4 Easy Steps to Prepare for Year-End Close in Dynamics GP

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The signs are everywhere-the Holiday office party, baked goods and candy everywhere, Christmas music playing in the background, - It seems as if we just finished Thanksgiving and the race for New Year’s begins.  The festivities are in the air.

In the Accounting and Finance area, there is a different energy.  Other people are talking about their holiday vacation, while accounting is ramping up their stress levels.  There is a lot of “Can this wait until next year?”, and “We will be working through the holidays, we’re finance!”

What is going on?  Why, when everyone else is getting ready to celebrate the holidays, is accounting in such a strange mood.

It’s the dreaded “Year End Close” There is no kind way to say it, this is the time of year that causes many finance pros undue anxiety.  How will they get through?  How will YOU survive?

Fear not, with Dynamics GP, year-end close is smooth and straightforward.  Yes, there are specific processes that need to be followed, and the sequence of events is critical, but with a little planning and preparation, you will get through this just fine.

These skills are critical:

  1. Making a SQL server database back-up.  You can’t get around it, you will be making LOTS of back-ups in the year-end close process, so learn how to do it.  (Microsoft Dynamics GP button >> Maintenance > Back-up).
  2. Verify that you have enough available disk space to make LOTS of back-ups.  Determine the size of your Dynamics GP database, (it is likely around 2 – 4 GBs in size) and make sure you have plenty a available room on the hard drive.  Disk space is VERY cheap, especially compared to your data.
  3. Know how to restore a back-up.  In all likelihood, you will NEVER need to restore a back-up, but won’t you feel far more comfortable knowing that you can if you do need to?
  4. Practice in advance, if possible.  Create a “test” company, make a back-up of your production company, and then restore the back-up over your test company.  Now you have a sandbox to play with, so go practice the year-end steps in totally safe environment.

Best of all, with Dynamics GP. There is no hurry to get the final accrual entries, auditor’s adjustments and reclassifications, etc., all booked and posted before you start the year-end close process.  GP automatically allows for the entry and posting of GL Journal entries for the prior year, even with the previous year having been closed.  Journal entries posted to a prior year will also create an update to your beginning balances for the current year.

A free, detailed guide is available for download here, with step-by-step instructions.  IF you have any questions or concerns, talk to your GP partner or consultant, and get them involved.  Better to ask for help up front, than try to get help with “fixing my little problem”.

By TMC, your Southern California Dynamics GP partner

4 Easy Steps to Prepare for Year-End Close in Dynamics GP

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