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How do I do an Accounts Payable Year-end?

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Summary

Accounts Payable Year-end

Description

Cause

Resolution

Preparing for year-end

  • Enter all the invoices, orders, receipts, etc. and post to the sub-ledgers and the general ledger.
  • Complete your period end transactions (interest batches, retainage batches, write off batches, recurring transactions).
  • Identify what items need to be completed for your fiscal year end vs. calendar year end.
  • Back up your databases.
  • In Common Services > Fiscal Calendar, create a new fiscal year (this is only done once).
  • Lock any fiscal periods in current and new fiscal year that are not needed to reduce likelihood of data entry errors.
  • When working in the modules to clear out data, make sure that no one is entering in transactions or working in the module.
  • See the year-end checklist for more information about the entire process. The Sage300ERP_Checklist_YearEnd.pdf is located in the \DOCS\XXA\ENG folder where XX represents the version of Sage 300 you are running.

Under Accounts Payable periodic processing the following items are optional parts of the year-end process:

  1. Clear History (optional):
    a. Print reports of the data to save before clearing out since after this activity is performed, data will not be available for access or inquiry.
  2. Delete inactive records (optional):
    a. The date range refers to the date the record was made inactive.
    b. To mark a vendor inactive, the account balance must be zero and there can be no outstanding transactions. To delete the inactive vendor, its fully paid documents must be cleared through the clear history section.
  3. Year end (optional):
    a. Reset all batch numbers removes transaction history from the batches and all drill down to these batches from GL or from the batch list windows.
    b. Clearing statistics moves current year activity statistics to last year, if provided, and sets all counters to 0.
  4. 1099 in US / CPRS in Canada are very similar. These forms are used to report to the federal government the amount of money paid to unincorporated entities for services rendered to the company.
    a. Click on the appropriate icon, ensure the information is correct, identify the output location for the file and when you click generate, a file will be created that you can upload to the government. These forms are printed at the end of the calendar year.