Year-End Close Time Line

[zinderellie]

Hi There,

This is my first year-end close in Mas 90. How long do you have to do the year-end close without disturbing or causing problems with the accumulators for the new year? Are there any tricks if there is a restricted amount of time?

Thanks in advance for your responses!
Tanya =)

 

[JonathanR]

This is potentially a very long question! The simple answer is that in each module, there is a year end closing procedure that clears out accumulators prior to starting with the new year. This means that you can not start entering 2003 transactions until you have closed 2002, as the accumulators are zeroed out as part of the close.

That having been said, you can close all modules except Accounts Payable and General Ledger pretty quickly after year end. In fact, there is rarely a good reason not to close same day.

Accounts Payable is often held for a few days to get in all late invoices. The General Ledger module can be kept open for longer as you can post into future GL periods from all other modules without problems. Note, however, that it is only ONE future period.

What we recommend for really delayed closes, is make a duplicate of the company, using svdata, and making auditors adjustments in the old and new companies, this allows much, much quicker closing of the general ledger module, typically before the end of the first month after year end.

Please let me know if this helps, or if you would like more assistance!

jonathan@powershiftsystems.com