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Amounts Since Last Close Views incorrect in Payables or Receivable's after Closing the year??

Hokuminaria Profile Picture Hokuminaria 2,950

Hello GP Fans!

One of the more common cases we see at year end is related to the Amounts Since Last Close being incorrect after the close process in Receivable and Payables Management.

Here’s why this is such a common problem: Most companies are not able to close Payables/Receivables on the last day of the year and closing the year on a day that is NOT the last day of the year will result in incorrect Amounts Since Last Close values.

The GREAT NEWS IS THIS: We have Recalc scripts that will adjust the Amounts Since Last Close amounts for the previous and current year if those values are wrong.

Here’s some more detail about Amounts Since Last Close values in Payables and Receivables:

Payables Management

Although the Payables Management module is date-sensitive, the following items are updated based the ‘actual’ date the year is closed in Payables. These are all known as Amounts Since Last Close views:

  1. SmartList objects
  2. The Payables Management summary reports.
  3. The Amounts Since Last Closeview of the Vendor Yearly Summary window.

The Vendor Yearly Summary window, the Summary Views for Calendar Year and Fiscal Year are date sensitive, so will be correct. However, the Amounts Since Last Close view will move amounts from the Year to Date Column to the Last Year column at the point in time you ran the Year End close process for Payables Management.  As such, it is recommended that you process your year-end closing routines at the actual year end, and before you post any transactions in the new year, so this view is correct.

The calendar year-end process in Microsoft Dynamics GP will clear the 1099 Amount Year to Date field and then transfer the amount to the 1099 Amount Last Year field for the Amounts Since Last Close view of the Vendor Yearly Summary window.

The fiscal year-end process in Microsoft Dynamics GP will clear the following fields:

  • Amount Billed YTD
  • Amount Paid YTD
  • Average Days To Pay - Year
  • Discount Available YTD
  • Discount Lost YTD
  • Discount Taken YTD
  • Finance Charge YTD
  • Number of Finance Charges YTD
  • Number of Invoice YTD
  • Number of Paid Invoice YTD
  • Returns YTD
  • Trade Discounts Taken YTD
  • Withholding YTD
  • Write Offs YTD

The amounts in these fields will also be updated in the Amounts Since Last Close view of the Vendor Yearly Summary window:

  • Amount Billed LYR
  • Amount Paid LYR
  • Discount Available LYR
  • Discount Lost LYR
  • Discount Taken LYR
  • Finance Charge LYR
  • Number of Finance Charges LYR
  • Number of Invoice LYR
  • Returns LYR
  • Trade Discounts Taken LYR
  • Withholding LYR
  • Write Offs LYR

To correct your Amounts Since Last Close view in Payables Management, you can download and test the Recalc script using the link below.

PMrecalcWithModifiedReadMeText.zip

 

Receivables Management:

Although Receivables Management is date sensitive, the following items are updated based on the ‘actual’ date the year is closed Receivables Management. These are known as Amounts Since Last Close views:

  • The SmartList objects
  • The Receivables Management summary reports
  • The Amounts Since Last Close view in the Customer Summary window

The items that are flagged with an asterisk are affected by the calendar year-end close. All the other items are affected by the fiscal year-end close.

  • Average Days to Pay - Year
  • Finance Charges CYTD*
  • Finance Charges LYR Calendar*
  • High Balance LYR
  • High Balance YTD
  • Number of ADTP Documents - LYR
  • Number of ADTP Documents - Year
  • Number of NSF Checks YTD
  • Total # FC LYR*
  • Total # FC YTD*
  • Total # Invoices LYR
  • Total # Invoices YTD
  • Total Amount of NSF Check YTD
  • Total Bad Debt LYR
  • Total Bad Debt YTD
  • Total Cash Received LYR
  • Total Cash Received YTD
  • Total Discounts Available YTD
  • Total Discounts Taken LYR
  • Total Discounts Taken YTD
  • Total Finance Charges LYR*
  • Total Finance Charges YTD*
  • Total Returns LYR
  • Total Returns YTD
  • Total Sales LYR
  • Total Sales YTD
  • Total Waived FC LYR*
  • Total Waived FC YTD*
  • Total Writeoffs LYR
  • Total Writeoffs YTD
  • Unpaid Finance Charges YTD*
  • Write Offs LYR
  • Write Offs YTD

To correct the fields in the Amounts Since Last Close, you can download the RM Recalc scripts to update the Year to Date and Last Year fields.

RMRECALSUMMARYWithModifiedReadMeText.zip

Be sure to test the scripts in a test company and review the Readme Text in the zip file.

I hope this helps!

Thank you!

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