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**A regular fiscal year-end procedure in both Accounts Payable and Accounts Receivable is to move the current year fields, in the Vendor and Customer Master Files, to the Prior year fields.
These are instructions for Vendor/Accounts Payable. Please see the Accounts Receivable Module or Month End/Year End Procedures for Customer/Accounts Receivable instructions.
**This is accomplished by performing Fiscal Year-End Vendor processing. When this is not done BEFORE posting vouchers for the new year the information in the Current Year will be made up of both current year and prior year figures and you will need to use one of the two Late-Year-End options in: AP Fiscal Year End - Late Closing instead of the process given below.
The following step will: move the current year figures to the prior year and zero out the current so it is ready for posting of vouchers in the new/current year.
STEP:
-
Accounts Payable (Module 3)
-
System Management Functions (Task 32)
- Fiscal Year End Vendor Closing (Sub-task 2)
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System Management Functions (Task 32)
The system prompts the following:
Are you sure you want to do this: YES/NO
Are you POSITIVE you want to do this: YES/NO?
Do you want to advance the A/P fiscal year to 20xx? [Y/N] Answer "Y"es under normal circumstances where the noted year IS the new current fiscal year desired. IF the year noted is already the new/current year then answer "N"o. If the year has been advanced too far it can be reset using G/L module -> System mgt functions -> Set accounting periods but you will also likely need to use the Late Closing procedure as noted above; option 2.
No report prints, nothing happens to the screen - the information in the "Monthly" and "YTD" fields in the vendor file are transferred to the "Prior Year" field. The process also sets "Current Year" to Zero.