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PUR Period Close Checklist

PUR Period Close Checklist

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09/10/2010

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Purchasing Period Close Checklist

Revised 05/24/2010

Day

Step

Process Complete PO and AP transactions

 0 1.

[Top-Ten Shortcut] Process Description In the Purchasing Super User Responsibility a. Complete all receipt and delivery processing in Purchasing, Inventory and Work-in-Process. b. Complete all invoices processing in Payables. c. Verify that GL has Imported Purchasing Receipts journal batches before processing to run PO expense accruals. Note: Accounts Payable must already be closed.

Navigation Path

Resp. Person

0

2.

Run Uninvoiced Receipts Report

a.

Reports> Run [Requests> Submit] Run the Uninvoiced Receipts Report for Expense and Capital distribution accounts Accrued Receipts= <No> Include Online Accruals= <No> Period= <current period as MON-YY> Review the report details to verify correct expense accounts and amounts with GL Accountant and agree what should be accrued. The next step generates GL journal entries to expense account with offset to AP expense accrual account.

b.

0

3.

Accrue Uninvoiced Receipts

Reports> Run [Requests> Submit] If expenses are to be accrued: a. Run the Receipts Accrual - Period-End process Important: Request the GL Accountant to import the perpetual accruals from Purchasing (journal category = receiving) before you run the month-end receipt accrual process for your expense accruals (journal category = accrual). This keeps the two journal categories out of the same G/L batch and makes it easier to reverse the expense accruals in the new period.

Rerun the Uninvoiced Receipts Report for Expense and Capital distribution accounts Accrued Receipts= <Yes> Include Online Accruals= <No> Period= <current period as MON-YY> In GL import and post PO expense accrual journal entry batch.

c.

Note: AP must already be closed. 0 4. Close Period Setup> Financials> Accounting> Control Purchasing Periods

a. Find the current Period, set Status = Closed
Note: Close Purchasing after Payables is closed. 0 0 0 5. 6. 7. Open Period Notify Notify Setup> Financials> Accounting> Control Purchasing Periods a. Find the next Period, set Status = Open Notify Operations that next Purchasing period is Open. Notify GL Accountant that Purchasing Close is complete and Purchasing Journal should be imported and posted.
Tel: (+974) 4980871, (+974) 4980872, Fax: (+974) 4980873, P.O. Box: 22466, Location: West-bay, Doha-Qatar, www.iis-me.com

(+974 ) 4980872 ، (+974 ) 4980871 :‫هاتف‬ ، 22466 :‫فاكس: 3780894 ) 479+( ، ص.ب‬ ، (‫الدوحة – قطر )الخليج الغربي‬

Purchasing Period Close Checklist
Revised 05/24/2010

Day

Step

Process Run Month End Reconciling Reports

Navigation Path

 1 8.

Process Description

[Top-Ten Shortcut]

Resp. Person

Use to reconcile the Inventory AP Accrual account 20910 in GL. Reports> Run [Requests> Submit] a. Run the Receiving Value Report – Real Time (need month-end snapshot) b. Run Receiving Account Distribution Report by Destination Account. Use to review PO/AP matching variances generated during the month. Reports> Run [Requests> Submit] a. Run the Invoice Price Variance Report b. Run the Purchase Price Variance Report Note: Receiving Value Report is Real Time and must be run on the last day of the month immediately following the Inventory close. The reports above are all run as part of the Cost Management close.

1

9.

Run Accrual Reconciliation Reports for Write-off preparation

Reports> Run [Requests> Submit] a. Run Accrual Rebuild Reconciliation Report (This will rebuild the table of inventory accruals for reporting purposes.) b. Run Accrual Write Off Report c. Run Accrual Reconciliation Report (specify parameter to include written off transactions or not.) a. Reconcile PO accrual accounts with General Ledger accrual account balances. Use the ‘Report Summary by Source and Accrual Transaction section of the Accrual Reconciliation Report to reconcile with GL. b. In General Ledger: Run the Trial Balance Summary1 Report (with Amount Type = PTD) for GL account balances after the PO batches have been posted in GL. Accounting: Write Offs [Accruals Write Offs] a. Record discrepancies using the Accrual Write-off Form. b. Using GLDI, construct a manual write-off journal entry and import it for posting. Instruct AP to correct any invoice distribution lines as needed. c. Notify GL Accountant of Accrual write-off batch for GLDI import and posting.

1

10.

Reconcile PO accrual accounts

1

11.

Prepare Accounting Accrual Write-offs

(+974 ) 4980872 ، (+974 ) 4980871 :‫هاتف‬ ، 22466 :‫فاكس: 3780894 ) 479+( ، ص.ب‬ ، (‫الدوحة – قطر )الخليج الغربي‬

Tel: (+974) 4980871, (+974) 4980872, Fax: (+974) 4980873, P.O. Box: 22466, Location: West-bay, Doha-Qatar, www.iis-me.com

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