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The process of posting account payable transactions in Peoplesoft creates balanced accounting entries that can be transferred to a General Ledger system. Peoplesoft creates accounting entries for all payments.
Posting payments in Peoplesoft Payables creates balanced accounting entries for all payment-related transactions. Payment-related transactions include manual payments, drafts, electronic funds transfers, system created and cancelled payments. After these accounting entries are generated, they are available for General Ledger journal generation.
The Payment posting run is activated by the production of cheques. Debits are made to creditor control accounts and the corresponding credit is made to the bank account. Note the accounting examples shown below. Entries are also made as necessary to foreign currency gain and loss accounts. Overall, the effect of this run is a 'clearing' of the creditors control to the extent of the total amount being paid in the cheque run.
The Voucher posting run carried out by the Accounts Payable System posts transactions for claims and credit notes that have been budget checked. The creditors control accounts are recorded and the various expense accounts indicated by individual document lines are charged. The document posting run reports expenditure movements on non-salary expense account codes within each cost centre.
The University cash flow is monitored to ensure that sufficient funds are available to cover the cheques.
The following examples illustrate the current accounting treatment for authorised and verified accounts payable.
(1) A voucher claim is processed for the supply of five different items purchased for direct use.
The claim has a system status of postable and is automatically selected by the system for posting to the ledger and acquittal of commitment.
DR Expense (e.g., materials, services, publications, etc.) $1,000
CR Creditors Control $1,000
Individual document lines are posted to department/section and by expense account.
(2) Two of the five items purchased are found to be faulty and are returned to the supplier. A credit note is issued for the full cost of the two items, and is authorised and verified.
DR Creditors Control $400
CR Expense $400
The credit note line amount produces a credit adjustment to the account charging of the associated claim line. The vouchers are posted to the actuals (cash) ledger.
(3) A cheque is drawn to pay the supplier the net amount owing.
DR Creditors Control $600
CR Bank $600
The vouchers are posted to the actuals (cash) ledger.
In order for a voucher to be eligible for posting, it must meet the following criteria.
All save validations passed
Passed budget checking
If Purchase Order Voucher - Matched (if applicable)
Purchase Order must be posted (if applicable)
Approved
Entry Status set to postable
The post checkbox clicked on
Not already posted
Once a voucher has been posted, only its non-accounting information can be modified. If a change to accounting information is required for a posted voucher, you must first unpost it.
Running payment posting allows you to create accounting entries for payments applied to vouchers. These accounting entries are then available for general ledger journal creation using the Journal generator.
The Vouchers and Payments should be posted on any weeknight. Journal generators and General Ledger Interfaces should also be run on weeknights.
If a voucher is unposted, any posted payments for that voucher will be automatically unposted.
To post a payment, use the following path in ESP Go ® Administer Procurement ® Create Payments ® Process ® Payment Posting Request ® Add or Update/Display
