When should you run the Receivables Management year end process in Dynamics GP? Right before you start entering transactions in Receivables Management for the next year! Why? because the RM Year End Close transfers the summary figures stored in ‘Current Year’ summary fields to the ‘Previous Year’ summary fields – to see this in action look at Cards >> Sales >> Summary. These summary figures get updated every time you add a transaction to RM (including anything that originates in SOP).

So – like anything else that is procedue driven – you need a plan. I suggest the following:

  1. Post everything in RM relating to the current year.
  2. Make a backup.
  3. Run the RM Year End close process.
  4. Close the Financial Periods for RM (Tools >> Setup >> Company >> Financial Periods).
  5. Close the Tax Year.
  6. Make a final back up.
  7. Get going on processing the next years transactions as per normal.

Filed under: Functionality reviewed, Tips and Tricks