Learn How to Close Year-End in Microsoft Dynamics GP

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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 you have questions, please contact us here at Stoneridge Software.

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