Oracle EBS : Procure to pay Year Ending Closing Process
*Payables*
1. Complete All Transactions for the Period Being Closed
2. Run the Payables Auto Approval Process for All Invoices / Invoice
Batches
3. Review & Resolve Amounts to Post to the General Ledger
4. Reconcile Payments to Bank Statement Activity for the Period
5. Transfer All Approved Invoices Payments, Reconciled Payments to the
General Ledger
6. Review the Payables to General Ledger Posting Process After Completion
7. Submit the Unaccounted Transactions Sweep Program
8. Close the Current Oracle Payables Period
9. Accrue Un invoiced Receipts
10. Reconcile Oracle Payables Activity for the Period
11. Run Mass Additions Transfer to Oracle Assets
12. Open the Next Payables Period
13. Run Reports for Tax Reporting Purposes (Optional)
14. Run the Key Indicators Report (Optional)
15. Purge Transactions (Optional)
*Purchasing*
1. Complete All Transactions for the Period Being Closed
2. Review the Current and Future Commitments (Optional)
3. Review the Outstanding and Overdue Purchase Orders (Optional)
4. Follow up Receipts-Check with Suppliers
5. Identify and Review Un-invoiced Receipts (Period End Accruals)
6. Follow Up Outstanding Invoices
7. Complete the Oracle Payables- Period End Process
8. Run Receipt Accruals - Period End Process
9. Reconcile Accounts - Perpetual Accruals
10. Perform Year End Encumbrance Processing. (Optional)
11. Close the Current Purchasing Period.
12. Open the Next Purchasing Period.
13. Run Standard Period End Reports (Optional)
*Inventory/WIP*
1. Complete All Transactions for the Period Being Closed.
2. Check Inventory and Work In Process Transaction Interfaces.
3. Check Oracle Order Management Transaction Process.
4. Review Inventory Transactions.
5. Balance the Perpetual Inventory.
6. Validate Work In Process Inventory.
7. Transfer Summary or Detail Transactions
8. Close the Current Oracle Payables and Oracle Purchasing Periods
9. Close the Current Inventory Period
10. Open the Next Inventory Period
11. Run Standard Period End Reports (Optional)
