Year end close for AP with Multiple years open

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Posted on by Community Member Microsoft Employee

We have a customer who never has closed the year for AP. They decided to run the year end close process for AP wanting to close 2013. If you have multiple years open and have never ran the year end close process, how does GP know what year to close? You are not prompted to enter a year during this process?

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L Vail 65,271 on at

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RE: Year end close for AP with Multiple years open

You cannot close a particular year in AP, neither can you in AR, Inventory or company taxes. When you close these, it closes it as of whatever date it is when you preformed the close. Take a look at Frank's response above. One clarification I want to make is that when Frank says the transactions 'are going to be summarized' he only means it will change the numbers in the 'last year' column (aka bucket). Your detail still remains in the tables. He said that, but I thought it might be confusing to a new user.

Kind regards,

Leslie
Community Member Microsoft Employee on at

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RE: Year end close for AP with Multiple years open

Were you able to determine how to close only 2013 and leave 2014 open? We are experiencing a similar issue.
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Frank Hamelly | MVP... 4,029 Super User 2024 Season 2 on at

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RE: Year end close for AP with Multiple years open

All the YE process in Payables does is reset the Year To Date, Life To Date, and Last Year counters for number of invoices, invoiced total, etc. It's not a traditional close like the financial close is. You can't select a year to close. When they do close, all AP transactions prior to the date they perform the close are going to be summarized into Last Year and Life to Date buckets, I do believe. Try it in a test company. Have a look at the Vendor Yearly Inquiry for reference.