Question:
Year End in Accounts Payable
Answer:
Year End in Accounts Payable
The first step to prepare for year end in Accounts Payable is
to post or clear all transactions, and print all available
reports.
Next, process your Prepaids and Futures. This utility selects
all prepaid and future liability expenses that have reached
their expense date, and transfers the expense from the holding
account to the expense account.
Purge Open Items to remove all items with a $0 amount
remaining. Purge History to free up hard disk space. Be sure to
back up you data before selecting any available purge option.
Finally, reset YTD Vendor Totals. All of your vendors have
accumulating Year to Date (YTD) amounts. These amounts are
accumulated figures from posted activity amounts. The amounts
will accumulate to the last year, current year, and next year.
When the Year to Date Amounts are processed, these amounts
shift. The current year amount becomes the last year amount, the
next year amount becomes the current year amount and what was
the last year amount is dropped.
