This section only applies to customer's using the optional entrée.AP (Accounts Payable) add-on module.

 

Closing the period ensures that period-to-date and year-to-date total in the vendor files remain accurate. You can close the period as often as you like, depending on the accounting period your company uses.

 

 

•You close the Accounts Payable at the end of each period to ensure that period-to-date and year-to-date totals in the vendor file remain accurate.

•Closing moves the current period's information into the vendor history file so the vendor history is accurate.

•Closing also removes completed transactions, such as paid or voided invoices, from the current files. This allows you to control the amount of information that appears on current period transaction reports.

•When you close the last period of the year, you should close both the period and year. If General Ledger is enabled, you should perform a release to General Ledger just before you close the Accounts Payable period.

•Closing AP without the Update Summary option activated and without Delete Transaction History enabled allows you to transfer current transactions into the history files, without modifying the period-to-date totals. So if you have a large number of transactions, you can close in this manner on a daily basis, so that when the time comes to close and update period-to-date totals, you won't have so many transactions that will have to be moved to the history files.

•The Close AP procedure expects that the "Balance forward" entry for each checking account when processing the Bank Reconciliation data will be the first record that it sees for that account.