Microsoft Dynamics GP Year-End Update 2022: Inventory Control

Hi everyone!

It’s that time of year again where we like to share some information with the community to help ensure your Inventory Year-End Close process goes smoothly!

Does the 2022 Year-End Update include any changes specifically for the Inventory Control Year-End close?

No, there are no changes included for the Inventory Control year-end close process. 

When Should the Inventory Control Year-End Close be Done?

The Inventory module should be closed at the end of your fiscal year before any new transactions that would affect inventory quantities are posted in the new fiscal year.

The Year-End Close process…

• Transfers all summarized current-year quantities, costs, and sales amounts to last-year, for the items which you are maintaining summarized sales history.
• Updates each item’s Beginning Quantity, from the Quantity on Hand, at each site.
• Zeros the Quantity Sold field in the Item Quantities Maintenance window (Cards >> Inventory >> Quantities/Sites) for each site.

Gives you options to:

• Remove discontinued items
• Remove sold purchase receipts
• Remove sole lot attributes
• Update items standard cost

What Steps Should You Take to Close the Year?

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 

Key Points to Remember:

• Make restorable backupsas outlined in step 4 of Set up a test company - Dynamics GP | Microsoft Learn.
• If you are using Sales Order Processing and/or Purchase Order Processing, be sure to reconcile each of these modules along with the Inventory Control module prior to closing.
  Reconcile in following order:

Sales >> Utilities >> Reconcile-Remove Sales Documents
Purchasing >> Utilities >> Reconcile Purchasing Documents
Inventory >> Utilities >> Reconcile

Helpful Inventory Year-End Closing Resources:

Year-End Closing in Inventory Control - Dynamics GP | Microsoft Learn

The order in which the reconcile procedures should be run - Dynamics GP | Microsoft Learn

Inventory accidentally closed twice - Microsoft Support

The inventory year-end close routine does not remove discontinued items in Microsoft Dynamics GP - Microsoft Support

Additional Resources for the Inventory Control Year-End Close

Dynamics GP Support and Services Blog - Microsoft Dynamics GP Community

Microsoft Dynamics 365 Community

Inventory Control - Parts 1-3 - Dynamics GP | Microsoft Learn

Microsoft Support for business

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.)

Be sure to refer to the Microsoft Dynamics GP - 2022 Year-End Blog Series Schedule!! - Microsoft Dynamics GP Community to review current and upcoming blog posts and other helpful resource links related to Year-End Closing for Dynamics GP.

I hope you and yours healthy and happy days ahead.

Nicole Sutton | Senior Support Engineer | Microsoft Dynamics GP