Closing an AP Accounting Period

The payables period may be closed after you have completed accounting for transactions for the period and you have transferred the accounting entries to the general ledger. Before closing a period it is critical no one is entering invoices or payments. This will lead to complications in reconciliation and may disrupt the closing of the period. The procedure for closing the period are the same for each country/legal entity, however the ability to physically close the period will depend on whether the country shares the same set of books as another legal entity. I will therefore explain the steps required to close the period together with some specific instructions for each country. France As your AP set of books are independent from other legal entities. You will just need to ensure no one is entering invoices or payments to the French ledger before starting the AP close procedure. In addition it is the sole responsibility of the Financial Controller for France to perform the period end steps and physically close the period. Please note the AP procedural steps for France should be reviewed in line with your differences with the AX module of transferring items for AP to GL. UK As your AP set of books are independent from other legal entities. You will just need to ensure no one is entering invoices or payments to the UK ledger before starting the AP close procedure. In addition it is the sole responsibility of the Financial Controller for the UK to perform the period end steps and physically close the period. Germany As you share your set of books with the Netherlands and Ireland. You will require confirmation from the UK Financial controller before starting the AP close procedure. This confirmation is required as there will need to be some co-ordination to ensure Germany, Ireland and Netherlands have ceased processing for their respective countries prior to the start of the AP period close steps. It is the responsibility of the German Financial Controller to carry out the AP close period process, however it is the responsibility of the UK Financial Controller to physically close the period. Ireland As you share your set of books with the Netherlands and Germany. You will require confirmation from the UK Financial controller before starting the AP close procedure. This confirmation is required as there will need to be some co-ordination to ensure Germany, Ireland and Netherlands have ceased processing for their respective countries prior to the start of the AP period close steps. It is the responsibility of the

UK Financial Controller to carry out the AP close period process and physically closing the period. Netherlands As you share your set of books with the Ireland and Germany. You will require confirmation from the UK Financial controller before starting the AP close procedure. This confirmation is required as there will need to be some co-ordination to ensure Germany, Ireland and Netherlands have ceased processing for their respective countries prior to the start of the AP period close steps. It is the responsibility of the Dutch Financial Controller to carry out the AP close period process, however it is the responsibility of the UK Financial Controller to physically close the period AP close conditions You are unable to close a period in Payables if any of the following conditions exist, these steps are shown as part of the To complete the close process in Payables and should only be referred to then they are only shown here for reference. All text that is underlined refers to notes and guidance that is given in the Oracle online guide. Accounted transactions that have not been transferred to general ledger. Submit the Payables Transfer to General Ledger process to transfer accounting entries. See: Payables Transfer to General Ledger Process. Future dated payments for which the Maturity Date is on or before the current date but that still have a status of Issued. Submit the Update Matured Future Dated Payment Status Program. 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. See: Payables Accounting Process, and Unaccounted Transactions Sweep.

To complete the close process in Payables (You will need to complete all these steps in both your Exodus and GlobalCenter responsibilities.) 1. Run Auto Rate Program The Auto Rate uses exchange rate information in the GL Daily Rates table to enter exchange rates for any foreign currency invoices or payments that have no exchange rates. Program submission You submit the Auto Rate Program in the Submit Request window. See: Submitting Standard Reports, Programs, and Listings. This program has no parameters.

2. Update matured future payment status program - Use this program to automatically update the status of matured future dated payments from Issued to Negotiable. If the payment's Maturity Date is on or before the Maturity Date parameter you specify, the system updates the payment's status. This program creates journal entries to record the status change of the payment. It then creates the Automatic Maturity Event report so you can see the payments that were updated, and those that Payables was unable to update. The report data is printed in the following order: bank name, bank account, payment document, and payment number. Report Submission You submit this report from the Submit Request window. See: Submitting Standard Reports, Programs, and Listings. 3. Approve all invoices and confirm all payment batches. See: Approval. See: Confirming payment batches. 4. Submit the Payables Accounting Process to account for all unaccounted transactions. See: Payables Accounting Process. 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. See: Unaccounted transactions Report. See: Payables Accounting Process. 5. Transfer invoices and payments to the General Ledger and resolve any problems you see on the output report. See: Payables Transfer to General Ledger Program. 6. For UK and France ONLY in the control payables periods window, close the period in payables. See: Controlling the status of Payables Periods. For all other countries please contact UK Financial Controller and advise that your AP close steps have been carried out, no inputting may be completed until you receive confirmation that the period has been closed and rolled over to new period.

7. Reconcile Payables activity for the period. See: Reconciling Payables Activity. You will need the following report: Accounts Payable Trial Balance Report (this period and last period) Posted Invoice Register Posted Payment Register 8. Post journal entries to the general ledger and reconcile the trial balance to the general ledger. See: Reconciling Payables Activity to General Ledger.