Project number closure question

 I am new to Projects and have a general question.  We use project numbers for both capital and O&M expenditures.  The issue is that as a project progresses some of the expeditures need to be capitalized yet we do not want to close the project because additional expenditures may still need to be charged and capitalized at another time.  Internal procedures require us to close the project and create a new project, thus transfering any unused budget dollars.  Can a project remain open and still capitalize some of the expenditures?

We also have this issue with O&M.  Internal procedures require new project numbers each year.  We would like to leave these projects open each year and just add budget dollars by year.  Can this be done?