Year End Procedures Overview

The following is a description of year end procedures. An asterisk (*) denotes the procedures that initialize year-to-date fields in various files. To ensure accurate data, you must run these utilities before any processing that updates these fields is done in the new year. The timing of executing the remaining utilities is not critical.
  • A/R Period/Year End Procedure: Resets to zero these fields in the Customers form: Sales PTD, Sales YTD, Discounts YTD, Sales Last Year, and Discounts Last Year. The utility also resets to zero the Sales PTD and Sales YTD fields on the Salespersons form. This utility must be executed after generating invoices and posting customer payments for the current year before posting any of these transactions for the new year.
  • Note: This utility should only be run once. If you run it more than once, it results in zeros in the Sales Last Year and Discounts Last Year fields.
  • Set Vendor Item and Customer Item PTD and YTD Totals to Zero: Resets the fields in the Vendor Item Cross Reference and the Customer Item Cross Reference forms to zero. The Vendor Item Cross Reference form fields reset are: Ordered YTD, Received YTD, Rejected YTD, Average Cost, Average Lead Time, Average Lateness, Average Percentage, and Last Percentage. The Customer Item Cross Reference form fields reset are: Purchases YTD, Ordered YTD, Shipped YTD, and Ordered PTD.
  • Note: This utility is located in both the Customer and Vendor modules but only needs to be run once.
  • Year End Closing Journal Entries: Creates debit and credit entries to close out all revenue and expense accounts for the date range specified. These entries will be placed in the General Journal, and the General Journal must then be posted to the General Ledger. This procedure should be run after all entries made to the fiscal year are posted. In addition, if any adjusting entries need to be made after the procedure has been run, the procedure must be performed again.
  • Update Current Period and Current Fiscal Year: In order to post journals for next fiscal year and close previous year, the Current Fiscal Year field on the General Parameters form must be manually updated to the next fiscal year. You also need to update the Current Period field on the Accounting Periods form.
  • A/P Year End Procedure (Payment YTD based on calendar year): Resets these fields in the Vendors or Multi-Site Vendors form to zero: Discount YTD, Purchase YTD, and Payments YTD. In addition, the Purchases Last Year is set with the current value of the Purchases YTD and the Discounts Last Year is set to the current value of the Discounts YTD. This utility must be performed after the last Accounts Payable check run for the current year, before posting any Accounts Payable checks for the new year.
  • Note: This utility must be run at the end of the calendar year (not the fiscal year). The Vendors or Multi-Site Vendors form's Payment YTD field is used in generating 1099s, which are printed on a calendar year basis. Also, this utility should be run only once. If you run it more than once, it results in zeros in the Vendors or Multi-Site Vendors form's Payments Last Year, Purchases Last Year and Discounts Last Year fields.
  • Set Item/Warehouse PTD and YTD Totals to Zero: Resets these fields in the Items and Item/Warehouse forms to zero: Sold YTD, Used YTD, Purchased YTD, Quantity Manufactured YTD, and Sales YTD. The utility should be run after completing jobs, shipping orders, and PO receipts for the previous year and prior to performing any of these transactions for the next year.

Additional Procedures

The following is a list of procedures by module which need to be performed periodically and may be convenient to run at year end. Most of these procedures delete information from the database. Once the data is purged, you will not be able to view or restore it. Depending on your company's policy, you should keep several years of data for audit purposes. You can also archive the database before you purge the data, so that you can access the information as needed.

Finance - Accounts Payable

  • Delete A/P Posted Transactions: Deletes records from the A/P Posted Transaction forms for all fully paid vouchers. Once the records are deleted, you lose the ability to review the details.
  • Purge Voucher History: Deletes records from the voucher history file. All vouchers prior to the specified Invoice Date and less than the specified Voucher Number are selected. Voucher headers associated with unposted AP transactions or purchase orders with a status of Planned or Ordered are not purged.

Finance - Accounts Receivable

  • Delete A/R Posted Transactions: Deletes records from the A/R posted transaction file. You should run the Customer Statements Report before running this utility. For balance forward customers, this utility deletes all invoices up to the amount of the payment available and generates a balance forward entry for the first partially paid off amount. For open item customers, it deletes all fully paid invoices. Once the records are deleted, you lose the ability to review the details.
  • Purge Invoice History: Deletes records from the invoice history file posted. You can choose to delete only the invoice line item and progressive billing line items, or to also delete invoice header and tax records.

Finance - General Ledger

  • Compress General Ledger Transactions: Deletes records from the General Ledger Posted Transactions form. Back up your database before performing this utility, since transaction detail is lost. If the utility's Compress By field is set to Date, all transactions with the same date are compressed to a single transaction for the selected accounts or reporting units. If the Compress By field is set to Period, all transactions in the same accounting period are compressed to one transaction for the selected accounts or reporting units. The date for the new transaction will be set to the period end date.
    Note: General Ledger Transactions with a reference of "Income Summary" are never compressed.

Material - Inventory

  • Delete old Material Transactions: Deletes material transactions records, which provide an audit trail for your inventory transactions (any changes to the quantity on hand or cost of the item). Once the records are deleted, you lose the ability to review the details. When a material transaction is deleted, references to that transaction from any ledger or journal transactions will be cleared. If you try to view the detail on a ledger or journal previously referenced to the deleted material transaction, the system displays a message that the record is not available.
  • Roll Current Cost to Standard Cost (if using Standard Costing): Creates or updates the Standard Routing/BOM for standard costed items. It also creates a material transaction and journal entries to reflect the change in inventory value at each stockroom location (journal transactions have a reference of INV STDC).

Vendor - Purchasing

  • Delete History Purchase Orders: Deletes all purchase orders with a status of History. If the PO has a current Change Order with a status of Open or Final, it will not be deleted.