Steps to Expense Outstanding PayablesThe Expense Outstanding Payables option is used during the end of fiscal year process for Accounts Payable to expense outstanding invoices and/or purchase orders for merchandise that was received by June 30 (August 31 for Nebraska School Districts), but not yet paid. The Expense Outstanding Payables option debits the expenditure accounts as specified on the invoices and/or purchase orders and credits the Accounts Payable account number (as designated in the Fund File).
For Iowa school districts only, the Expense Outstanding Payables option includes a feature to reverse GAAP expense the outstanding payables for those districts who do not want the totals to post to the expenditure accounts, but only want the totals reflected on the C.A.R.
