Hi Tanja,

1) Year End in BankRec does not do too much - just resets the batch number and next posting sequence to 1. There are other processes that deal with clearing reconciled transactions. You can run Year End in BankRec at any time that is desirable, and typically that would be when the Next Year in Ledger has been opened.

2) When you are ready to post transactions to your fiscal year 2010/11, that would be the time to run the Create Next Fiscal Year function and open that year. Since that fiscal year is starting in a week for you, I presume that this has already been done. You would then have the 'current' year 2009/10 available as well as the 'next' year 2010/11.

In April 2010, you will be within your 'next' fiscal year. But presumably you will still have transactions to post in AR, AP and other sub-ledgers that belong in the 2009/10 fiscal calendar. These will get directed to the proper batch when retrieved to Ledger.

Your question is when to run the Close Current Fiscal Year function. How long do you think you would have to wait for all the 2009/10 transactions from all sources to be retrieved and posted in Ledger? Is that two months? Or is it two months to get your Year End auditor adjusting entries?

Yes, if you have Closed fiscal year 2009/10 then you can 'post to prior year' to affect this year, and posting deals with amounts correctly and won't mess anything up. It probably is not ideal to be doing volumes of batch processing using this function, not because it cannot be done but more because of the potential of accidentally posting to the 2010/11 year by mistake.

There is no rush to close your 2009/10 fiscal year. It is probably best to keep it open until all of your sub-ledger processing is complete. But don't keep 2009/10 open when all processing is done and all you are waiting for is the auditor's adjusting year end corrections. These entries are best posted to prior year, after 2009/10 is closed.