Accounts Payable period-end tasks allows you to print reports that analyze and disclose the results of operations in the period that just ended, and then wipe the slate clean and begin to gather information for the new period.

You will typically need to clear your accumulated vendor totals to make sure the amounts are accurate for the coming year. You might also process expenses, purge open items, or remove temporary vendors.

If your fiscal calendar and the calendar year are the same, you will most likely perform all your year end at the same time. However, you will need to take care of some tasks related to taxes on January 1st to ensure the numbers are accurate. For example, you will need to accumulate 1099 information for tax purposes and this accumulator will need to be cleared on January 1st to make sure the amounts it shows are accurate. For additional information on fiscal and calendar years, refer to Using the Fiscal Calendar.