Live: Catch The Exciting Close Of Cloud Payable Period!

How to close payables period in Oracle Fusion
Considerations for Closing a Cloud Payables Period:
Complete and approve all transactions and payment files.
Reconcile payments to bank statement activity.
Transfer all approved invoices and payments to the general ledger.
Submit the Unaccounted Transactions and Sweep process.
Close the current Payables period.
Reconcile Payables activity for the period.
Open the next Payables period, run interface processes, and run reports.
Run the Import Payables Invoice process to process all interface records. If the import process rejects any records, review the import corrections spreadsheet and resubmit the import.
If invoice approval is enabled, approve all unapproved invoices. Depending on how your invoice options are set, validation or accounting may be required before you can approve the invoices.
Complete and Approve All Transactions and Payment Files
Resolve holds on invoices.
Validate the invoices.
Optionally submit a payment process request.
Complete all payment files.
Submit the Invoice and Payment Registers.
Run the Update Matured Bills Payable Status process.
Run the Apply Missing Conversion Rates process.
Reconcile Payments to Bank Statement Activity
Reconcile payments to bank statement activity for the period in Oracle Fusion Cash Management. Ensure that payments are cleared if you account for payments at clearing.
Transfer All Approved Invoices and Payments to the General Ledger
To account and transfer any unaccounted transactions to General Ledger, run create accounting with the Transfer to General Ledger option set to Yes.
Run the Post Journal Entries to General Ledger process to transfer to
Submit the Unaccounted Transactions and Sweep Process
For example, you have invoices for which you can't resolve holds before the close. Your accounting practices allow you to change invoice distribution accounting dates. You can submit the process to change invoice distribution accounting dates to the first day of the next open period. You can then close the current period.
The Unaccounted Transactions and Sweep process doesn't roll forward accounted transactions, or accounted transactions with errors. To create successful accounting entries for accounted transactions with errors, correct any accounting errors and resubmit the Create Accounting Process. The process transfers unaccounted transactions to the period you specify by updating the accounting dates to the first day of the new period. You can then close the current accounting period in Payables.
General Ledger transactions accounted in final mode, but that weren't transferred.
Review the output generated by the Create Accounting and Post Journal Entries to General Ledger processes.
Submit the Unaccounted Transactions and Sweep Process
Run the Payables Unaccounted Transactions and Sweep process to transfer unaccounted transactions from one accounting period to another. If your accounting practices permit it, use this process to change the accounting date of the transactions to the next open period
Points to note when setting up for Oracle Fusion Payables to General Ledger reconciliation:
• Reconciling by Business Unit or Ledger
If you implicitly map primary balancing segment values to your business units, you can reconcile based on business unit. This allows employees from different business units to balance their respective accounting activity.
If you do not implicitly map primary balancing segment values to business units, you must reconcile based on ledger. In this case, you will need access to all business units associated with the ledger to perform a thorough reconciliation.
• Assigning a Financial Category
You must assign a Financial Category of Accounts payable to all your liability natural account values. This is a required setup step for Payables to General Ledger Reconciliation. You perform this task on the Manage Values page for the value set associated with the natural account segment of your chart of accounts.
To include bills payable, intercompany, and tax authority liability accounts in the Payables to General Ledger Reconciliation report, assign them the Accounts payable category as well.
If the Financial Category of Accounts payable is not assigned to any natural account in your chart of accounts, the Payables to General Ledger Reconciliation report will not select any data.
Once you assign the category, you can leave the Account parameter blank when you run the extract to include all accounts that have the Financial Category of Accounts Payable in the ledger. You can alternatively enter specific natural account values to limit the report to reconcile only a subset of the payables accounts in the ledger.
• Setting the Reconciliation Data Purge Frequency Profile Option
Reconciliation data purge frequency profile option to indicate the number of days that reconciliation extract data is kept in the tables.
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[@E3RTH]

It was incredibly informative and covered key business processes thoroughly.
I’m looking forward to the Customer Master video. Hoping it will include insights on both FBDI and REST API methods. Keep up the great work with these uploads!

[@user-rn5ex2je5c]

Hi Mohammed, Can you please do video on AP approval from spreadsheet?

[@A_Step_by_Step2023]

Sure

[@user-rn5ex2je5c]

Excellent Video Mohammed and My question is related to bank integration, How we can do validation after bank integration completed whether the functionality is working properly or not ?? pls reply ASAP

[@A_Step_by_Step2023]

Hi,
After all of you as a functional and technical team complete the configuration for integration part,
you have to ask the bank to send to you at least 2-3 bank statements in Test Instance then you have to check the below Points:
1- check that the process of import bank statement is working fine and completed successfully incase if you import bank statement through schedule process,
2- check the bank statement date, bank account, opening balance, ending balances of the imported bank statement.
3- Then you have to check all the transactions which is imported (Types, Amount, Date, source, Debit, credit....etc) and compare this data with the actual data by log in bank portal or ask the bank to share with you the details/Lines of this imported bank statement to be as a reference for you
4- try to make a reconciliation either manual or auto reconcile
5- try to delete lines or delete the whole bank statement and re import it again
6- try the same steps with different bank account if you have more than 1 bank
Thanks

[@pavanvasireddy7631]

Thank you so much 🙏