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Administrator Guide
Last Updated: 2023-06-23
Process: Procure to Pay Period Close

Process: Procure to Pay Period Close

Review the Period Close Product Flow to familiarize yourself with the period close process.
This topic provides a checklist of tasks for requisitioning, purchasing, receiving, paying for, and accounting for goods and services during period close.
Your procure-to-pay process checklist might consist of different tasks. Use the information as a guide.
  1. Source requisitions into purchase orders.
    Manually create or schedule a job to search for unsourced requisitions and source them into purchase orders.
    1. Access the
      Find Requisitions
       report to:
      • Review and change the status of
        In Progress
         requisitions to
        Successfully Completed
         status so you can source them into purchase orders.
      • Filter by
        Has Unsourced Lines
         to source unsourced requisitions into purchase orders.
      Security:
      Process: Requisition-Reporting
       domain in the Procurement functional area.
    4. Access the
      Mass Close Procurement Documents
       task.
      Mass close any outstanding requisitions that you won’t issue as purchase orders.
      Security:
      Procurement Document Mass Action Event
       business process and security in the Procurement functional area.
    5. (Optional) Access the
      Requisitions Pending Approval or Sourcing
       report in your wdsetup tenant.
      Locate all requisitions that you haven't sourced.
      For more information, see Procurement Reports.
  2. Approve and issue any outstanding purchase orders or change orders.
    1. Access the
      Find Purchase Orders
       report.
      Review purchase orders with a status of
      In Progress
       or
      Draft
       and change their statuses to
      Approved
       so you can issue them.
    2. Issue all purchase orders so you can create receipts and supplier invoices.
    3. Create change orders for issued purchase orders.
    4. (Optional) Access the
      Mass Close Procurement Documents
       task.
      Mass close any outstanding purchase orders that you’ll never receive.
      Security:
      Procurement Document Mass Action Event
       business process and security in the Procurement functional area.
      For more information, see Steps: Mass Close Procurement Documents.
  3. (Optional) Access the
    Supplier Contracts Needing Attention
     report in your wdsetup tenant.
    This report displays all contracts expiring in the next month and contracts with less than 10% remaining balance.
    You can select to either:
    • Create an amendment to extend the contract.
    • Copy the contract to a new contract.
    • Close the contract.
    Security:
    Process: Supplier Contract - Reporting
     domain in the Procurement functional area.
  4. Review and accrue any open supplier invoices.
    1. Access 1 or all of these reports:
      • Find Supplier Invoices
        : Process invoices in
        Draft
         or
        In Progress
         status.
        Security: These domains in the Supplier Accounts functional area:
        • Reports: Supplier Accounts
        • Process: Supplier Invoice - Reporting
      • Supplier Open Items
        : Pay any partially paid on unpaid invoices.
        Security:
        Reports: Supplier Accounts
         in the Supplier Accounts functional area.
      • (Optional)
        Unapproved Supplier Invoice Line Accrual
         in your wdsetup tenant.
        Use the report to create a reversing manual journal entry at the end of each period to accrue properly supplier invoices.
        Security:
        Reports: Supplier Accounts
         in the Supplier Accounts functional area.
  5. Register and capitalize the assets and place them in service before you record depreciation. Placing them in service will accurately state your assets and depreciation expenses.
  6. Create a schedule to record depreciation and amortization expenses for company assets.
  7. Do 1 or both of these:
    You amortize prepaid invoices and related installments for the period to decrease prepaid liability by debiting expense accounts.
  8. Create period-end accruals for approved uninvoiced receipts for goods and services.
  9. Pay and settle all applicable supplier invoices.
    For more information, see Concept: Settlement Processing.
  10. Access the
    Fix Operation Journals with Errors
     task.
    Correct any operational journal errors not posted to the current period.
    Security:
    Process: Audits and Corrections
     domain in the Financial Accounting functional area.
    For more information, see Troubleshooting: Financial Journals.
  11. Close activity groups for procurement, suppliers, and ad hoc payments.
    For more information, see Concept: Ledger Close Activity Groups.
  12. (Optional) Run Revaluation.
    For multicurrency organizations, revalue foreign currency journal amounts based on your rules for the period.
  13. Reconcile payables to the ledger.
    Use 1 or all of these reports to reconcile your payables to the ledger balance:
    • Payables Aging
      .
      Security:
      Reports: Supplier Accounts
       domain in the Supplier Accounts functional area.
    • Payables to Supplier Balances Reconciliation
      .
      Security:
      Reports: Financial Accounting
       domain in the Financial Accounting functional area.
    • Payables to Supplier Reconciliation Exception Summary
      .
      Security:
      Reports: Financial Accounting
       domain in the Financial Accounting functional area.
    • Trial Balance
       for the Payables ledger account.
      Security:
      Reports: Financial Accounting
       domain in the Financial Accounting functional area.
  14. Complete bank reconciliation.
    Reconcile bank statements against your cash transactions.
    2. Access the
      Book to Bank Summary - Uncleared Bank Statement Lines
       report.
      Check for unreconciled lines.
      Security:
      Process: Bank Statement-Reporting
      domain in the Banking and Settlement functional area.
  15. Access 1 or both of these reports to reconcile cash to bank balances.
    • Book to Bank Summary Report
    • Book to Bank By Bank Account Currency Report
    Security:
    Report Execution
    domain in the Tenant Non-Configurable functional area.
  16. Reconcile cash transactions to ledger account.
    Use these reports to reconcile your cash transactions to your ledger accounts.
    • Cash to Bank Reconciliation Composite
       report to reconcile cash operational transactions to the ledger account in ledger currency.
    • Cash to Bank Reconciliation in Bank Currency
       report to reconcile cash operational transactions to the ledger account in bank currency.
    Security:
    Report Execution
    domain in the Tenant Non-Configurable functional area.
  17. Roll Forward Procurement Documents.
    During year-end closing, roll forward commitment and obligation journals to the first date of the next open period.
    Access the
    Create Ledger
     task and select the
    Roll Journals Forward for Procurement
     check boxes for the
    Create Commitments
     and
    Create Obligations
     grids.
    Security:
    Set Up: Ledger and Book
     domain in the Common Financial Management functional area.