End of Year - Open Purchase Orders
Would like to have option as to whether open PO balances should be carried over to the new budget or not when doing the end of year close.
Most clients will mark Open PO's as received using a received date in the finance year where the expense should be recorded. This will prevent the PO from carrying forward as an open encumbrance.
A best practice is to run the PO status report for open line items as of the last day of the fiscal year before doing an AP check run. This will allow you to evaluate POs that are open.
Let me know if this is helpful