8/17/2019 How to Run Period End Receiving Accruals
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How to Run Period End Receiving ccruals
Purchasing provides the functionality to control period-end
accruals. Use the
Uninvoiced Receipts report to analyze uninvoiced non-inventory
receipts
before accruing these receipts. Use the Receipt Accruals-
Period-End process
as many times as necessary to generate accrual entries for the
chosenreceipts. Steps to follow:
1. Identify the purchasing period to reconcile and close.
2. Enter all receiving transactions for goods and services
received during the
period. Purchasing automatically creates receipt accruals for
all receipt
ntered up to the end of this period.
3. Enter and match all invoices received during the period for
the receipt
accrual entries. Solve posting holds problems in Payables before
accruing
receipts. Receipts that are not matched to an invoice are
accrued.
4. Close the Payables period corresponding to the Purchasing
period for the
receipt accrual entries. Although closing the Payables period
was
recommended in earlier releases, this is now a requirement.
5. For period-end accruals of expense purchases, run the
Uninvoiced Receipts
Report. Use this report to analyze the uninvoiced receipts.
6. For period-end accruals of expense purchase, use the Receipt
Accruals -
Period-End process as many times as necessary. Each time the
process is run,Purchasing creates an unposted journal entries batch
in the General Ledger
for receipt accruals. If encumbrances are enabled, another
journal entries
batch is created in General Ledger corresponding to the
encumbrance
reversal entries.
7. Post Accrual and Encumbrance Reversal journal entry batches
in the
General Ledger.
8. Perform all steps necessary to close the accounting period
and generate
eriod-end reports and financial statements in the General
Ledger.
9. Use the General Ledger system to reverse all the receipt
accrual and
encumbrance reversal batches created for the period-end
accruals.
10. Close the Purchasing period for the receipt accruals. When
the
Purchasing period is closed, Purchasing authomatically unmarks
all the
receipts previously accrued to ensure that they can be accrued
again in the
next accounting period.
