Setting up Dynamics GP for the New Year

Posted by Misty Galbreth, Support Analyst on January 8, 2016


Creating a New Fiscal Year in Microsoft Dynamics GP

Submitted by:  Misty, Crestwood Support Analyst
 

Our support team has noticed a lot of confusion around starting the New Year in Dynamics GP. Particularly, they’ve gotten calls for help when:

  • Clients didn’t even know they HAD to create a new fiscal year in Dynamics GP in order to enter into the new years’ periods, and are suddenly getting “period does not exist” errors.
  • Clients have accidentally overwritten the 2015 fiscal year with 2016 dates (which essentially changes all of their data to 2016.)
  • Because they have overwritten 2015 data and now have 2016 dates in everything, they’ve tried to backdate entries and get the dreaded “period does not exist” error.

Here’s how to avoid any issues with working in Dynamics GP in a new fiscal year.

Creating a new fiscal year in Dynamics GP

  1. Login to Microsoft Dynamics GP as the sa user or a PowerUser.
  2. Navigate to the Microsoft Dynamics GP Menu > Tools > Setup > Company > Fiscal Periods.
  3. In the field that contains the current fiscal year, type over the year with the new fiscal year you want to create and tab off of the field.In my example, I’m going to create fiscal year 2019.
  4. In the First Day field, enter the first day of the fiscal year.In my example, our fiscal year is also the calendar year, so I’m going to enter 01/01/2019.
  5. In the Last Day field, enter the last day of the fiscal year, 12/31/2019 in my example.
  6. Verify the number of periods is correct, 12 in my example, though your company may have more periods.
  7. Click the Calculate button.

    This is the result:


     
  8. Make sure to verify that the date next to each period is the starting day of that period.
  9. Next, click OK to exit.The new fiscal year has been created.

Optional Steps:

Some people rename the periods so they make more sense; for example, they rename change Period 1 to January.

Additionally, you may want to prevent accidental entry into a period that should not be used yet by closing all of the periods using the ‘Close All’ button.  Then, when you are ready to begin working in a period, simply go in and uncheck the boxes for that period.

If you’ve accidentally overwritten your data, or need more help with Fiscal Period Setup, don’t worry!  Our support team is here to help you. Email them at Support@Crestwood.com.


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