Accounts Payable

Question

Probably an odd question but does anyone know how to correctly adjust the A/P Ledger for Year-End Closing? Accountant and Bank are looking for a correct A/P Ledger with the proper adjustments tied in. I know the GL doesn't filter down to the Subsidiary Ledgers. Is there any way to complete this transaction? 
 Thanks much!

Art Minds · Accepted Answer

You would have to enter invoices in AP with an accounting date in the prior year to correctly adjust for accruals made by your accountant or CPA. Or alternatively, if those invoices had already been entered with an accounting date in the current year, use AP > Tasks > Change Invoices to change the accounting date to the prior year, and when prompted for the date to use for the reversing entry, choose the "original date" (Current year date) to reverse the entry.

Denise Paulus · Answer

Generally the adjustments should be made in the subsidiary ledger first (Correcting any issues with the payable balances), which in turns sends an adjustment to the General ledger. You may want to contact support to describe in further detail what needs to be adjusted on the AP side of things as a result of adjustments made to the General Ledger.

Sage Construction & Real Estate

Accounts Payable

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