What happens when you close the year in Accounts Payable

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

What happens when you close the 1099 year

• Moves the amount in This Year 1099 Amount Paid field to Last Year 1099 Amount Paid field in each vendor record.
• Moves Next Year 1099 Amount Paid field to 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. 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.

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.

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.

1. Back up your data files.
2. Close the 1099 year 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 don’t need to close your Accounts Payable year until June. Determine your Accounts Payable fiscal year-ending date. At the end of the calendar year, you still close the 1099 year regardless of your fiscal year-end. If you are at calendar year-end, but don’t need to close the fiscal year, then you can skip this step. 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.

Recalculate 1099 totals freezes in Accounts Payable
Which applications have a close period, month, or year task?
How do I use the Accounts Payable Recalculate 1099 Totals tool to correct 1099 amounts?