Hi Steve,

As you asking about the Close Current Period task in Property Management?

This task will close one period at a time. When the current period is also at the fiscal year end, it will do the tasks it needs to do for the end of the fiscal year. When it's the end of the calendar year, it will do the tasks it needs to do for the end of the calendar year. This is in Property Management only and it does nothing to General Ledger or the other applications.

You may find these Sage Knowledgebase articles helpful:

• Article: What happens when I run Close Current Period in Property Management?
• Article: What happens when I run Close Current Period in Property Management at the start of a new fiscal year?
• Article: What happens when I run Close Current Period in Property Management at the start of a new calendar year?

Clear Paid Items can take a long time to run. If it hasn't been run in years, you could probably expect it to take hours. 
This article lists the criteria is verifies the data against to determine what can be moved, which is why it can take a long time. Article: What is the criteria for moving transactions with Clear Paid Items?

It's a task that you will need to do some planning around since no one will be able to use Property Management while it is running. You will want to make sure you make a good backup right before the task in case there is an abort or power outage or network failure during the process. Also make sure there aren't any automated processes that will happen during Clear Paid Items, such as an automated nightly backup.

This article covers how to run Clear Paid Items. Article: How do I run Clear Paid Items in Property Management?

Hope this helps!

April Dahl