Closing a Year

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I know it is advised to Archive the previous year when closing the "current" year. (ie if i want to close 2014, I should archive 2013).

What are the risks if you dont archive 2013 when closing 2014? Is this something we definitely shouldnt do? We have reasons we cannot archive 2013 yet.

Thank you

Side note: The reason we want to close 2014 is to run MR on the 2015 year, which from what I understand, cannot be done until 2014 is closed.

Please let me know if my understanding is off.

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L Vail 65,271 on at

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RE: Closing a Year

Absent a third party product, you should not get the message "GP asks if you would like to archive 2013". If you ARE using Company Data Archive, you can always add the additional entries to the archive company, so you're not stuck with some 2013 data in the production company and the rest of the 2013 data in the archive company, You'll still be able to query the archive company data within the production data using special windows provided by the Company Data Archive product.

I have used this product several times and can endorse it. It did have a problem with Purchase Orders once, so be sure to look carefully at those records to make sure they were archived correctly. I haven't needed to archive lately, so I don't know if it's been fixed.

Even if you have Company Data Archive, it doesn't ask you to archive when you close GL, so that seems strange to me. Normally, my clients hold several years in production and only archive the older years that are largely outdated.

Kind regards,

Leslie
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RE: Closing a Year

So basically, when you close 2014, it moves the data to shistorical tables (which 2013 is already in) and nothing happens to 2013 data (remains in historical tables), correct?
Richard Wheeler 75,848 Moderator on at

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RE: Closing a Year

Archive to me means you move data out of your production company into an archive company. That is not what GP does when you close the year. Closing the year will mark the year you are closing as an historical year and move your GL entries from the open tables to the historical year tables. This way as you close years the current year stays open and then each subsequent year gets moved to history. There is no archiving as defined by moving it to an archive company. You are free to query both open and historical years. There is no archive option in native GP. You can also post to a prior year so you can enter adjustment to the year you just closed. If you are using GP 2013 R2 there is now an option to reverse a close year.
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RE: Closing a Year

I am being told that when 2014 is closed, GP asks if you would like to archive 2013. I am being told once this happens we will never be able to update 2013 records (such as if we needed to for an audit)

All I want to do is close 2014, keep 2013 closed, and have 2015 open so I can run MR on it. However I still want to be able to open 2013 or 2014 again if I need to.

Are you saying that I can close 2014, it will move to historical year tables, just as 2013 is now, and I have no need to "Archive" anything (2013 in this case)?

Sorry if I am not being clear.
Richard Wheeler 75,848 Moderator on at

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RE: Closing a Year

Please define what you mean by archive. Are you using the Company Archive product from Professional Advantage? When you close a year that year will be marked as an historical year and the ledger transactions will move from the open year tables to the historical year tables. Now if you were truly archiving, all transaction would be moved to an archive company and no longer exist in the current company. Now if you are using MR and the GP Datamart you could still have one report that would consist of both companies. Most companies just close the year and move everything to history.