Before we can close Payables, we need to complete the following:
1. Bank statements in Cash Management must be reconciled and all issues resolved.
2. Miscellaneous transactions are completed for transactions in Cash Management, for example, bank charges are entered in Payables from Cash Management.
3. Transactions for the period have to be completed. For example, invoices, prepayment, and payments.
4. Review the Uninvoiced Receipts Report from Purchasing for receipts not yet invoiced. When the receipt accrual is run from purchasing at the end of the period, journal entries are created for the amount of the receipt liabilities.
5. Ensure that eligible invoices are approved in readiness for payment.
6. Review and resolve holds placed on the invoices.
7. Complete all payment runs for outstanding invoices due...