How do you set up future years payable?

You can set up future years payable at any point in your year and doing so will change the accounts on the appropriate payments.
You can set up future years payable at any point in your year.  When you run the Update Future Years Tool it will change the accounts on the appropriate payments based upon the payment due dates on each voucher.

To set up the feature do the following:
1. Create, if necessary a future years grant payable and a future years grant expense account in the master chart (File Maintenance\General Ledger\Master Chart of Accounts).  Assign the appropriate fund classes to the account.
2. Run the File Maintenance\General ledger\GL Accounts Mass Add\Delete Utility to add the accounts to the funds
3. Add the accounts to the appropriate fund class default records ( File Maintenance\Funds\Fund Code Maintenance\Fund Class)
4. Adjust the payment due dates on the vouchers to reflect the intended payment dates if necessary.
5. Run the Update Future Years Accounts Tool from the File Maintenance\Accounts Payable Menu.

When you run the tool it will modify the GL accounts on the line items for any voucher that falls in the future year and it will make the appropriate journal entries to move the expense and payable from the current year to the future year.  Review the ensuing journals if the grant expense didn't occur in the current year, but in a previous year. If necessary they can be adjusted before posting.  The payable portion of the journal should not be adjusted since the voucher in AP will expect the liability to be in that account in the future.

Once a year you will run the utility again to move what was a future year liability into a current year liability.

Note that running the utility again for the same date will result in no changes. Posting the journal entries is important to be sure the changes made in the AP accounts flow to the correct GL accounts.

If running the utility results in no journal entries, check the dates used.  To further troubleshoot, copy the live database to test and rerun the utility using a different date.  Note the changes.  Rerun with the preferred date.  Are there now changes? This would indicate that you neglected to post the journal entries when the utility was initially run.



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