Dynamics GP Year End Tips

12 Days of Dynamics GP Tips: Day 3 – Remember That Year-End Close Tasks Are Time/Order Sensitive

Timing is key, and today’s tip focuses on those time/order sensitive year-end processing tasks. Some key steps to consider regarding timing are as follows:

  • Prepare a “Soft” close for all of the 2020 periods from the Fiscal Period Setup. This will be helpful to prevent incorrect postings. Our team recommends that a “test run” or soft close of the GL year-end close be completed in a test company.
  • Before you enter in data for 2021, enter in all of your 2020 AP and AR documents and close out the year.  
    • Post everything you can in ALL modules.  Make sure that transactions are posted to the appropriate year. 
  • Install the year-end update PRIOR to creating your first 2021 payroll run.
  • Install the tax table update PRIOR to the first 2021 payroll run and AFTER creating the year-end wage file for 2020.  

Also – if you do not use a particular GP module, you do not need to close that module.

If you need any help with your year-end processes, please contact us. Stay tuned for more helpful tips! And if you missed the first two tips, you can catch them here:

Day 1 – Stress-Free Year-End

Day 2 – Backups Are Critical

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