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Microsoft Dynamics GP Year-End Update 2023: Inventory Control

Hello Everyone! 

Below you will find some tips to help ensure that your Inventory Control Year End Close process goes smoothly for you!
 
When should the Inventory Control Year-end close be done?
1. The Inventory module should be closed at the end of your fiscal year, before any new transactions that would affect inventory quantities are posted.

What does the year end close process do and/or affect?
1. Transfers all of your summarized current-year quantities, costs and sales amounts to last-year, for the items which you are maintaining summarized sales history for.
2. Updates each item’s Beginning Quantity, from the Quantity on Hand, at each site.
3. Zeros the Quantity Sold field in the Item Quantities Maintenance (Cards | Inventory | Quantities/Sites) for each site.
4. Gives you the options to:

a. Remove discontinued items
b. Remove sold purchase receipts
c. Remove sole lot attributes
d. Update items standard cost

What steps should you take to close the year?
1. Enter and post all Purchase Order Processing, Invoicing/Sales Order Processing, and Inventory transactions for the current year and then continue with the steps outlined in Year-End Closing in Inventory Control - Dynamics GP | Microsoft Learn  titled “Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP”

Key points to remember:
1. Make restorable backups when it is recommended and outlined in step 4 of Set up a test company - Dynamics GP | Microsoft Learn.
2. If you are using Sales Order Processing and/or Purchase Order Processing, be sure to reconcile each of these modules along with the Inventory module prior to closing.
a. The order in which to reconcile these modules is: SOP, POP and then Inventory.
 
 

Helpful Inventory Year-End Closing Resources:

 

If you create a case with the Technical Support Team for assistance with the Inventory Control Year End close process, use the following category selections to log the support incident:

- Support Topic Selection: Distributions - Inventory

-- Sub-Topic Selection: Inventory – Other

(Be sure to enter a detailed description of the issue and include screen prints of any error messages or specific issues.)


Have a great Year-End!
 
Angela Ebensteiner | Sr. Technical Advisor | Microsoft Dynamics GP 

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