We upgraded our AccPac To Adagio this year and had our fiscal year end March 31. In past years, my internal accounting staff tell me that once the Year End function has been run in each module (such as Payables) that they can no longer make entries to the previous fiscal year. This creates problems for us because we receive inventory in March but don't get the invoice until April. Our accountant wants us to have the Payables set up in March for inventory received in March. Is there a way to do this in Adagio Payables?

My internal accounting people tell me that they have to run the year end process on March 31 so that we can begin using Payables in the new fiscal year. They also say that once the year end process has been run, that we cannot enter anything in the previous fiscal year, also the same problem as with AccPac. Is this correct? It seems to me that I can still set up an invoice batch and make entries into March even though we are in the new fiscal year. Can anyone advise on this?

Hi, Susan,

Running year end really serves two purposes: (1) to update the vendor account statistics for the year being closed and (2) to reset the next batch number to one along with clearing the batch status info.

While it is possible to enter items using prior year dates after year end is run, those items will update the new current year statistics in the subledger.

Is it possible to leave the Adagio Payables old fiscal year open for a couple of weeks into April until we get all our entries done, then run the fiscal year end function? Or would that create a problem for the current year entering? We could still do day end and month end as usual, but just delay the year end.

Yes, you can leave it open for a couple of weeks (and most do); however, any entries made (even those with new year dates) will update the vendor account balance statistics for the prior year (i.e. ending 3/31/2008) when Year End is run.

If this is a concern, you might not want to enter any new year transactions until after you've decided to run Year End.

The new year transactions, even if fully paid, wouldn't be cleared yet as their date would be after the date you'd specify as your transaction clearing date.

Hi Susan

I generally recommend running AP year-end after the last check run for the year, and not bother waiting until all invoices are received, since that date is unknowable. Most users care more about the YTD Payments statistics being accurate than the YTD Invoices statistics, assuming they care at all.

Even after running AP year-end you can safely enter AP transactions dated prior to or after year-end and they will retrieve into the proper fiscal periods in the GL, until such time as GL year-end is run (and there is no urgency to do this under the Ledger 9.0A).

Steve