payable to the General Ledger
The equation for verifying the month end Accounts Payable Trial Balance is as follows:
(Previous Month) Accounts Payable Trial Balance
+ (Current Month) Posted Invoice Register
- (Current Month) Posted Payment Register
= (Current Month) Accounts Payable Trial Balance
The current month?s Accounts Payable Trial Balance total should equal the General Ledger account balance.
Close Current Accounts Payables Accounting Period and Open Next Period
Verify that the Ending Accounts Payable Trial Balance agrees with the General Ledger Trial Balance.
Once the balances have been verified, close the Payable accounting period.
Regards,
Vanisri
Who is online
Users browsing this forum: No registered users and 3 guests