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Last modified on 10/5/2015 1:52 PM by User.

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AP Year End - Late Fiscal Year Closing

**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.

**This is accomplished by performing Fiscal Year-End Customer processing. When this is not done, the information in the Current Year will be made up of both current year and prior year figures.

**The following discusses how to correct the current year and prior year fields in the Vendor Master files.

**The clue most people have that the Fiscal year-end was not performed, is the current year figures in the Vendor Master file are larger than they would expect, and they do not match other reports for the vendor or that upcoming (future) months are not equal to zero (0).

The following steps will move the current year figures to the prior year and set the correct figures in the current year fields.   The document explains two "Options" to accomplish this task. IF the figures look fairly reasonable (meaning that the current year figure looks like it is just the combination of last fiscal year and this fiscal year), then run the steps outlined in Option 1.  However, if the numbers are truly confusing or a fiscal year closing hasn't been done for more than one year, then proceed to Option 2.  (To be on the safe side, you could always do Option 2, but you must have enough history available -- a full prior year history)

OPTION #1:

Step 1: This moves the information in the Current Year fields to the Prior Year.

  • Accounts Payable (Module 3)
    • System Management (Task 32)
      • Fiscal Year End Vendor Closing (Sub-task 2).

Answer system prompts as follows:

Are you POSITIVE you want to clear the current information? YES/No

 No report prints, nothing happens on the screen - the information in the "Monthly" and "YTD" fields in the vendor file are transferred to the "Prior Year" field. The process also set "Current Year" to Zero.

  Step 2.  This will recalculate the information needed for the Current Year fields.

  • Accounts Payable (Module 3)
    • System Management Functions (Task 32)
      • Correct Late Year End Closing (Sub-task 8)

NOTE: before beginning this process, READ the information on the screen carefully. Pay close attention to the information regarding the backup.

Answer the system prompts as follows:

Please enter - starting document date: - ending document date:

  • Enter: The CURRENT fiscal year dates. i.e. 01/01/06 and 12/31/06

Do you wish to subtract current-year from prior-year [Y/N]?

  • EnterYes

************************************************************************

OPTION 2:

Step 1.  This moves the information in the Current Year fields to the Prior Year

  • Accounts Payable (Module 3)
    • System Management Functions (Task 32)
      • Fiscal Year End Vendor Closing (Sub-task 2)

The system prompts the following:

Are you POSITIVE you want to clear informationYES/NO?

·        Enter: Yes

 

Step 2.   This will recalculate the information needed for the Prior Year fields, but place it in the Current Year fields.

  • Accounts Payable (Module 3)
    • System Management Functions (Task 32)
      • Correct Late Year End Closing (Sub-task 8)

Read the Warning Message.  Answer the system prompts as follows:

Please enter - starting document date: - ending document date:

  • Enter: The PRIOR fiscal year dates. i.e. 01/01/05 and 12/31/05

Do you wish to subtract current-year from prior-year [Y/N]?

  • EnterNo

 

Step 3:  This moves the information in the Current Year fields to the Prior Year fields.

  • Accounts Payable (Module 3)
    • System Management Functions (Task 32)
      • Fiscal Year End Customer Closing (Sub-task 2)

The system prompts the following:

Are you POSITIVE you want to clear information: YES/NO

 

Step 4:  This will recalculate the information needed for the Current Year fields.

  • Accounts Payable (Module 3)
    • System Management Functions (Task 32)
      • Correct Late Year End Closing (Sub-task 8)

Read the Warning Message carefully.  Answer the system prompts as follows:

Please enter - starting document date: - ending document date:

  • Enter: The CURRENT fiscal year dates. i.e. 01/01/06 and 12/31/06

Do you wish to subtract current-year from prior-year [Y/N]?

  • EnterNo