How to Perform Period-End Processing in Sage 100 Accounts Payable
In the world of finance and accounting, period end processing is a crucial component for maintaining the integrity and accuracy of a company's financial records, especially in the Accounts Payable (A/P) department. This article is designed to guide you through the intricacies of period end processing in Accounts Payable, a task fundamental to ensuring that all financial obligations of a business are accurately recorded, updated, and reconciled at the end of a financial period.
We will explore the essential steps involved in this process, including updating all data entries related to Accounts Payable such as invoice data, manual check and payment entries, electronic payments, and purchase order receipts. The importance of data backup and ensuring no active users in the affected system during the process will also be highlighted. Additionally, the article will delve into the procedural aspects of utilizing the Accounts Payable module for period end processing, including printing and verifying reports, and understanding the automatic purging and updating tasks performed by the software during the month-end close.
By comprehensively understanding and correctly implementing these steps, businesses can maintain an efficient, accurate, and reliable Accounts Payable system, which is essential for financial health and compliance. Let’s embark on this journey to ensure your business's financial operations run smoothly and efficiently.
How to Perform Period-End Processing in Accounts Payable
1. Ensure that all data entry tasks that update to Accounts Payable are updated:
A/P Invoice Data Entry
A/P Manual Check and Payment Entry
A/P Check and Electronic Payments
P/O Receipt of Goods Entry
P/O Receipt of Invoice Entry
2. Ensure that all data files are backed up (optional) and that no users are logged on to the affected company.
3. Expand Modules, Accounts Payable, and Period End. Double-click Period End Processing.
4. When the prompt to print period end reports appears, print all relevant reports before proceeding with the period-end close. (optional)
5. After the reports are printed and verified, click Proceed dialog box.
During month-end close, the program performs the following tasks:
Temporary vendors with zero balances are automatically purged unless you selected to retain the temporary vendor in Vendor Maintenance.
Check history information is cleared as of the period-ending date.
Vendor electronic payment history is removed based on the number of years set up to retain electronic payment history in Accounts Payable Options.
Vendor purchase history is removed based on the number of years set up to retain purchase history in Accounts Payable Options.
Open invoices with zero balances are removed based on the number of days to retain paid invoices in Accounts Payable Options.
If retaining invoice history, all current year invoice information is updated to the Last Year fields, and any invoice history with no current-year activity is removed based on options selected in Accounts Payable Options.
If you have not already printed period-end reports, you can do so during period-end processing. You can also select and print period-end reports without accessing Period End Processing by using Period End Report Selection.
Should you have any questions about module closing in Sage 100 or need other support with managing your Sage 100, we at Ardent Consulting are at your service. Our team of experts is ready and eager to help you navigate your system challenges and optimize your business's potential. We prioritize your business’s health and are committed to supporting your journey every step of the way.