Close cash payment cycles

After you create your invoice payments and are satisfied with the results, you must run Payment Close to close the cash payment cycle. After you close the cash payment cycle, you cannot reprint bad payment forms or recreate an electronic payment file. You cannot run Cash Requirements to select invoice for the next pay cycle until you close the current cycle.

When you close the payment cycle:

• Global ledger entries are created for cash, discount, reportable income withholding, currency gain and loss, and payment accrual transactions.
• The next recurrence of any recurring invoice processed in the payment cycle is created.
• The offsetting credit memo is created for any prepayment or employee advance that was processed in the payment cycle.
• Offsetting tax recovery entries are created, if applicable.
• Temporary hold codes are removed from vendors and invoices.
• Vendor balances are updated to reflect the payments that were made.
• Paid invoices are changed to historical status making them unavailable for further maintenance.