i have a doubt regarding the open PO.
The scenario is:
we are raising PO in the previous Fiscal year i.e 2010-2011 but we are making the payment in next year i.e 2011 - 2012..
So,what happen to the PO..
It should not get closed till we raise the payment against it..
So will it be open even we closed the previous fiscal year?
need guidance please..
It does not get closed.
Year End closed is generally related Balance Sheet and Profit and Loss.
Like for the year you have done transactions and run Profit and Loss statement it gives you Profit Period Figure which
when you close Last Financial Year Profict figure goes into the Balance sheet and P&L becomes clean and ready to get maintained for the current financial Year.
So it is related to BL & P&L and not open and Closed status of document.....