Purpose of this article is to provide information regarding generating Payables Trial Balance Report and different parameters needed in Fusion Payable Application.
Purpose of Payable Trial Balance Report
Payables Trial Balance Report lists and subtotals by supplier and liability account all unpaid and partially paid invoices that Payables transferred to the general ledger. Accounts Payable Trial Balance Report helps to verify that total accounts payable liabilities in Payables equal to those in the Fusion General Ledger. Before closing a period, we can compare the cumulative total liability provided by this report with the total liability listed in General Ledger to reconcile these balances. The Trial Balance Report lists and subtotals by supplier all unpaid and partially paid invoices for which Payables created journal entries. Payables lists and subtotals the invoices by the Accounts Payable Liability account. These invoices represent organization's outstanding accounts payable liability. Therefore, to obtain the most up-to-date trial balance, we should create journal entries for payment and invoice activity before submitting this report. Since this report presents outstanding accounts payable liability information, it is only valid for an accrual set of book.
Run this report from the Reports and Analytics work area or the Manage Scheduled Processes page.
This process flow diagram is taken from Oracle
Prerequisites
When defining natural account values, assign the financial category of Payables to all accounts to include in the Payables Trial Balance. To report invoices that are paid with bills payable as outstanding as long as the bills payable status has not changed to Negotiable, assign the financial category of Payables to the bills payable account and post invoice and payment activity to the General Ledger.