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Ap Month End Close Process

oboloo Glossary

Ap Month End Close Process

The official business definition of Ap Month End Close Process is the process of accounting for and reconciling accounts payable transactions at the end of a month. The goal of the process is to ensure all accounts payable activities have been accounted for and that all expenses have been properly recorded. The process includes multiple steps and requires collaboration between the accounts payable department and other accounting personnel. At the start of the month end close process, accounts payable staff must review all invoices that were received in the previous month. After reviewing the invoices, they must ensure the accuracy of the data and begin the reconciliation process. This process involves ensuring that all invoices are correct and that the amounts charged match the payment received. Once the reconciliation is complete, the accounts payable staff must generate reports to be used for financial statements and other accounting purposes. After this, any discrepancies must be identified and corrected, and the accounts payable staff must also ensure that any payments or discrepancies are properly recorded.

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