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Any tips or stories to share regarding closing Payables early(2 days before end of calendar month)

in Payables, Payments & Cash Management 4 comments

HI All,

My client wants to pursue closing the Payables module early - defined as 2 business days before the actual end of the calendar month. They use a standard 12-month Jan-Dec fiscal calendar.

Does anybody have any experience to share on the ramifications of pursuing this approach?

As an example, they would close on the May 2024 period on May 29th and would "force" all activity on May 30th and May 31st to have a GL date of 6/1 and be posted in the June 2024 period.

Areas of concern I already have: Reconciliations, Payment Processes/Bank Integrations, External Inbound and Outbound interfaces, General Usability of the application that often defaults GL date to match the current day to name a few.

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