“If you want a happy ending, that depends, of course, on where you stop your story” - Orson Welles

This time every year, Microsoft Dynamics GP customers start getting anxious about the upcoming year-end (YE) close process. Whether it’s your first time, or your twentieth time completing your year-end close in Dynamics GP, questions can arise. Here are some tips for a stress-free year-end close.

Year-end closing checklist for the General Ledger: 

*If you are using Analytical Accounting, Fixed Assets or Fixed/Variable Allocation accounts, there are additional steps.

1. Complete all batch posting for the year you are about to close in the other modules (sales, purchasing, etc.).
2. Post any necessary entries in General Ledger.
3. Print an account list to verify the posting type of each account. Remember, if the account type is Balance Sheet, there will be a balance brought forward to the new year.  If the account type is Profit and Loss, there will be no beginning balance.
4. Verify the settings in the General Ledger Setup window
5. Print a final Detailed Trial Balance report.
6. Print the year-end financial statements.
7. Make a backup. This backup is performed on the SQL database server. Although not necessary, it is prudent to create a backup entitled “Year-end 20XX” and save it.
8. Close the fiscal year.
9. Close all the fiscal periods for all the series.
10. Following the year-end close, print the Detail Trial Balance and review the opening balances.
    

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Closing the General Ledger is necessary in order to have beginning balances on the Balance Sheet. GP has two very useful features that can be used following the year-end close.

1. If necessary, the last period in the most recently closed year can be open to post adjusting entries that will automatically update the beginning balances and retained earnings.
2. The year-end close can be reversed as long as you are on GP2013 R2 or higher. This is very helpful if, prior to the year-end close, a general ledger account was incorrectly flagged as either balance sheet or profit and loss resulting in either an extra beginning balance or one that is missing.
   

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1. The team at Rimrock is here to ease the anxiety around year-end close and to help jump start a successful new year. If you require professional support from Rimrock Corporation, please visit us at Dynamics GP Support.

November 13, 2018 by Rimrock Corporation

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