Consolidating GL Periods in Microsoft Dynamics GP
Posted by Misty Galbreth, Support Analyst on April 22, 2016
There may come a time when you no longer wish to see all the detail in your General Ledger, and may want to see a summary of all the activity instead. This may be after a certain amount of time has passed, after an audit has passed, or some other company-dictated benchmark. Microsoft Dynamics GP allows the consolidation of detail information into a summary transaction in the General Ledger, and it can be a simple process, as long as some basic security measures are taken to protect your data integrity.
As a precaution, before beginning any Period Consolidation, make a backup of the company database in SQL. You may need to engage your IT department or partner for assistance with this process. A good backup is needed in case of any unexpected issues during the consolidation process.
Important note: Once you consolidate, you will no longer have access to detailed transaction information for reporting or inquiry purposes, and you will no longer be able to post transactions to that period. Make sure you have a record of the detailed transactions, either in electronic or hard copy form.
The purpose of the Period Consolidation in Microsoft Dynamics GP is to take many detailed transactions and consolidate them into one, summarized transaction per GL. So, if a general ledger account had 6 transactions in February before the period consolidation, it will only have one summary transaction in February after the consolidation.
To begin the consolidation process:
1. Create a backup of the company database.
2. Either run a Summary Trial Balance report from your reporting tool or from Financial > Reports > Trial Balance for the first period you wish to consolidate. Make note of the Grand Totals, as you’ll be verifying these after the Period Consolidation is run. In my test, I’m running the consolidation for the period of 12/2013, and here is my Trial balance for that period:
3. To consolidate the period, go to Financial > Routines > Financial > Period Consolidation. Choose whether the period you are consolidating falls in an Open or History year. Mine is in a closed year, so I will choose the History radio button, and then year 2013 from the dropdown menu. I will then type in 12 for the Period, or choose it using the Search glass. Here is what the window looks like completed to run for my consolidation:
4. Click OK to run the consolidation. Processing time will vary based on your server speed, the amount of data and the number of accounts you have. After clicking OK, a prompt will appear, letting you know that transaction detail will be removed. You can click Yes to continue.
5. Choose where to print your report, Screen, Printer or File. This report will show you what was consolidated for each account.
6. Go back to run a Summary Trial Balance report from your reporting tool or from Financial > Reports > Trial Balance for the period you just consolidated and verify your totals. After consolidation, my totals remain the same, so the consolidation was successful:
7. Repeat steps 2-6 for every period you wish to consolidate.
There is an option on the Period Consolidation window to narrow the consolidation down by account segment ranges. This is not recommended as all ranges may not be picked up and the consolidation may not be in balance. Please reach out to Support for assistance before proceeding with this function.
Period 0 (zero) should not be consolidated.
This may seem like an overly cautious approach to Period Consolidation, but data integrity is extremely important. Once removed, detailed transactions cannot be recovered, expect by backup recovery.
Should you need additional assistance with Period Consolidation in Microsoft Dynamics GP, please contact Crestwood Support at (847) 394-8820 or Support@Crestwood.com