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Sabrina Zimara, DFC Consultants

Learn How to Close Year-End in Microsoft Dynamics GP

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    year end close Microsoft Dynamics GP

    Year-End is again upon us and for accountants that means more than decorations, gifts, and parties. This is the time of the year when the rubber meets the road and accountants must tie up all loose ends, close out the books, and make sure all the finances balance out.

    Microsoft Dynamics GP users need to close all applicable GP modules to close out their year. Prior to making any changes, the year-end update from Microsoft should be installed. What this update includes depends on the year, but almost always includes a tax table update, changes mandated by new government regulations, or fixes to common errors or bugs in the software. See this year's changes.

    The next step is to take a backup of your system so you have a copy of your most recent information if anything were to go wrong during the closing process.

    From there, you’ll need to close the modules that you use in Microsoft Dynamics GP:

    • Sales order processing
    • Purchase order processing
    • Inventory
    • Receivables
    • Payables
    • Fixed assets
    • General ledger
    • Payroll
    • Any other modules or 3rd party (ISV) products such as Greenshades, KEY2ACT, or Rockton

    Additionally, there are some very useful reports that you can run that will help you with 1099’s and other required tax forms.

    If this is your first-time processing year-end, or if you need a refresher course, sign up for DFC Consultant’s Year-End close class December 6 or December 7. This 3 ½ hour class will leave you understanding every step you need to make for a successful year-end close. See the full class agenda here. 

    If you’re in the Fargo, ND area, this class can be attended on-site in our hands-on training lab. For those outside the area, remote training is available.

    Space is extremely limited for these two classes, so if you’re interested contact DFC Consultants as soon as possible to reserve your place. The cost is only $125 and anyone who uses Microsoft Dynamics GP can attend.

    Email DFC to register or get more information or call 800-277-5561

    By Sabrina Zimara

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