The Holiday season isn’t the only thing fast approaching; all our Year End tasks are starting to come up too faster that you can roast chestnuts on an open fire.
So in the first of our series of blog posts on those very tasks, we focus on Accounts Payable Year End.
Before completing any Year End tasks, the first thing you always want to be doing is to make sure you have a good and reliable backup of your data.
Also, under Common Services, the Fiscal Calendar must be maintained. To create a New Year, click on the new button, ensure the start and end dates are correct then click on Add. It is recommended to lock the last 6-9 months of a future fiscal period to prevent anyone accidentally posting to it. Also a New Year needs to be created in GL Periodic Processing.
By creating a new Fiscal Year, all modules except for General Ledger can start posting in the New Year this allowing Accounts Payable to continue paying bills.
For Accounts Payable, the Year End process begins by verifying that all transactions have been posted.
To check, open the Batch List for each transaction type and select to not show posted and deleted batches. Ideally, you want to see this screen blank as this shows that all batches have been posted or deleted.
If you see that there is a batch there, either post it or delete it.
Next step is to print and clear all posting journals and then print the GL transactions report and create any outstanding General Ledger transactions.
Next we want to make sure that all users are out of AP and Purchase Order (if active) due to the tight integration of the two modules.
If you don’t log users off, you will see this message:
To see who is in the system, you can do so by viewing LanPak users. This shows all the users logged into Sage 300 ERP and what company that are in.
If you have not completed any of the tasks above and try and complete the AP Year End, you will be greeted with this error message:
Once you’ve completed all tasks and ensured all users are out of AP and PO, Year End can truly begin.
In Periodic Processing, there are several icons here that which are performed at month’s end like:
- Create GL Batch
- Create Recurring Payable Batch
The other icons are part of Year End.
The first step is you want to Clear History, where you can clear the history for:
- Fully paid documents
- Vendor comments
- 1099/CPRS Amounts
- Printed Posting Journals Through Posting Seq. No.
- Posting Errors Through Seq. No.
- Deleted and Posted Batches Through Batch
Next we will delete inactive records. Here you can delete these records:
- Inactive vendors.
- Inactive vendor groups
- Inactive remit-to locations
- Inactive Recurring Payables
Next you will want to clear statistics. After clearing history and statistics and deleting inactive records, click on Year End.
Here a pop-up appears giving you the following options:
- Reset all batch numbers to 1. Doing this removes all transaction history thus all drill down capabilities
- Clear recurring payable year to date statistics. When you do, this will reset everything to zero
- Clear activity statistics (moves this year’s stats to last year’s stats and sets year to date totals for the New Year to zero. It also sets the largest invoice/balance this year to zero)
- If you select this option, Clear Invoices Paid and days to Pay Counter – resets to zero: total invoices paid, number of cheques and total days to pay field in vendor activity statistics tab found in the vendors form.
One of these has to be selected or you cannot proceed with your Year End. Note the warning to do a backup before proceeding.
Here is a simple checklist to follow when completing your AP Year End:
Clear purchase tax tracking information that you no longer need.
Clear history and statistics that you no longer need.
Run Year End to reset batch numbers, clear activity statistics, recurring payable amounts, invoices paid and Days To Pay counter.
Print the Customer List and customer statistics reports to verify the transfer of data to the previous fiscal year.
Have you any AP Year End Tips? Share them in our comments section below.
