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Stoneridge Software

Completing Year-End Close in Microsoft Dynamics GP – Frequently Asked Questions

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Whether it’s your first time, or your fortieth time completing your year-end close in Microsoft Dynamics GP, questions can arise. We’ve compiled some of the most frequently asked questions from our customers. If you have any additional questions about year-end, please contact us and we would be happy to answer those questions for you.

What happens to unit accounts during year-end close?

  • Unit accounts are treated the same as balance sheet accounts because they have a balance that is brought forward when the year is closed.

Can my team still use Microsoft Dynamics GP while I’m completing year-end?

  • We would recommend that all of your users are out of the system during year-end.

How are non-financial accounts closed during year-end?

  • If the non-financial account is configured to use the Balance Sheet posting type, the account balance is brought forward during the year-end closing routine. If the non-financial account is configured to use the Profit and Loss posting type, the account balance is closed to the retained earnings account during the year-end closing routine.

The year-end close process stopped halfway through when I was closing the GL. My computer is frozen – what do I do?

  • If the year-to-date transaction open file (GL20000) is large, it may take a long time for the year-end closing routine to finish. If the hard disk is still processing, the year-end closing routine has not stopped responding. We recommend that you let the routine run. If the hard disk is not processing, we recommend that you restore from a backup.

If I had a failed year-end close, can I use the Reverse Historical Year checkbox in the Year-End Closing window to try to fix it or 'un-do' it?

  • This feature was designed to reopen a GL year that was successful. If you get an error message we recommend to make a screenprint of the error message and restore to a backup immediately. If you need help, contact the GP professionals at DFC Consultants.

I have closed General Ledger in Microsoft Dynamics GP, and I now realize that I have not yet closed Fixed Asset Management. Can I close the fixed assets module now?

  • You should close GL last, after all other modules. However, Fixed Asset Management can be closed after General Ledger is closed. The GL Posting (GL Interface) process can be performed, and then the transaction or transactions can be posted to the closed year or to the historical year in the general ledger.

Do I have to close the fiscal year before the first day of the next fiscal year?

  • The year-end closing routine for General Ledger does not have to be completed before you start the next fiscal year. But you should close the year as soon as possible.

Do you have additional questions about year-end close in Microsoft Dynamics GP? Reach out to Stoneridge Software with your questions. We’re also happy to help you complete your year-end close.

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