Close Year End RM Series

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Posted on by Community Member Microsoft Employee

Do we still have to close the Calendar year for AR and AP? We have been on GP2013 since start of our fiscal year in 2014 and are now preparing to perform fiscal year end closes.

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sueconrod 335 on at

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RE: Close Year End RM Series

You should be closing A/P and A/R as part of your year-end closing routines. Not having closed will not affect your 1099's since the program actually looks at when a payment was made against an invoice. But what will be mixed up will be the Summaries for both A/P and A/R for your customers and Vendors. The amounts that are in the LTD will be correct, but the YTD amounts will be off. If you don't do analysis on your vendors and customers then it really won't matter.
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Mahmoud Saadi 32,738 on at

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RE: Close Year End RM Series

Closing RM and PM as sub ledgers is not a must and you can have just a happy life if you perform end-year closing or not. Although, it would be a recommended best-practice to do so in order to update the summary and statistical details of the customers and vendors such as Year-to-date and Life-to-Date information.

Now in your case, you need to take into consideration that all previous years data will be summarized till the moment of closing. Furthermore, If you are planning to run these procedures, make sure to run them at the actual end of your fiscal year, in order to update the summary information accordingly.

I am quite sure you have already read the knowledge base article for illustrative explanation of the process.

Your feedback is highly appreciated,