Accounting close affects inventory, etc

[coneeng]

We are running 2005 and inventory and related fields (Qty on hand, on SO, on PO, and available) don't update during the month until we close out the prior accounting month. For instance, until we closed June we wouldn't see accurate numbers for the current month.

Also, the default date on invoices, sales orders and purchase orders stays at the 1st of the prior month until we close that month. Likewise, customer history (including AR) and inventory history don't update either.

This is the first time I have used Peachtree but I have never seen another accounting package that handled dynamic information this way.

Added: After looking at this a little further, maybe we are wrong in something else we do. Currently, we don't change the ACCOUNTING PERIOD until we 'close' the month out. The main user of Peachtree is also self taught so the explanation for not changing the period is a little shaky. Can/should we be changing the accounting period on the first of the month so that all the things I mentioned above begin updating? It seems like then we could change the system date back to make correcting entries when we close?

[TheWolf]

There really is no "close". When the month changes, you should change the accounting period as well.

[GaryVC]

Correct me if I am wrong, but I don't believe you can do tasks like account reconciliation if you have changed periods. I wish the dates would continue to be correct when you are in a new month.

My work around is to complete the month by reconciling accounts, posting depreciation, and printing reports as quickly as possible. I can download or print out the financial data I need to do this from the internet, so if I'm not being lazy I can get it done if the first couple of days in the month.

Gary

[TheWolf]

You can always change accounting period back to prior month and finish work there, then change back to current month for daily operations.

[Lisa_p]

The only thing that you must be in the proper period for is the bank reconciliation. For other month end entries, you can work around by creating the entry with a current date, save it and then edit the date to the prior period.