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[Paul Poulos]

I am new to GP 2015. Is there an Accounts Payable close that needs to be done monthly / annually? If yes what are the mechanics behind the close? We typically cut checks every Wednesday but keep Accounts Payable open for three weeks in order to minimize the accruals needed for the end of period. Based on my research it seems the close (Annual) basically clears all accumulators and places them into a prior year bucket. In order for the accumulators to be correct this must be done before you cut checks. If I am correct then this forces a large accrual needed especially at year end. If I am correct is there a work around? I look forward to your help.

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Paul Poulos
Hicks Nurseries Inc.
Westbury NY
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[Steve Burney]

Hello Paul,

Here is some great information for you to review to help answer your question.

https://victoriayudin.com/tag/year-end-close

Have a Happy New Year!

Steve

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Steve Burney
Senior Financial Systems Administrator
Correct Care Solutions
Nashville, TN United States
sburney@correctcaresolutions.com
615-312-7272
Twitter @SteveBurney
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