Closing Po Periods
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Closing PO Periods Before reconciling your transactions with your general ledger account balances, you should perform the following steps: 1. Identify the period you want to reconcile and close. 2. Enter all receiving transactions for goods and services you received during the period. 3. Enter and match all invoices you received during the period for your receipt accrual entries. 4. Perform the GL Transfer in Inventory and reconcile your Inventory Purchase Price Variance and A/P Accrual entries. 5. Identify the period-end balances of the following accounts in your general ledger: a. Purchase Price Variance b. A/P Accrual Account c. Inventory Accounts 6. Reconcile the balance of the purchase Price Variance account using the Purchase Price Variance Report. 7. Identify the Invoice Price Variance amount and Accrued Receipts amounts in the A/P Accrual Account. 8. Manually remove the Invoice price Variance amount from the A/P Accrual Account using your general ledger (prior release IPV only). 9. Close your accounts payable period corresponding to the purchasing period for your receipts accrual entries. See: Controlling the Status of AP Accounting Periods, Oracle Payables User's Guide 10. Perform period-end accruals steps for purchasing and one-time items. 11. Close the period in Purchasing, (You do not need to reverse any journal entry batch in the following period). 12. Close your Inventory Period after review.
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Transcript of Closing Po Periods
Closing PO Periods
Before reconciling your transactions with your general ledger accountbalances,you should perform the following steps:
1. Identify the period you want to reconcile and close.
2. Enter all receiving transactions for goods and services you received duringthe period.
3. Enter and match all invoices you received during the period for yourreceiptaccrual entries.
4. Perform the GL Transfer in Inventory and reconcile your InventoryPurchase Price Variance and A/P Accrual entries.
5. Identify the period-end balances of the following accounts in your generalledger: a. Purchase Price Variance b. A/P Accrual Account c. Inventory Accounts
6. Reconcile the balance of the purchase Price Variance account using the Purchase Price Variance Report.
7. Identify the Invoice Price Variance amount and Accrued Receipts amountsinthe A/P Accrual Account.
8. Manually remove the Invoice price Variance amount from the A/P AccrualAccount using your general ledger (prior release IPV only).
9. Close your accounts payable period corresponding to the purchasing periodfor your receipts accrual entries. See: Controlling the Status of APAccounting Periods, Oracle Payables User's Guide
10. Perform period-end accruals steps for purchasing and one-time items.
11. Close the period in Purchasing, (You do not need to reverse any journalentry batch in the following period).
12. Close your Inventory Period after review.
13. Close your General Ledger period after review.
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