For the rest of December, we’re posting a series of Dynamics GP tips. We hope you’ll follow along, and please share with us any helpful tips you have that we can pass along to our GP user community.
Remember to PLAN AHEAD – Since you only have to close the year ONCE every 12 months, you may forget a step or two. Take time now to look over the various GP year-end close checklists, such as the one listed below.
Familarize yourself with the year-end process.
Be sure to use the Routines Checklists to create checklists for each module. This helps you remember what you need to do at the end of those periods and displays the date and time the window was opened to accomplish that task, as well as the user who did it. This way you can see all that has been completed!
Steps to close the General Ledger (from the GP Community group)
- Complete all batch posting for the year you are about to close in the other modules (sales, purchasing, etc.).
- Post any necessary entries in General Ledger.
- Print an account list to verify the posting type of each account. Remember, if the account type is Balance Sheet, there will be a balance brought forward to the new year. If the account type is Profit and Loss, there will be no beginning balance.
- Verify the settings in the General Ledger Setup window
- Print a final Detailed Trial Balance report.
- Print the year-end financial statements.
- Make a backup. This backup is performed on the SQL database server. Although not necessary, it is prudent to create a backup entitled “Year-end 20XX” and save it.
- Close the fiscal year.
- Close all the fiscal periods for all the series.
- Following the year-end close, print the Detail Trial Balance and review the opening balances.
If you need any help with your year-end processes, please contact us. Stay tuned for more helpful tips!