Does this scenario sound familiar?
John is the responsible accountant for legal entities and starts month-end closing actions by running the standard report “Open invoices by handler”. This way John knows which invoices and approvals his team shall focus on. Next, John wants to know which accounts the open invoices are linked to in order to ensure his team can move on and create accurate accruals. John runs the report “Open amount by company and account” that summarizes open invoices for each account and across the company group. John shares the report with his team to ensure they get a good overview of the accruals. In addition, he shares it with the CFO to make sure he is updated on the outstanding balance.
AP Life Hacks
Report “Open amount by company and account”
Benefits you can expect
- Improved reporting that helps you ensure correct accruals across the company group
- Increased transparency with the ability to share the report with others for improved communication