What happens when I close a cash payment cycle?

After you create your invoice payments and are satisfied with the results, you must close the cash payment cycle. After you close the cash payment cycle, you cannot reprint bad payment forms or recreate a payment tape or electronic payment file. You cannot run Cash Requirements (AP150) to select invoice for the next pay cycle until you close the current cycle.

When you close the payment cycle, the system:

• creates general ledger entries for cash, discount, reportable income withholding, currency gain and loss, and payment accrual transactions;

• creates the next recurrence of any recurring invoice processed in the payment cycle;

• creates the offsetting credit memo for any prepayment or employee advance processed in the payment cycle;

• creates offsetting tax recovery entries, if applicable;

• removes temporary hold codes from vendors and invoices;

• updates vendor balances to reflect the payments that were made; and

• changes paid invoices to historical status making them unavailable for further maintenance.