Closing Multiple Years 1

[PTina]

If I'm closing multiple years at the same time(eg. 2000-2003) do I have to close IV, AR, AP for each year or will closing once do it?

I know I will need to close GL for each year, I'm just not certain about the sub-ledgers.

 

[PTina]

Ohh, I'm using ver 7.5.

 

[stef315]

I'm not sure what type of closing you are doing. There are closings for each module (A/R, A/P, etc.), a general ledger fiscal year close, and then the "soft close" of fiscal periods.

If you haven't closed the modules for a few years, you would just close once. For instance, in accounts receivable, it will take everything in the "This Year" column and move it into the "Last Year" column. It will then zero out the "This Year" column to get ready for this year. None of the numbers there will be accurate but starting with version 7 you can view the summary by fiscal year, calendar year, or amounts since last close. The only thing this really effects is the summary amounts used in SmartList will pull from the "Amounts Since Last Close" totals.

If you are doing general ledger closing, you will want to close your oldest year first, then move forward.

If you are doing the "soft close" of fiscal periods, you can close and re-open those however you like. This isn't closing the fiscal year, just preventing postings to the fiscal periods for the marked modules.

 

[PTina]

I was doing the year end close, following the steps on TK.
Close subledgers in the order: IV, AR, AP, GL.

The company was setup a few years ago but GP wasn't really used so they had several open years even though some had no data.

I eventually closed the subledgers as many times as I closed the GL.

I didn't want to take the chance since I wasn't sure.

It is good to know though for future use, that I only need to close the sub-ledgers once in this case.

Thanks for your input.