1 What is journal, how many types of journal?

Journal it is user to record the business transaction it contains debit and credit lines always debit must be
equal to credit. Types of journals are Suspense, recurring, reversal journals.
2.P2P Process.
Requisition-> RFQ-> Quotations-> Analysis->PO-> Receivables-> Invoices-> Payment.
3. O2c Process
Sales order-> Book order-> Release the order-> Confirm the order-> close the order-> import
invoice-> print the invoice-> revenue recognition-> defer the cost of good-> enter receipt->apply the
receipt.

Accounts Payables(AP) Period Closing Process

Before submitting the Payables Accounting Process
1.

Run the following Standard reports.

a)

Invoice Register (with Invalidated Invoices parameter as YES).

This report gives the details of invoices entered into the system, but no action is
taken i.e. the status of the invoice is Never Validated.
b)

Invoice on hold Report.

This report gives details of all the invoices that are on hold in the system. Pass the
Parameters as shown in the Screen Shot below, give the period end date in the To
Entered Date field.
Resolve the Holds in the period end so that no Invoices are carried forward to the
next period during the Year End Close. In the Month End Closing you can also choose
to Sweep the Invoices in the next period. .
2.

Based on the information from above reports, take necessary action on invoices.

Approve the Unvalidated Invoices, Account for the Unaccounted Invoices, Release
Holds where ever the Invoices are placed on Hold.
3.

If payment batches are used, confirm all the Payment Batches.

4.

Submit the Payables Accounting Process Program to account for transactions. All

the transactions needs to be accounted before transferred to General Ledger.

5.

Run and Review the Standard report Unaccounted Transactions Report.

Review any unaccounted transactions and correct data as necessary. Then resubmit
the Payables Accounting Process to account for transactions corrected.
6.

Unposted Payable Journal entries will be found in the GL and it will be posted

into the General ledger.

7.

This will be queried in the Journal Entry form with source as Payables and

posting status as Unposted. These Journal entries will be reviewed and Posted into
the GL. If Autopost is scheduled for Payables Invoices, query for any unposted
journals that are remaining after the program runs. Review and post the remaining
entries.
8.

After running the Payables Accounting Process Program program, run Create

Mass Additions program from Account Payables responsibility. This program transfers
all the account lines that are marked as Track as Asset and have corresponding
Clearing Account set up in Fixed Assets. (You cannot run this program before Payable
Transfer to General Ledger program is run, as it considers all lines to be interfaced to
the Fixed Assets must be transferred to the General Ledger).
9.

Reconcile with the General Ledger .The following standard reports from payables

module can be used for reconciliation.

1.

Account Payables Trial Balance.

2.

Posted Invoice Register.

3.

Posted Payment register.

1.2 Opening/Closing of AP periods

Navigation: Accounting > Control Payables Periods.
1.

Complete the Transfer to General Ledger from the Payables for the period to be

closed.
2.

Select the period to close. Select Closed from list of values in the Period Status

and save the record. I

3.

If any invoice/s, debit/credit memo, prepayment, expenses reports are not

approved, these will be swept into the next or decided open/future period. If sweep
is required, future period should be opened before sweeping is done.
4.

Select the Next period to open. Select Open from list of values in the period

status and save the record.

SUBLEDGER PERIOD CLOSE EXCEPTION REPORT(Before closing period we have to
run this report the data will be no data)