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How to close periods and perform period end processing in Accounts Payable

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Summary

How to close periods and perform period end processing in Accounts Payable.

Description

Use Period End Processing to automatically perform either period-end or year-end processing based on the period entered at the Current Period field in Accounts Payable Options.

Period End Processing allows you to close the current period and increment the accounting period to the next period. Period-end processing is usually performed at the end of each accounting period. Year-end processing takes place automatically when period-end processing is performed for the last period of the fiscal year.

Note: Fields in Accounts Payable Options are used to determine the current accounting period and the number of years to retain vendor purchase history, check history, and 1099 payment history after year-end processing.

The following occurs during period-end or year-end:

  • Temporary vendors with zero balances are automatically purged unless you selected to retain the temporary vendor in Vendor Maintenance.

  • Check history information is cleared as of the period-ending date.

  • Vendor electronic payment history is removed based on the number of years set up to retain electronic payment history in Accounts Payable Options.

  • Vendor purchase history is removed based on the number of years set up to retain purchase history in Accounts Payable Options.

  • Open invoices with zero balances are removed based on the number of days to retain paid invoices in Accounts Payable Options.

  • If retaining invoice history, all current year invoice information is updated to the Last Year fields, and any invoice history with no current-year activity is removed based on options selected in Accounts Payable Options.

If you have not already printed period-end reports, you can do so during period-end processing. You can also select and print period-end reports without accessing Period End Processing by using Period End Report Selection.

Warning: Backing up your data is an important part of your daily and monthly procedures. Back up all Accounts Payable data before proceeding.

Resolution

CAUTION: Use caution when working with the below product functionality. Always create a backup of your data before proceeding with advanced solutions. If necessary, seek the assistance of a qualified Sage business partner, network administrator, or Sage customer support analyst.

 NOTE: Backing up your data is an important part of your daily, weekly, and period-end procedures.

  1. Verify that all invoices and checks have been updated for the current month.
  2. Make a backup of company data
  3. If December is being closed, and if 1099 forms are used, print, verify, and clear all 1099 forms.
  4. Change the Accounts Payable module date to the last day of the period being closed (for example, 05/31/10).
  5. Expand Modules, Accounts Payable, Period End, Period End Processing.
  6. Select Full Period End Processing.
    • Note: If this is the last period of the fiscal year, select Full Period End and Year End Processing.
  7. Select the check boxes for the reports to be printed, and click Print. The following reports should be printed at a minimum:
    • Aged Invoice Report
    • Check History Report
  8. After the reports are printed and verified, click Yes at the "Do you want to complete period-end processing?" prompt.
  9. When period end processing is finished, back up the Accounts Payable data files. Do not overwrite the backup created above (before period end was processed).
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