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At the end of the year my IT person we have to close out our inventory, payables and receivables on the very first day of the new year. I need to keep these open till they are properly in balance. What is the correct procedure.
Email me at bobh@printingplant.com
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Bob, closing these modules has no effect on the ability to continue posting transactions for the open year. All the close process in these modules is update the summary totals for the year. If you don't close these modules on the first day of the new year, any transactions entered will be included in the summary data for the open year. If you don't care about the summary data, it doesn't matter when you do the close. Some customers never close these modules. The only 'true' close in GP is the Financial close.
Hope this helps,
Hi Bob,
If you need to keep the year open be sure to save all transaction that will post to the new year in a batch. Once the year is close then you can post the batches that contain transactions for the new year.
I hope this helps!
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