Implementing the Oracle Purchasing Receipt Accruals Period-End Process

Transcription

1 Implementing the Oracle Purchasing Receipt Accruals Period-End Process Session ID#: Prepared by: Jacqueline Camphor Managing Director Accentuals Consulting REMINDER Check in on the COLLABORATE mobile app

2 About the Presenter Honors Graduate of Langston University BBA, Accounting BS, Computer Science Certified Public Accountant Oracle Financials Consultant Founder and Managing Director of Accentuals Consulting Community Advocate

3 About Accentuals Consulting Business process and technology solutions provider for finance and accounting Oracle E-Business Suite: Financials Oracle partner Locations: Houston, Texas (headquarters) Dallas, Texas City of Houston WBE/MBE/HHF certified Texas HUB certified

4 Agenda Setup of accounting defaults Create purchase orders Receive items Run Uninvoiced Receipts Report Close Payables Submit the Receipt Accruals - Period-End process Create accounting and transfer journal entries to the General Ledger Manage Purchasing periods

5 Step 1: Setup of Accounting Defaults Navigation path: Purchasing > Setup > Organizations > Purchasing Options Receipt Accounting Accrue Expense Items = Period End Expense AP Accrual Account = Leverage SLA to derive balancing segment from PO charge account

6 Step 2: Create Purchase Orders Navigation path: Purchasing > Purchase Orders > Purchase Orders Create and approve PO

7 Step 3: Receive Items Navigation path: Purchasing > Receiving > Receipts Select Organization Receive the correct quantity for the expense item(s)

8 Step 4: Run Uninvoiced Receipts Report Navigation path: Purchasing > Requests Goods and services received but not invoiced Preliminary listing of uninvoiced receipts

9 Step 4: Run Uninvoiced Receipts Report

10 Step 5: Close Payables Navigation path: Payables > Accounting > Control Payables Periods Current Payables period must be closed before starting the Receipt Accruals process

11 Step 6: Submit the Receipt Accruals - Period-End Process Note: current Purchasing and General Ledger periods must be open Navigation path: Purchasing > Requests Rerun Uninvoiced Receipts Report Accrued Receipts = No Submit the Receipt Accruals - Period-End program Minimum Accrual Amount = 0 Current Period Rerun Uninvoiced Receipts Report Accrued Receipts = Yes URRs ran before and after the Receipt Accruals - Period-End program should reconcile

12 Step 7: Create Accounting and Transfer Journal Entries to the General Ledger Navigation path: Cost Management - SLA > Requests Run Create Accounting - Receiving End Date = 1 st day of next period or later End Date triggers reversing journal entries

13 Step 7: Create Accounting and Transfer Journal Entries to the General Ledger If reversing journals do not generate, manually submit the Complete Multiperiod Accounting program

14 Step 7: Create Accounting and Transfer Journal Entries to the General Ledger Reports derived from the Create Accounting - Receiving program may be used for reconciliation: Subledger Accounting Program Report (Create Accounting - Receiving) Journal Import Execution Report (Journal Import) Subledger Multiperiod Accounting and Accrual Reversal Report Imported uninvoiced receipt accruals may be viewed by querying the journals in the General Ledger: Navigation path: General Ledger > Journals > Enter Source = Cost Management Category = Accrual Period = Current (Accrual) / Next (Reversal)

15 Step 8: Manage Purchasing Periods Navigation path: Purchasing > Setup > Financials > Accounting > Control Purchasing Periods Change current period status to Closed Set next purchasing period to Open (if applicable)

16 Questions? Jacqueline Camphor Managing Director Accentuals Consulting LLC Session ID#: 10711

17 Please complete the session evaluation We appreciate your feedback and insight You may complete the session evaluation either on paper or online via the mobile app