We are in full Year End mode. Everyone is working to get their year-end process to move smoothly. We have some suggestions to help make your Microsoft Dynamics GP or any ERP system year end close easier:
Check the posting types of your accounts. Make sure to check that your accounts have the correct posting type – Balance Sheet or Profit and Loss. If not, this will cause incorrect entries during the year end close. Although there are fixes, this is very easy to check during the year and in Dynamics GP by running a SmartList.
Check for service packs. This year for Microsoft Dynamics GP 9, 10 and 2010, the year end update with the appropriate service pack may be required. You want to have the updated forms in place for 1099-MISC, 1099-INT and 1099-DIV and W-2s.
Backup, Backup, Backup. Make sure you know when to do backups and that you have enough hard drive space for all the backups you need. Engage your IT team so they are available, if needed.
Plan time and disk space for maintenance. Some customers only do maintenance on their system (reconcile and checklinks for Microsoft Dynamics GP) once a year. Be sure to plan to do this when there are no users in the system before year end. Start off the year with good data.
Close the years for general ledger at a convenient time. If you need to make correcting entries, Microsoft Dynamics GP allows you to post entries in the last closed year. An entry is made in the historical year and the balance sheet entries (retained earnings or beginning balances) flow into the current year automatically.
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