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"Soft Close" process in AP

edited Feb 7, 2019 8:54PM in Payables, Payments & Cash Management 10 comments

Summary

Does anyone perform an AP soft close process that they can share?

Content

Currently our disbursements department runs an AP soft close for both invoices and payments approximately 2 weeks before the actual end of the month.  This is done so that Corporate Accounting and the Allocations team have enough time to process allocations for external reporting purposes. 

 

The process is very time consuming as they must run the “create accounting” process in draft mode for 4 ledgers in draft mode for invoices to determine any needed corrections.  They then run the same in Final mode.  They then do the same for the payments. Finally they run the Sweep process for 4 Business Units in a draft mode, make corrections and then run it in final mode for each BU.  We have discussed automating some of the process but the review of the errors is a large part and cannot be automated.

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