oboloo Glossary

Accounts Payable Month End Close Process

oboloo Glossary

Accounts Payable Month End Close Process

Accounts Payable Month End Close Process is the process of completing all tasks related to Accounts Payable (AP) within an organization, from preparing the accounts for the close to finalizing and reporting results. The complete AP Month End Close Process consists of several key steps including invoicing and payment reconciliation, managing funds transfer, creating journal entries, reconciling accounts receivable, analyzing discrepancies and creating appropriate journal entries, and generating financial reports. By taking a proactive approach to the AP Month End Close Process, organizations can maintain accurate records and ensure that their finances are up-to-date and in order.