Microsoft Dynamics GP - Closing the Year Information
Posted by Misty Galbreth, Support Analyst on November 1, 2017
Before Closing Your Year, Check Your Account Posting Types
Closing a fiscal year in Microsoft Dynamics GP when you have a General Ledger Posting Type marked incorrectly can be a hassle. Either you have a Balance Sheet account marked as Profit & Loss or you have a P&L account marked as a Balance Sheet account. Either way, your Retained Earnings account is incorrect, which means your financial statements are not correct either.
While this situation does occur, it is fairly easy to avoid, as long as you check your General Ledger account Posting Types before you run your year-end close routine. You can easily check your accounts using a SmartList.
- Open SmartList in Dynamics GP by going to Microsoft Dynamics GP menu > SmartList.
- Expand the Financial folder and then the Accounts folder. Click on the asterisk (*) for the canned Accounts report:
- Verify the Posting Type column has the proper posting type for each General ledger account:
- If you find any accounts that are marked with an incorrect Posting Type, navigate to Financial > Cards > Account, then use the search glass to locate the account. Then mark the proper Posting Type radio button:
If you need assistance with verifying your Posting Types or with this SmartList, please contact Crestwood support: firstname.lastname@example.org.
Have you already closed your year with a GL account marked with an incorrect Posting Type? Please see this blog about correcting the issue.