Written by Michelle Cunefare:
As the end of the year approaches, many of you may be reviewing the year end closing procedures for SYSPRO. Phoenix Systems would like to remind you of some key settings while running the year end in the Accounts Payable and General Ledger Modules. If your fiscal year is not based upon the calendar year, the information in number 1 below still applies for your December month end close in Accounts Payable if you issue 1099’s.
There are two key settings to remember when processing year end in SYSPRO:
- In Accounts Payable Period End check “Set 1099 accumulated payments to zero” and select start processing. Then process your yearend or December month end if your fiscal year is not based upon the calendar year. This function takes the accumulated net payments and updates the prior year before resetting to zero for the current year. This ensures 1099’s can be printed with the correct years’ accumulation. If your fiscal year is not calendar year end based, then this process should be still be run during the month end processing for December. The set 1099 function is run as a separate process from the month or year end. PLEASE NOTE: This function does not create a report and does not give you any message that it was run successfully. Do not run more than once! To validate that it was run go into Supplier set-up for a supplier that had payments during the year and validate that the accumulated net pay field is now set to zero. When you subsequently run the 1099 label print then you would select previous year in the 1099 Tax Year Section of the label print options.
Version 6.0:
Versions 6.1 and 7.0:
2. When you are ready to process the General Ledger year end, make sure you check “Set expense and revenue accounts to zero”. This ensures that revenue and expense accounts are correctly rolled into retained earnings for the next year. If you do not check this you will have to roll these accounts manually!
Version 6.0:
Versions 6.1 and 7.0:
We hope you find this useful.