Solution Properties
Solution ID:
222924650021730
Last Modified Date:
Wed Jan 25 09:48:40 UTC 2023
Taxonomy Path:
Category//Financial year
Author:
sageadmin
How do I close the year or the 1099 year in Accounts Payable?
Description

When you close the year in Accounts Payable, the system:

  • Moves the amounts in the This Year fields to the Last Year fields that appear in the Vendor Setup - Totals window for each vendor.
  • Moves the Next Year fields to the This Year fields in the same window for each vendor.
  • Updates the Year Ending Date field in the AP Settings window with the new year.

When you close the 1099 year, the system:

  • Moves the amount in the This Year 1099 Amount Paid field to the Last Year 1099 Amount Paid field in each vendor record.
  • Moves the Next Year 1099 Amount Paid field to the This Year 1099 Amount Paid field in each vendor record.
  • (If you store totals by prefix) Moves the Year-to-date Amount Paid field to the Last Year Amount Paid field and then moves the Next Year Amount Paid field to the Year-to-date Amount Paid field in each prefix record.
  • Updates the 1099 Year Ending Date in the AP Settings window with the new year.
Cause
Resolution

Follow the steps below to close your Accounts Payable year. For more information about closing the year, refer to Accounts Payable Help topics and the Year-End Procedures Guide. Refer to Where can I find the Year-End Procedures Guides (YEPG)?

Note: If you printed checks or generated payments with a date more than one year beyond your 1099 year ending date, your 1099 totals may be incorrect. Refer to My 1099 totals are incorrect in Accounts Payable

  1. Back up your data files. Refer to How do I use File Tools to back up data files? (Supplemental Video)
  2. Close the 1099 year at your calendar year-end.
    Note: Perform this step during your calendar year-end. The Close 1099 Year process updates the 1099 information saved for each vendor.
    1. From the Tasks menu, select Close 1099 Year.
    2. Verify that the Current year ending date and the New year ending date are correct.
    3. Click Start and then click Yes.
  3. Close the year at your fiscal year-end.
    Note: Perform this step during your fiscal year-end instead of your calendar year-end. For example, if your fiscal year-end is in June, then you do not need to close your Accounts Payable year until June. To determine your current fiscal year end date in Accounts Payable, refer to How do I verify the Accounts Payable fiscal year-ending date?. At the end of the calendar year, you must still close the 1099 year regardless of your fiscal year-end. If you are at your calendar year-end, but do not need to close the fiscal year in Accounts Payable, then you can skip this step and continue with any other Accounts Payable file maintenance procedures as appropriate. See the Year-End Procedures Guide for more information.
    1. From the Tasks menu, select Close Year.
    2. Verify that the Current year ending date and the New year ending date are correct.
    3. Click Start and then click Yes.



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