When you post Purchase Orders transactions that affect item quantities, the program immediately updates item records and quantities on purchase order in Inventory Control, if you are using it.
Most Day End Processing tasks are performed during posting if Inventory Control uses options to cost items and create subledger transactions and audit information during posting. However, you must run Day End Processing to completely update your Purchase Orders, Inventory Control, Accounts Payable, and Project and Job Costing data.
Tip: You should run Day End Processing as part of your daily routine, to keep your audit trail and reports up to date. You can run Day End Processing as many times a day as you want.
Note: If you use Inventory Control, you run Day End Processing from the Inventory Control folder. If you do not use Inventory Control, you run Day End Processing from the Purchase Orders folder. (For more information about running Day End Processing in a stand-alone system, see P/O Day End Processing Screen .)
Assign the Default Cost Expense Account
Before running Day End Processing, you must assign the general ledger account code for the default cost expense account on the P/O Options screen.
Day End Processing will display an error message and stop processing if the account is not designated.
Tasks Performed by Day End Processing
Each time you run Day End Processing, the program:
- Processes all the transactions you have posted since the last time you ran Day End Processing.
- Creates a batch of Accounts Payable invoices, credit notes, and debit notes from posted Purchase Orders transactions, using the next available Accounts Payable batch number.
- Creates general ledger transactions from posted receipts, returns, invoices, credit notes, and debit notes.
- Optionally posts Accounts Payable and General Ledger batches in the A/P and G/L modules.
- Updates costs in Inventory Control for non-job-related invoices, if you use Inventory Control (unless you chose the Inventory Control option to do costing during posting).
- Updates quantities and costs in Project and Job Costing for job-related invoices.
- Activates and posts future purchase orders that have reached their purchase order date. When Day End Processing is complete, you can print the new POs.
- Clears requisitions that have reached their expiration dates.
- Deletes completed transactions if you do not keep transaction history.
- Updates statistics and history in both Purchase Orders and Inventory Control (if you keep history and statistics).
- Creates the receipt, invoice, return, and credit/debit note posting journals in Purchase Orders for the new day-end sequence number.
Important! The time it takes to complete day-end processing varies according to your computer and the number of transactions you entered since the last time you ran Day End Processing. We recommend that you run Day End Processing when you do not need to use your computer for other tasks. You might find it best to run it overnight.
About Locked Fiscal Periods
Note that if a fiscal period is locked for General Ledger but not for Purchase Orders, you can create batches for General Ledger during posting, during Day End Processing, or using the Create G/L Batch icon (depending on your system and settings). When you try to post transactions to a locked period in General Ledger, however, the transactions will be placed in an error batch. You can avoid this situation if you create and post General Ledger batches for outstanding Purchase Orders transactions before locking the period for General Ledger.
Similarly, you can create transactions for Accounts Payable from Purchase Orders transactions, but you cannot post them to a period that is locked for Accounts Payable.