YEAR END PROCESSES FAQ Frequently asked Questions. Q. Where can I find the Year End Checklist? A. In Agility Help you can search for Year End Procedures. The checklist should be at the top of your search. There is also an article version on the Wedge AR840 - Year End Procedures Checklist. Q. Do you have to perform purges before Year end? A. No. Q. Can you open a New Year more than once? A. No. Q. Can you run the AR and AP year end more than once? A. AR can only be run once. AP can be run multiple times; however, it is recommended you only run it once. Q. Can you run the GL Year End more than once? A. Yes, GL year End can be run multiple times until you have completed your entries. Q. Can my company be working on closing out AP and AR at the same time? A. Yes, these modules are independent of each other and the steps on the checklist for each module can be done simultaneously. Q. Do you run the Year End Processes for each branch? A. This depends on your sharing. If you share GL, then you only do this process once. If you have separate GL’s then you would need to do it for each Company/Branch that is unique. Q. Can you close the AR, AP, or GL Year with periods Open? A. No, if you have open periods in the AR, AP and/or GL module you will get a message that says the year cannot be closed because of open periods. You will need to close all open periods. Q Can you re-open AR and/or AP once the Year End has been run? A. AR cannot be reopened once the Year End has run. AP can be reopened if the GL is reopened. It is strongly recommended if there is something that needs posted to a prior year, you should do it in the current period/year and do Journal Entries to move them instead of reopening the AP module. Q. When I get a message that says I have unposted entries, how do I post these? A. There are AR, AP, and GL posting functions under the GL Menu (General Ledger > Posting Functions. Q. When should you run the Maintenance File updates? A. These should always be run based on Calendar Year, even if you are on a fiscal Year End. The amounts will not be accurate if these are not run at calendar year end. Q. Is there a report for 1099 amounts by Supplier? A. Agility has a new A/P 1099 Inquiry, which can be found by going to Accounts Payable > Inquiries > A/P 1099 Inquiry. There are also two reports on the Query exchange for pulling 1099 information. AR2344-1099 Detail Report and AR2346-1099 Summary by Supplier. However in newer versions of Agility, some of the information these queries pull are now encrypted for security reasons. Q. Is the Retained Earnings Validation Required? A. No, it is not, but it is recommended. Q. Can you run the LIFO update more than once? A. No, if it is run more than once the values will be zero. Q. How do I update my Financial Statements to the New Year? A. There is an Article on this on the Wedge outlining this process AR446 - How do I update my Financial Reports to show current year data?. Q. Can you leave the AP Year open? A. You can choose to leave it open; however, the GL Year end process CAN NOT be run until the AP Year is closed. Also, your balances will not move forward until GL Year end is run, so daily balancing will not be correct. We recommend accruals for AP at Year end. Q. What happens if you had not completed AR write off prior to closing the AR Year? A. You will have to do the write off in the current period/year and do Journal Entries to move the dollar values back to the previous year. Q. Why do I not have beginning balances in my New Year? A. Year End Process was not run. Q. Is there a time limit when I can no longer go back and perform journal entries in the prior year? A. There is no Agility time limit, but it is best practice to not make entries into the prior year once income taxes are filed. If an adjusting entry is still needed, at this point consult with your tax advisor about the state and/or federal tax rules related to the desired adjustment.
Q. Why would you not be able to select the previous year in reports? A. There is a security action allocation under Module = GL named "Access Prior Year Data". If that is revoked for the user, they can't change the GL year on any report that has a GL year option. Q. If I am using the Automated Period End, will it run AR and AP Year End for me? A. The Automated Period End feature will run the AR and AP Year End for you if the Close current period flags are set for the modules. If the flags are not set under the Automated Period End criteria, the Year End will need to be run manually. The GL Year End will need to be run manually regardless of if the flag is set for the GL. Q. If I am using the Automated Period End, will that close future periods for me? A. The Automated Period End feature will close the newly created periods for the new year (except period 1) if the Close future periods created with new year flag is set for the respective module. Q. If I am using the Automated Period End and utilizing a 13th period, what will happen if the Change current period flag is set? A. The Automated Period End feature will change the current period to 1 if the current period is 12 and the Change current period flag is set. Q. If I am using the Automated Period End and utilizing a 13th period, what will happen if the Close current period flag is set? A. When this flag is set in Automated Period End feature and the current period is 12, period 12 will close and period 13 will be left open. If the current period is 13, period 13 will close. |
