Thursday, July 22, 2010
1099 Supplier Overview
In the United States, you must report to the Internal Revenue Service certain types of payments you make to 1099 reportable suppliers. In the supplier window, you can designate suppliers as federally reportable. When you enter invoices for the supplier, you classify invoice distributions by 1099 MISC type using the Income Tax Type field. At year end, you can then report, in standard formats, your accumulated 1099 payment information to the Internal Revenue Service, other tax agencies, and your suppliers. For each reporting entity, you assign one or more balancing segment values. When you submit 1099 reports for a tax entity, Payables sums up the paid invoice distributions that have these company balancing segment values in their accounts. To create and report on 1099 supplier payments: • If you want to use combined federal and state 1099 filing, and want to produce K–Records and B–Records, enable the Combined Filing Program Payables option. • If you use combined federal and state filing, define your tax regions. • Define your tax reporting entities. 2. Enter 1099 details for suppliers: 3. Enter and pay 1099 invoices: • When you enter invoices for 1099 suppliers, enter an Income Tax Type and Income Tax Region for appropriate invoice distributions, or accept the default from the supplier • Pay invoices. 4. Identify and resolve 1099 exceptions: • Submit for each reporting entity the 1099 Invoice Exceptions Report to identify the following exceptions: – 1099 invoice distributions with no Income Tax Type – 1099 invoice distributions with invalid or missing income tax regions – non–1099 invoice distributions with an Income Tax Type Resolve exceptions for each invoice distribution. • Submit the 1099 Supplier Exceptions Report: to identify and resolve the following exceptions: – suppliers with null or invalid state abbreviations – suppliers that will be flagged as foreign in the 1099 Electronic Media report – suppliers with missing or non–standard Tax Identification Numbers Resolve any exceptions in the Suppliers window. • Print a Tax Information Verification Letter for each supplier who has not yet furnished or confirmed its tax identification number or tax reporting region. After a supplier provides this information, update the Supplier Verification Date in the Tax Region of the Suppliers window. 5. Optionally withhold tax from suppliers if they have a missing or invalid Tax Identification Number (TIN) and if you have not met the legal requirements of requesting a valid TIN from them. 6. Update 1099 Payment Information. • Adjust Invoice Distributions manually in the Invoice Workbench, or use the Update Income Tax Details Utility. 7. Generate 1099 Reports. • 1099 Forms. Submit to the Internal Revenue Service for each 1099 supplier, and send a copy to the supplier. • 1096 Form. Submit to the Internal Revenue Service for each 1099 MISC type paid during the calendar year. • 1099 Electronic Media. If you submit 250 or more 1099 forms, the Internal Revenue Service requires you to file your 1099 payment information on magnetic media or electronically • Form 941. Send this form to the Internal Revenue Service to report total supplier withholding for a quarter. Your Accounts Payable department should create a manual payment for the total amount withheld, and you should remit this amount and the 1096 Form to the Internal Revenue Service. • 1099 Payments Report. Run this report for your reference to review 1099 payments by supplier or MISC type
Wednesday, July 21, 2010
Payable -Invoice Technical Process View
This Post will give Detail Information about Technical Overview of Invoice Creation detail Process
Steps :-
1)Create Invoice :Base Table affected
AP_INVOICES_ALL
AP_INVOICE_DISTRIBUTION_ALL
AP_PAYMENT_SCHEDULE_ALL
Till now no accounting is generated.
2)Validate the Invoice:
When you validated the invoices the accounting event is generated in
AP_ACCOUNTING_EVENT_ALL table
Still no accounting is generated in the accounting tables
3)Create the Accounting :
Online accounting process finally insert the data into
AP_AE_HEADERS_ALL
AP_AE_LINES_ALL
This accounting tables are giving actual credit and debit information about each invoices.When you run payable transfer to gl or Payable accounting process data is pick up from this accounting tables and inserted to GL base tables through interface table.
Steps :-
1)Create Invoice :Base Table affected
AP_INVOICES_ALL
AP_INVOICE_DISTRIBUTION_ALL
AP_PAYMENT_SCHEDULE_ALL
Till now no accounting is generated.
2)Validate the Invoice:
When you validated the invoices the accounting event is generated in
AP_ACCOUNTING_EVENT_ALL table
Still no accounting is generated in the accounting tables
3)Create the Accounting :
Online accounting process finally insert the data into
AP_AE_HEADERS_ALL
AP_AE_LINES_ALL
This accounting tables are giving actual credit and debit information about each invoices.When you run payable transfer to gl or Payable accounting process data is pick up from this accounting tables and inserted to GL base tables through interface table.
AP Period Close Process
Business Requirements
We must reconcile the accounts payable activity for the accounting period that is to be closed. The following steps are taken in performing period-end processing for Oracle Payables. The posting level for Oracle Payables must be determined, when planning period-end procedures. Where detail level accounting transactions are required to be posted to the general ledger, there may be technical constraints involved, relating to the physical data storage volume, and posting and report processing speed degradation caused by the sheer volume of posted transactions. Functionally, however, detail posting to the general ledger provides enhanced reporting opportunities in some cases.
Steps
Complete All Transactions for the Period Being Closed:
Keep on Running queries from Apatghealthcheck.sql which will tell you about Orphan Records.
Ensure that all transactions have been entered for the period being closed.
Completing all transactions for Oracle Payables:
Complete Invoicing and Credits
Complete Prepayments
Complete Expense Reports
Complete Invoice Import
Note: If you import transactions from an external system, or you are using Internet Expenses or Xpense Xpress, ensure you have imported all transactions, and reviewed all audit trails for completeness.
Payables Approval Process
Run the Payables Approval Process(Invoice Validation Program in 11i) for All Invoices/Invoice Batches.
The Payables Approval process is run to try to approve all unapproved invoices in the system, so that they can be paid and posted to the general ledger. Invoice Validation Program will take care of all the Validations.
General Ledger
Review and Resolve Amounts to Post to the General Ledger.
Review the Invoice on Hold Report
If there is any Hold on the Invoice it will not accounted. So we need to remove all the holds on the invoices.
After Running Invoice Validation We need to run the Invoice on Hold report.
This report enables review of any holds currently applied to invoices that would prevent the payment and/or posting of these invoices. The report details all invoices for which Oracle Payables cannot select for posting and therefore cannot create journal entries. Where possible resolve any identified holds which will prevent posting to the general ledger, and re-run the Payables Approval process to approve these invoices.
Review the Payables Accounting Entries Report
This report enables review and analysis of accounting entries in the Payables subledger. You can request the report for a specific run of the Payables Accounting Process or the Payables Transfer to General Ledger program. Using the report parameters, you can produce a detailed or summary listing of the accounting information you want to review.
The report also lists in detail any transactions that have been accounted with error and all entries that could not be transferred to the general ledger interface. When a transaction is accounted with errors, use the Update Accounting Entries window to update any invalid accounts.
Payables groups the report by set of books, journal category, and bank accounts. Data is then sorted by accounting date, event type, supplier name, document number, and voucher number.
Review the Unaccounted Transactions Report
This report enables review of all unaccounted invoice and payment transactions and see the reason that Payables cannot account for a transaction. Payables sorts the report by transaction type (invoice or payment), exception, supplier, transaction currency, and transaction number.
Run this report after you have run the Payables Accounting Process. The report will then show only transactions that had problems that prevented accounting. You can then correct the problems and resubmit the accounting process.
Note that this report does not include invoices that have no distributions.
Optionally Run a Month End Payment Batch
By running a month end payment batch, you may arrange a payment for as many due invoices as possible.
Run Updated Mature Dated Future Payments Program to Change the status of the Payments to Negotiable so that we can account these Payments.
Confirm all Payment Batches
Optionally run the Final Payment Register for the period that is to be closed, or finalise any outstanding payment batches. Use the Payment Batches window to confirm any unconfirmed payment batches.
Note: The Final Payments Register lists each payment created for a payment batch. Actual payments can be compared against this register to verify that Oracle Payables has recorded payments correctly. The report lists each payment in a payment batch, including setup and overflow payment documents, in ascending order, by payment number.
Attention : Oracle Payables prevents the closing of a period in which all payment batches have not been confirmed.
Optionally Run the Payments Registers
Optionally, run the Payment Register.
This report details payments printed in a particular accounting period. The report can be used to review payment activity for each bank account used during the specified time period.
Warning: The report total only shows the net (less discounts and voids) payment amount, whereas the Posted Payment Register total is the total payment amount, including discounts. If only verifying report totals, these two reports would not balance. Therefore it is necessary to subtract the discounts taken from the report total and then compare this calculated amount to the total displayed on the Payment Register Report.
Reconcile Payments
Reconcile Payments to Bank Statement Activity for the Period.
(Refer to Period-End Procedures for Oracle Cash Management)
Attention: The Payables Accounting process must be re-run for any reconciliation accounting entries generated to be Transferred to the General Ledger.
Transfer All Approved Invoices and Payments
Transfer All Approved Invoices and Payments to the General Ledger.
The Request Submit window facilitates the transfer of Oracle Payables accounting entries to the General Ledger and creates unposted journal entries.
Oracle Payables creates detail or summary journal entries from the invoice and payment activity when you post. The journal entries are posted in Oracle General Ledger to update account balances.
Submit the Payables Accounting Process to transfer approved invoice and payment accounting entries to the Oracle General Ledger interface tables.
Invoice journal entries, debit the expense or other account entered on an invoice distribution line, and credit the liability account nominated on the invoice.
Payment journal entries, debit the liability account and credit the cash account of the bank account used to pay and invoice.
The Payables Accounting Process transfers data to the General Ledger interface tables, creating journal entries for these invoice and payment transactions, if the option Submit Transfer to GL is set to Yes in the Parameter window.
The Payables Accounting Process will initiate the General Ledger Journal Import process, if the option Submit Journal Import is set to Yes in the Parameter window
Attention :The generated journal batch needs to be posted from within Oracle General Ledger. The journal batch may be automatically posted in General Ledger if the Source of Payables has been included in the Automatic Posting options established in General Ledger.
Review the Payables
Review the Payables to General Ledger Posting process After Completion.
The following reports can optionally be run to review the invoices and payments that were posted to Oracle General Ledger, from Oracle Payables, for the period that is to be closed, i.e. the current accounting period.
Payables Accounting Process Report
Payables Accounting Process Report Use this report to review accounting entries created by the Payables Accounting Process. The report has two sections:
Accounting Entries Audit Report. The audit report provides, in detail or summary, a listing of accounting entries created by the accounting process.
Accounting Entries Exception Report. The exception report lists in detail all accounting entries that were created with an error status and a description of that error. The Entries Exception Report is generated only when the accounting process encounters accounting entries that fail validation.
The Posted Invoices Register
This report is used to review invoices for which information has been posted to Oracle General Ledger to create journal entries, and can be used to verify that the total invoice amount equals the total invoice distribution amount. The report lists each Accounts Payable Liability Accounting Flexfield and the invoices posted to the account.
The Posted Payments Register
This report is used to review the payments posted to Oracle General Ledger during a particular accounting period, and can be used to review the payment activity for each bank account used during that period.
Submit the Unaccounted Transactions
Submit the Unaccounted Transactions Sweep Program.
The Unaccounted Transactions Sweep Program transfers unaccounted transactions from one accounting period to another. Because you cannot close a Payables period that has unaccounted transactions in it, if your accounting practices permit it, you might want to use this program to change the accounting date of the transactions to the next open period. For example, you have invoices for which you cannot resolve holds before the close, and your accounting practices allow you to change invoice distribution GL dates. Submit the program to change invoice distribution GL dates to the first day of the next open period so you can close the current period.
The Unaccounted Transactions Sweep Program will not roll forward accounted transactions, or accounted transactions with error. To create successful accounting entries for accounted transactions with error, correct any accounting errors and resubmit the Payables Accounting Process.
The program transfers unaccounted transactions to the period you specify by updating the GL dates to the first day of the new period. You can then close the accounting period from which Payables moved the invoices and payments.
In the Control Payables Periods window if you try to close a period and unaccounted transactions exist, then Payables opens a window. From the window you can submit the Unaccounted Transactions Sweep Program or you can submit a report to review accounting transactions that would be swept by the program. When you submit the Unaccounted Transactions Sweep Program, Payables automatically produces the Unaccounted Transactions Sweep Report to identify transactions that were redated and identify any transactions that need updating. If you submit the report in preliminary sweep mode the Unaccounted Transactions Sweep Review report shows which transactions will be redated if you submit the Unaccounted Transactions Sweep Program.
Close the Current Oracle Payables Period
Close the accounting period by using the Control Payables Periods window to set the Period Status to Closed.
Run the Accounts Payables Trial Balance Report
This report is used to facilitate reconciliation of the total accounts payable liabilities in Oracle Payables, with the Oracle General Ledger Creditors Control Account, for a specific accounting period. This report lists, and sub-totals, by vendor, all unpaid and partially paid invoices for which Oracle Payables created journal entries (i.e. posted invoices). These invoices represent the outstanding accounts payable liability for the organisation.
To obtain the most up-to-date trial balance for a given period, journal entries should be posted for the invoice and payment activity for the period, prior to running the report.
For reconciliation of Oracle Payables and Oracle General Ledger when posting is only performed at period end, the following reconciliation method can be used:
To the previous periods Accounts Payables Trial Balance, add the current period’s posted invoices (total amount from the Posted Invoices Register) , and subtract the current period’s posted payments (total cash plus discounts taken, from the Posted Payments Register) . The calculated amount should equal the balance for the current period’s Accounts Payables Trial Balance.
Attention: However, when posting to the general ledger from Oracle Payables is performed multiple times throughout each accounting period, the Posted Invoices Register and Posted Payments Register reports must be run after each posting run, for reconciliation of Oracle Payables liabilities with Oracle General Ledger’s Creditor Control.
[edit]Run Mass Additions Transfer to Oracle Assets
After you have completed all Payables transaction entry, and confirmed all invoice holds, and carry forwards, submit the Mass Additions Create progam to transfer capital invoice line distributions from Oracle Payables to Oracle Assets.
For foreign currency assets, Payables sends the invoice distribution amount in the converted functional currency. The mass addition line appears in Oracle Assets with the functional currency amount. Oracle Assets creates journal entries for the functional currency amount, so you must clear the foreign currency amount in your general ledger manually.
After you create mass additions, you can review them in the Prepare Mass Additions window in Oracle Assets.
It is recommended to do a final Mass Additions Create after the period close to ensure that all Payables invoices are 1) included in the correct period; and 2) any additional invoicing will become part of the next periods invoice and asset processing period.
Suggestion: If the volume of transactions in Accounts Payable requiring Assets update is large, you should consider running the Mass Additions Create process on a more regular basis.
Open the Next Oracle Payables Period
Open the next accounting period by using the Control Payables Periods window to set the Period Status to Open.
Run Reports for Tax Reporting Purposes (Optional)
A variety of standard reports can be used to provide tax information which is required to be reported to the relevant Tax Authority, including withholding tax.
The Financial Tax Register can be used to view the output from the Tax Reporting Ledger using Reports Exchange and Application Desktop Integrator (ADI). Using these products you can change the layout of the report, publish the report in different formats, and export the data to a tab delimited or HTML file.
The Tax Reporting Ledger consists of accounting information created in Oracle Receivables, Oracle Payables, and Oracle General Ledger. The Financial Tax Register uses this data to generate Tax Register reports using the Rxi reporting tool.
The following tax registers are available:
Tax Register
Interim Tax Register
Nonrecoverable Tax Register
The following summary levels are available within each Tax Register:
Transaction Header
Transaction Line
Accounting Line
We must reconcile the accounts payable activity for the accounting period that is to be closed. The following steps are taken in performing period-end processing for Oracle Payables. The posting level for Oracle Payables must be determined, when planning period-end procedures. Where detail level accounting transactions are required to be posted to the general ledger, there may be technical constraints involved, relating to the physical data storage volume, and posting and report processing speed degradation caused by the sheer volume of posted transactions. Functionally, however, detail posting to the general ledger provides enhanced reporting opportunities in some cases.
Steps
Complete All Transactions for the Period Being Closed:
Keep on Running queries from Apatghealthcheck.sql which will tell you about Orphan Records.
Ensure that all transactions have been entered for the period being closed.
Completing all transactions for Oracle Payables:
Complete Invoicing and Credits
Complete Prepayments
Complete Expense Reports
Complete Invoice Import
Note: If you import transactions from an external system, or you are using Internet Expenses or Xpense Xpress, ensure you have imported all transactions, and reviewed all audit trails for completeness.
Payables Approval Process
Run the Payables Approval Process(Invoice Validation Program in 11i) for All Invoices/Invoice Batches.
The Payables Approval process is run to try to approve all unapproved invoices in the system, so that they can be paid and posted to the general ledger. Invoice Validation Program will take care of all the Validations.
General Ledger
Review and Resolve Amounts to Post to the General Ledger.
Review the Invoice on Hold Report
If there is any Hold on the Invoice it will not accounted. So we need to remove all the holds on the invoices.
After Running Invoice Validation We need to run the Invoice on Hold report.
This report enables review of any holds currently applied to invoices that would prevent the payment and/or posting of these invoices. The report details all invoices for which Oracle Payables cannot select for posting and therefore cannot create journal entries. Where possible resolve any identified holds which will prevent posting to the general ledger, and re-run the Payables Approval process to approve these invoices.
Review the Payables Accounting Entries Report
This report enables review and analysis of accounting entries in the Payables subledger. You can request the report for a specific run of the Payables Accounting Process or the Payables Transfer to General Ledger program. Using the report parameters, you can produce a detailed or summary listing of the accounting information you want to review.
The report also lists in detail any transactions that have been accounted with error and all entries that could not be transferred to the general ledger interface. When a transaction is accounted with errors, use the Update Accounting Entries window to update any invalid accounts.
Payables groups the report by set of books, journal category, and bank accounts. Data is then sorted by accounting date, event type, supplier name, document number, and voucher number.
Review the Unaccounted Transactions Report
This report enables review of all unaccounted invoice and payment transactions and see the reason that Payables cannot account for a transaction. Payables sorts the report by transaction type (invoice or payment), exception, supplier, transaction currency, and transaction number.
Run this report after you have run the Payables Accounting Process. The report will then show only transactions that had problems that prevented accounting. You can then correct the problems and resubmit the accounting process.
Note that this report does not include invoices that have no distributions.
Optionally Run a Month End Payment Batch
By running a month end payment batch, you may arrange a payment for as many due invoices as possible.
Run Updated Mature Dated Future Payments Program to Change the status of the Payments to Negotiable so that we can account these Payments.
Confirm all Payment Batches
Optionally run the Final Payment Register for the period that is to be closed, or finalise any outstanding payment batches. Use the Payment Batches window to confirm any unconfirmed payment batches.
Note: The Final Payments Register lists each payment created for a payment batch. Actual payments can be compared against this register to verify that Oracle Payables has recorded payments correctly. The report lists each payment in a payment batch, including setup and overflow payment documents, in ascending order, by payment number.
Attention : Oracle Payables prevents the closing of a period in which all payment batches have not been confirmed.
Optionally Run the Payments Registers
Optionally, run the Payment Register.
This report details payments printed in a particular accounting period. The report can be used to review payment activity for each bank account used during the specified time period.
Warning: The report total only shows the net (less discounts and voids) payment amount, whereas the Posted Payment Register total is the total payment amount, including discounts. If only verifying report totals, these two reports would not balance. Therefore it is necessary to subtract the discounts taken from the report total and then compare this calculated amount to the total displayed on the Payment Register Report.
Reconcile Payments
Reconcile Payments to Bank Statement Activity for the Period.
(Refer to Period-End Procedures for Oracle Cash Management)
Attention: The Payables Accounting process must be re-run for any reconciliation accounting entries generated to be Transferred to the General Ledger.
Transfer All Approved Invoices and Payments
Transfer All Approved Invoices and Payments to the General Ledger.
The Request Submit window facilitates the transfer of Oracle Payables accounting entries to the General Ledger and creates unposted journal entries.
Oracle Payables creates detail or summary journal entries from the invoice and payment activity when you post. The journal entries are posted in Oracle General Ledger to update account balances.
Submit the Payables Accounting Process to transfer approved invoice and payment accounting entries to the Oracle General Ledger interface tables.
Invoice journal entries, debit the expense or other account entered on an invoice distribution line, and credit the liability account nominated on the invoice.
Payment journal entries, debit the liability account and credit the cash account of the bank account used to pay and invoice.
The Payables Accounting Process transfers data to the General Ledger interface tables, creating journal entries for these invoice and payment transactions, if the option Submit Transfer to GL is set to Yes in the Parameter window.
The Payables Accounting Process will initiate the General Ledger Journal Import process, if the option Submit Journal Import is set to Yes in the Parameter window
Attention :The generated journal batch needs to be posted from within Oracle General Ledger. The journal batch may be automatically posted in General Ledger if the Source of Payables has been included in the Automatic Posting options established in General Ledger.
Review the Payables
Review the Payables to General Ledger Posting process After Completion.
The following reports can optionally be run to review the invoices and payments that were posted to Oracle General Ledger, from Oracle Payables, for the period that is to be closed, i.e. the current accounting period.
Payables Accounting Process Report
Payables Accounting Process Report Use this report to review accounting entries created by the Payables Accounting Process. The report has two sections:
Accounting Entries Audit Report. The audit report provides, in detail or summary, a listing of accounting entries created by the accounting process.
Accounting Entries Exception Report. The exception report lists in detail all accounting entries that were created with an error status and a description of that error. The Entries Exception Report is generated only when the accounting process encounters accounting entries that fail validation.
The Posted Invoices Register
This report is used to review invoices for which information has been posted to Oracle General Ledger to create journal entries, and can be used to verify that the total invoice amount equals the total invoice distribution amount. The report lists each Accounts Payable Liability Accounting Flexfield and the invoices posted to the account.
The Posted Payments Register
This report is used to review the payments posted to Oracle General Ledger during a particular accounting period, and can be used to review the payment activity for each bank account used during that period.
Submit the Unaccounted Transactions
Submit the Unaccounted Transactions Sweep Program.
The Unaccounted Transactions Sweep Program transfers unaccounted transactions from one accounting period to another. Because you cannot close a Payables period that has unaccounted transactions in it, if your accounting practices permit it, you might want to use this program to change the accounting date of the transactions to the next open period. For example, you have invoices for which you cannot resolve holds before the close, and your accounting practices allow you to change invoice distribution GL dates. Submit the program to change invoice distribution GL dates to the first day of the next open period so you can close the current period.
The Unaccounted Transactions Sweep Program will not roll forward accounted transactions, or accounted transactions with error. To create successful accounting entries for accounted transactions with error, correct any accounting errors and resubmit the Payables Accounting Process.
The program transfers unaccounted transactions to the period you specify by updating the GL dates to the first day of the new period. You can then close the accounting period from which Payables moved the invoices and payments.
In the Control Payables Periods window if you try to close a period and unaccounted transactions exist, then Payables opens a window. From the window you can submit the Unaccounted Transactions Sweep Program or you can submit a report to review accounting transactions that would be swept by the program. When you submit the Unaccounted Transactions Sweep Program, Payables automatically produces the Unaccounted Transactions Sweep Report to identify transactions that were redated and identify any transactions that need updating. If you submit the report in preliminary sweep mode the Unaccounted Transactions Sweep Review report shows which transactions will be redated if you submit the Unaccounted Transactions Sweep Program.
Close the Current Oracle Payables Period
Close the accounting period by using the Control Payables Periods window to set the Period Status to Closed.
Run the Accounts Payables Trial Balance Report
This report is used to facilitate reconciliation of the total accounts payable liabilities in Oracle Payables, with the Oracle General Ledger Creditors Control Account, for a specific accounting period. This report lists, and sub-totals, by vendor, all unpaid and partially paid invoices for which Oracle Payables created journal entries (i.e. posted invoices). These invoices represent the outstanding accounts payable liability for the organisation.
To obtain the most up-to-date trial balance for a given period, journal entries should be posted for the invoice and payment activity for the period, prior to running the report.
For reconciliation of Oracle Payables and Oracle General Ledger when posting is only performed at period end, the following reconciliation method can be used:
To the previous periods Accounts Payables Trial Balance, add the current period’s posted invoices (total amount from the Posted Invoices Register) , and subtract the current period’s posted payments (total cash plus discounts taken, from the Posted Payments Register) . The calculated amount should equal the balance for the current period’s Accounts Payables Trial Balance.
Attention: However, when posting to the general ledger from Oracle Payables is performed multiple times throughout each accounting period, the Posted Invoices Register and Posted Payments Register reports must be run after each posting run, for reconciliation of Oracle Payables liabilities with Oracle General Ledger’s Creditor Control.
[edit]Run Mass Additions Transfer to Oracle Assets
After you have completed all Payables transaction entry, and confirmed all invoice holds, and carry forwards, submit the Mass Additions Create progam to transfer capital invoice line distributions from Oracle Payables to Oracle Assets.
For foreign currency assets, Payables sends the invoice distribution amount in the converted functional currency. The mass addition line appears in Oracle Assets with the functional currency amount. Oracle Assets creates journal entries for the functional currency amount, so you must clear the foreign currency amount in your general ledger manually.
After you create mass additions, you can review them in the Prepare Mass Additions window in Oracle Assets.
It is recommended to do a final Mass Additions Create after the period close to ensure that all Payables invoices are 1) included in the correct period; and 2) any additional invoicing will become part of the next periods invoice and asset processing period.
Suggestion: If the volume of transactions in Accounts Payable requiring Assets update is large, you should consider running the Mass Additions Create process on a more regular basis.
Open the Next Oracle Payables Period
Open the next accounting period by using the Control Payables Periods window to set the Period Status to Open.
Run Reports for Tax Reporting Purposes (Optional)
A variety of standard reports can be used to provide tax information which is required to be reported to the relevant Tax Authority, including withholding tax.
The Financial Tax Register can be used to view the output from the Tax Reporting Ledger using Reports Exchange and Application Desktop Integrator (ADI). Using these products you can change the layout of the report, publish the report in different formats, and export the data to a tab delimited or HTML file.
The Tax Reporting Ledger consists of accounting information created in Oracle Receivables, Oracle Payables, and Oracle General Ledger. The Financial Tax Register uses this data to generate Tax Register reports using the Rxi reporting tool.
The following tax registers are available:
Tax Register
Interim Tax Register
Nonrecoverable Tax Register
The following summary levels are available within each Tax Register:
Transaction Header
Transaction Line
Accounting Line
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