Do you dread year-end in Dynamics GP? If so, do these tasks monthly and you can make year-end a breeze. By following these guidelines, you will keep things in Dynamics GP clean and ready, so when you get to year-end, the process will be much easier.
Follow the checklists in Dynamics GP or print out our handy list to follow for your monthly procedures.
- Make sure everything is posted in all the following modules.
- Have a current and good backup.
- Do the modules in the order listed, starting with Purchase Order Processing and ending with your General Ledger.
Purchase Order Processing
- Post all receiving and invoice/match transactions for the month.
- Optional – Reconcile Purchase Order Processing Documents Tools > Utilities > Purchasing > Reconcile PO
- Print the ‘Received Not Invoiced’ report. Reports > Purchasing > Analysis
- Manually reconcile the Received Not Invoiced report to the General Ledger Accrued Purchases account.
- Reports > Purchasing > Analysis > Purchase Order Status to verify status of open P.O.s (mark new, received, released, change order) to see if any old, outstanding or errors in P.O.s.
- Optional – Move closed Purchase Orders to history. Tools > Routines > Purchasing > Remove PO
Sales Order Processing
- Post all sales invoice transactions for the month.
- Optional – Reconcile Sales Order Processing Documents (be sure all users are out of GP prior to running this step). Tools > Utilities > Sales > Reconcile –Remove Sales Documents
- Optional – Remove Competed Sales Documents. Tools > Utilities > Sales > Reconcile –Remove Sales Documents
- Post all transactions for the month which would affect inventory.
- Reconcile Inventory quantities (be sure all users are out of GP prior to running this step). Tools > Routines > Inventory > Reconcile
- Optional – Complete physical inventory, post variance through Stock Count Entry window.
- Print Inventory Stock Status Report. Reports > Inventory > Activity
- Manually Reconcile Inventory account(s) in GL to Stock Status report or use the Reconcile GL for Inventory. Tools > Routines > Financial > Reconcile to GL
- Post all transactions for the month which would affect A/P
- Print an Aged Trial Balance Reports > Purchasing > Trial Balance
- Manually Reconcile Payables Management Aging report to the General Ledger or use the Reconcile to GL for Payables Tools > Routines > Financial > Reconcile to GL
- Apply unapplied documents, occasionally check vendor statements against trial balance, and investigate old bills unpaid, or accounts where you don’t have original documents.
- Post all transactions for the month which would affect A/R.
- Print the Unapplied Documents Report. Reports > Sales > Analysis > Unapplied Documents
- Apply unapplied documents. Transactions > Sales > Apply Sales Documents
- Do write-offs of small unpaid balances or overpaid items. Tools > Routines > Sales > Write Off Documents
- Run an aging. Tools > Routines > Sales > Aging
- Optional – Assess Finance Charges. Tools > Routines > Sales > Finance Charge
- Optional – Post the Finance Charge batches. Transactions > Sales > Series Post
- Optional – Print Statements. Tools > Routines > Sales > Statements
- Optional – Transfer Commissions to Payables Management. Tools > Routines > Sales > Transfer Commissions
- Optional – Remove fully paid transactions. Tools > Routines > Sales > Paid Transaction Removal
- Print an Aged Trial Balance. Reports > Sales > Trial Balance
- Manually Reconcile Receivables Management Aging report to the General Ledger or use the Reconcile to GL for Receivables. Tools > Routines > Financial > Reconcile to GL
- Optional – Print month end reports such as the Tax Period Report. Reports > Company > Taxes > Tax Period Reports
- Process the Reconcile Bank Statements. Transactions > Financial > Reconcile Bank Statement
- Manually Reconcile the Checkbook to the General Ledger Cash account or use the Reconcile to GL for Bank Reconciliation. Tools > Routines > Financial > Reconcile to GL
- Post all GL transactions for the period, including adjusting entries.
- Print a Trial balance worksheet and as you reconcile each account, mark off or insert notes of to-do items. Reports > Financial > Trial Balance > Worksheet
- Print financial statements.
- Determine and make adjusting entries, then re-run the financial statements.
- Close the fiscal period using the Fiscal Periods Setup window. Tools > Setup > Company > Fiscal Periods
Download a copy of your checklist here and join our in-house, Dynamics GP Senior Consultant, Juliet, for a video walk-through of all the recommended period closing procedures. Watch the recording of her webinar here.
For more information contact Crestwood at firstname.lastname@example.org