Dynamics GP Year-End Closing – General Ledger – Tips & Tricks

Before you run the Microsoft Dynamics GP year-end routine for the General Ledger in GP please read this!

Over the years the most common support issue we experience relating to year-end closing in GP is that GL accounts have been setup incorrectly. Specifically the ‘Posting Type’ checkbox noting whether the account is a Balance Sheet or Profit and Loss account.

GP uses these settings during the year-end closing routine to determine whether to bring that account balance into the new fiscal year, or to include the balance when creating the year-end journal entry which updates the retained earnings account balance.

To save yourself this frustration you can simply create two SmartLists to confirm your GL accounts are setup correctly:

1. Balance Sheet (BS) accounts set as Profit and Loss (P&L)

A. Go to SmartList>Financial>Accounts

B. Enter search criteria that identifies those accounts within the BS range that are set to posting type of P&L.  Similar to the screenshot below:

C. Click ‘OK’

D. Click on ‘Favorites’

E. Enter SmartList Favorite name

F. Click ‘Add’ Favorite

2. PL accounts set as BS

A. Go to SmartList>Financial>Accounts

B. Enter search criteria that identifies those accounts within the Profit and Loss range that is set to posting type of Balance Sheet. Similar to the screenshot below:

C. Click ‘OK’

D. Click on ‘Favorites’

E. Enter SmartList Favorite name

F. Click ‘Add’ Favorite

By saving these SmartLists, this data is at your fingertips to run at any time of year with the push of a button to identify an account set to the wrong Posting Type, making the year-end close that much easier and stress-free!

Happy New Year!

To schedule one-on-one time with any of our account managers or technical support consultants to review your year-end concerns, call our office today!

www.tidestonesolutions.com  |  info@tidestonesolutions.com  |  207-761-2133