Microsoft Dynamics GP Year-End Top 10 Resources
Posted by Donna Krizik on December 29, 2015
Microsoft publishes and updates articles that explain in great detail how the year-end close should be done and all the implications and timing issues. Below is the order in which the modules should be closed, and their related articles:
- Inventory – KB 872713
- Receivables Management – KB 857444
- Payables Management – KB 875169
- Fixed Assets – KB 865653
- General Ledger – KB 888003
- Payroll – KB 850663
Please Note – A Microsoft CustomerSource login might be required. If you need assistance, please contact us at Marketing@Crestwood.com.
7. Mark Polino’s Collins Microsoft Dynamics GP 2015 US Payroll Year-End Update blog.
8. Microsoft Dynamics GP Year-End Closing Blog Series 2015 with additional links.
9. Mark Polino’s Dynamics Sherpa Year-End Close video.
10. Information about performing the year-end closing procedure in Receivables Management in Microsoft Dynamics GP after December 31 – KB 851140
Each Dynamics GP manual will all have a section on the year end close if it is applicable for that particular module.
General Ledger – Common Questions
When? The biggest question we get on the General Ledger close is when to do it. On one hand, you don’t want to close the GL before all your adjustments are in and/or the audit is done. On the other hand, you hate not being able to see beginning balances for the GL accounts and having to use alternate reports to add in last year’s numbers. Since you can post to the last fiscal year, even if it is closed, there is no harm in closing the fiscal year sooner than later. However, make sure that you won’t need to post to years prior to the last closed year, since you will not be able to do it. In other words, once you close 2013, you can still update 2013, but 2012 is done at that point.
I said I won’t need to, but how do I post to 2013? If you absolutely, positively, have to post to more than one prior year, it is possible, but it will cost you. The Microsoft Professional Services team has a procedure they can run on your system that will re-open prior years. The cost will depend on the size of your data, how many companies and years you need to open, and when you need to do this. We have used this service a number of times and have never had an issue, so it definitely works. To get more information on this, contact Crestwood at Marketing@Crestwood.com.
How do I actually post to the last closed year?
Here are the steps:
- Go to Tools > Setup > Company > Fiscal Periods and make sure the period you want to post to is open (unchecked).
- Go to Tools > Setup > Financial > General Ledger and make sure Allow Posting to History is checked.
- Enter and post your transaction. Read this before you look at your posting journal: the entry will look like it is posted twice. It’s showing up on the report twice because it’s updating last year’s balances and then updating this year’s beginning balances. This is ok.
- Go to Tools > Setup > Financial > General Ledger and uncheck Allow Posting to History. While it is ok to leave this checked, I recommend disallowing posting to history to avoid mistakes.
- Go to Tools > Setup > Company > Fiscal Periods and close (check) the period you opened in step 1. Again, you can leave the period open if you want.
What if one of my Balance Sheet accounts was set up as a P&L account? If one of your accounts was set up with the wrong Posting Type and you did not catch this before performing the year close, you can use KB article 864913 to correct the problem.
Other Common Questions / Victoria Yudin’s MVP 2 Cents
Payables and Receivables – to close or not to close? Most companies we work with do not close the Payables and Receivables modules anymore. Since it is virtually impossible to have a clean cut off between transactions for two years, it really does not add any value to perform the year-end close for these modules.
Backups – do we really need them? As far as I am concerned, one of the most important parts of the year-end close is making a backup before starting. I have only actually needed this backup twice, but we were sure glad we had it those two times!
What is the close procedure for other modules, like Bank Rec or SOP? Most other modules do not have a ‘year-end close’ process. The only recommendation for them is to make sure everything for the year being closed is posted prior to closing the year in the modules that do have a year-end close process.
These tips were published by Dynamics GP MVP Victoria Yudin, on her blog, and updated by Crestwood Associates LLC in December 2015.