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Knowledge Sharing | Period close dependencies of subledgers

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edited Jul 22, 2020 9:26PM in General Ledger & Intercompany 2 comments

Summary

Knowledge Sharing | Period close dependencies of subledgers

Content

Knowledge Sharing | Period close dependencies of subledgers

  • Close Payables before closing Procurement to consider the purchasing accruals at period end to accrue expenses on un-invoiced receipts.
  • Close Payables before closing Inventory to ensure the un-invoiced accrual entry is accurate.
  • Close Payables before closing Fixed Assets to ensure invoices are completed and capital invoice line distributions are transferred from Payables to Fixed Assets. If creating leases in Fixed Assets, all leasing invoices must be interfaced to Payables and paid before closing Payables.
  • Close Payables before closing Projects to ensure invoices and expense reports are completed and transferred to Projects.

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