Accounts Payable Close

  • Accounts Payable Close

    Posted by DSC Communities on December 6, 2016 at 11:35 am
    • Deborah Butters

      Member

      December 6, 2016 at 11:35 AM

      We have been using GP for almost 2 years now and I have never closed Accounts Payable. In reading the instructions, it appears that there are 2 closings..one for your fiscal year and one for the calendar year. The instructions say that you cannot post transactions in the next period until you close the current period..either fiscal or calendar. So, what do I do at this point since I have never closed accounts payable? I find it kind of hard to believe that you cannot post to the current period until you close the previous period. For example, we are still making adjustments to 1099 data in accounts payable until the end of January and we are adding accounts payable up to three weeks after our fiscal year-end. So, we need to be able to post current transactions before closing prior period. If I close the prior period, then post current period transactions and later find out I have another transaction that should go into the prior period, what are the consequences? Will I still be able to post accounts payable to a prior period if I’ve already closed the period in accounts payable? Will I still be able to make corrections to 1099 data if I’ve already closed? I’m just a little confused on why GP is unable to close a prior period using a date cutoff and why can’t I post current transactions if I haven’t closed? Please explain how others handle this situation. If I don’t ever close accounts payable, what will happen? Since we’re approaching the end of our 2nd year, I want to make sure I don’t run into trouble with 1099s for 2016 if I haven’t closed accounts payable for 2015.

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      Deborah Butters
      Valley Coop Oil Mill
      Harlingen TX
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    • Jake Stromecki

      Member

      December 6, 2016 at 12:04 PM

      You don’t have to close Payables, in fact many people don’t ever close Payables. The Payables year end close just updates certain YTD fields, and if you post in the current year before you close the previous year, that field won’t be entirely accurate.

      1099’s, in general, work independent of year end closes, so you should be fine there.

      Personally, I would just not close Payables.

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      Jake Stromecki
      Software Solutions Group, Inc.
      Amherst NY
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    • Shari Bruno

      Member

      December 6, 2016 at 2:12 PM

      Hi Deborah,

      I don’t know if you’re closing other modules and just not closing accounts payable, but, we close all modules each month five days into the new month, and we also close the fiscal year around 2 weeks into the new fiscal year.  One of the benefits of doing this is that it keeps financial statements clean by preventing back posting, but more importantly, closing periods keeps reports GAAP compliant.  There are no restrictions on posting in a current period if the previous period isn’t closed so this should not factor into your decision.

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      Shari Bruno
      Accounts Payable Specialist
      Bible League International
      Crete, IL
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    DSC Communities replied 7 years, 6 months ago 1 Member · 0 Replies
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