Open items arise from every posting transaction in a contract account and reflect unfinished business transactions. For example, an invoice item that has not yet been paid is recorded as an open item in the contract account until it is paid and cleared. The facility to manage line items on an open item basis enables you to check which receivables and payables are outstanding.
Open Item management
Two-Way Communication – The Intellisys capabilities for open-item management will help you clearly define your process, create strong governance, and ultimately remove many bottlenecks that commonly impact the close process.
Workflow Transparency – Your workflow will be configured with the corresponding report to deliver real-time transparency into the workflow status of journal entries so you can easily identify issues in the management of your open items.
Reduced Close Cycle – Our automation solution uses Intellisys to clearly define your controls and compliance and create a process with strong governance that ultimately reduces the length of your close cycle.
Let Intellisys manage your Open Item!
- Display open items using document display
- Change open items using the document change function
- Clear open items to document that a business transaction has been completed, for example, an incoming payment for an invoice
- Translation of document currency to local currency
- Translation of local currency to clearing currency