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A client did not close all modules for YE last year. Only financial was closed. Are there any precautions / concerns for closing the remaining modules? IV, AP, AR, Manufacturing, FA?
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WELL........you want to close the sub ledgers to clear YTD sales to 0 and accurately record total sales Last Year as of 12-31. But that is the major reason for a prompt close of those modules. Most firms keep GL open even though they don't need to so they can post adjusting entries. You can post adjusting entries into the one most recent historical year.
Understood. No company really closes on exactly 12/31 each year anyhow, so I imagine the close date for the subledgers doesn't actually carry that much weight. Thanks Leslie :)
Good question Catherine!
The truth is that you cannot specify a date for closing in AR/AP/Inventory. However, the AR and AP modules are date sensitive now, so that your summary view can be set to the year instead of the default which is the amount since last close. You need to change it in module setup for RM and PM. Inventory, sadly, does not work that way. The buckets you see in the item inquiry screen for 'sold' quantities, restarts as of the date of the close.
Payables calculates the 1099s correctly no matter when you close.
Kind regards,
Leslie
I have a follow-up question. I don't see a date range in the routines to close modules only for items/trx's up til 12-31-2012. How can you have GP account for only 2012 and not the new year's transactions/activity?
You comment about Mfg is correct. The only thing missed in not closing sub-ledgers is the advancement of last years and Life to date totals and the clearing of the YTD accumulators. You actually have more than last years totals in the YTD at this time. Over the next couple of years, this will work itself out but the Last Year and Current YTD totals will not be accurate (the total of the two will be the total YTD for this and last year, however). So, as Leslie stated, no big deal!
BTW, our Closing GP book explains all of the things that happen when you close modules.
Many thanks Leslie. Client does not use FA in GP. After some research though, I see that with FA, users will need to run Depreciation to the last day of the year and then post into GL prior to closing FA year.
Manufacturing does not have any year-end routines.
Hi Catherine,
Actually, they shouldn't be able to depreciate in the new year without closing the prior year. If they tried, they would get an error message something like "Target Date's fiscal year may no be greater than the current fiscal year for the selected book".
Have they tried to run depreciation yet?
Leslie
That I am unsure of. Does GP allow users to run depreciation in the new year with an unclosed prior year? Could you explain the concerns with this?
In the event that they did run depreciation in the new year, would we want to back out depreciation to the date of 12-31-12?Thanks!
Hi Catherine,
No big deal as far as IV, AP & AR are concerned. I don't know about Manufacturing, but I do know that fixed assets is a big deal. Have they actually been able to run depreciation in the new year?
Kind regards,
leslie
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