Kuwait Gulf Oil Company Fusion Applications Implementation AP- Fusion Month End Closing Guide

Transcription

1 Kuwait Gulf Oil Company Fusion Applications Implementation AP- Fusion Month End Closing Guide Author: International Turnkey Systems (ITS) Creation Date: May 16, 2018 Last Updated: May 16, 2018 Update By Azhar- KGOC IT Support Version: P a g e

2 Document Control Authors Name Mukesh Kela. Position Principal Consultant-ITS Change Record Date Author Version Change Reference 24-Jun-15 Mateen Azhar Khan Draft V1 Adjusted formatting and removed bud control & extra pages 13-Jul-15 Azhar Draft V2 Segregated by module/business cycle Reviewers Name Position ITS Project Manager Distribution Copy No. Name Location Note: Library Master ITS Project Library Note: Note: Note To Holders: 2 P a g e

3 If you receive an electronic copy of this document and print it out, please write your name on the equivalent of the cover page, for document control purposes. If you receive a hard copy of this document, please write your name on the front cover, for document control purposes. 3 P a g e

4 Contents Document Control... 2 Authors... 2 Change Record... 2 Reviewers... 2 Distribution... 2 Overview... 5 Document Scope... 5 Document Audience... 5 Close Accounts Payable:... 6 Open And Closed Issues For This Deliverable Open Issues Closed Issues P a g e

5 Overview Document Scope The scope of this document is to provide the standard Period End Closing process models for the following application modules: Document Audience This document is written for KGOC Finance 5 P a g e

6 Close Accounts Payable: Before starting the below payables process, please ensure following; a. All Invoices are entered in the system and approved. b. All PPR s (Payment Process Requests) are in completed status. c. Fixed assets mass addition is run. 1. Begin by navigating to the Scheduled Processes work area. 2. Click the menu 6 P a g e

7 3. Navigate to Payables -> Invoices From Invoices requiring Attention, review following and take the appropriate action on the invoices available in these areas. Requiring My Approval : Check if any invoices are pending for approval and select approve/reject for the invoices Pending Approval from Others: Check if any invoices are pending for approval of others and inform approvers for approvals. Rejected: Review if any rejected invoices are there and update such invoices and submit again for approval. Invoices on Hold : review if any invoices are on Hold and if any invoices can be released for further processing of payments or not and Release holds for such invoices by selecting the invoice and clicking on button to release the holds. 7 P a g e

8 1. Navigate to Manage Invoices work area by clicking on and check if any invoices are in status of Never Validated or Needs Revalidation. If yes, then please validate such invoices. 8 P a g e

9 2. Click the Scheduled Processes link. 3. Run Following programs in Sequence Program Create Accounting Subledger Period Close Exceptions Report Post Subledger Journal Entries Prepare Payables to General Ledger Reconciliation KGOC AP VAT Invoices Report (Through Reports and Analytics -> Shared Folder - > Custom -> Financials -> KGOC Payables ->) Purpose Creates Accounting and Transfer to General Ledger This report will show the transactions which may not allow period to be closed. Run this program in case any accounting is generated in Payables but not transferred to General Ledger Prepare the payables to general ledger reconciliation. In this report, please note down the value for the parameter Request Name since it will be required while running reconciliation report. Ask FSG team to post the accounting entries in general ledger. Also since this report uses financial Category assigned to accounts, Please ensure that the financial category Accounts Payable is assigned to the related accounts.this report can also be used to reconcile the supplier prepayments. To review the VAT invoices identified as entered using the descriptive flexfield setup at the supplier header level. 9 P a g e

10 Create Accounting: Please enter the parameters for the programs as below: 1) Please enter the parameters for each programs as per below screenshot. 10 P a g e

11 Please enter the following parameters while running Subledger Period Close Exceptions Report 11 P a g e

12 Enter following parameters while running Post Subledger Journal Entries 12 P a g e

13 Wafra AP Billing Report: Navigate to Shared Folders -> Custom -> Financials ->KGOC WAFRA Journals Integration tab to search for task lists and tasks. Navigate to your setup page directly from the task. Run by clicking on and then clicking within the popup opened. This will open a new window/window TAB. Select the appropriete period for the report. This report will show the billing information from AP along with the listing of different exceptions. The total of and must match with and it should also match with total of the account group. 13 P a g e

14 1. Enter following parameters while running Prepare Payables to General Ledger Reconciliation 2. Begin by navigating to the Reports and Analytics work area. 3. Click on the menu. 4. Click the link. 5. Use the Reports and Analytics work area to view or run operational or analytical reports 14 P a g e

15 6. Navigate to Shared Folders -> Financials -> Payables -> Payables to Ledger Reconciliation -> Payables To Ledger Reconciliation Report and click on Reconciliation Report 7. Select View 8. Select parameters for report as below: 15 P a g e

16 9. Select the parameter for Request Name to be the parameter selected in Prepare Payables to Ledger Reconciliation Program. 10. Click button Ensure difference column shows 0 amount. In case of difference amount not equal to zero, you can identify the different reasons for the same by clicking on the difference amount column for the row which has difference amount not equal to zero. 16 P a g e

17 In case of any difference, correct the difference, run Prepare Payables to Ledger Reconciliation program and then run Reconciliation Report 17 P a g e

18 AP Accounting Period: 1. For opening the next period, navigate to Invoices Work area 2. From tasks pane, select Manage Accounting Periods 3. Click on Ledger Name 4. Click on the period to be closed 5. Click on button 6. Select the next period to be opened and click on button 18 P a g e

19 Open And Closed Issues For This Deliverable Open Issues ID Issue Resolution Responsibility Target Date Impact Date Closed Issues ID Issue Resolution Responsibility Target Date Impact Date 19 P a g e