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Year End Close

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Posted on by cford 10

Hello

Year End close  was not done on 12/31/2019. Had an issue  with posting batches . The issue has been resolved

All 2019 modules  have been closed in the fiscal period  set up window.

We have posted transactions in 2020

My  question is do I reset the user date back to 12/31/2019 and do year end close?

Do I wait for je"s from the auditor  and do year end close for all modules ( we do not use Inventory , Fixed Assets, or Payroll) at that time .

Or do I close Payables and Receivables at this l time, and close the GL at a later date?

Please advise

Thanks

Colleen

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  • Suggested answer
    Angela Eckman Ebensteiner Profile Picture
    Angela Eckman Ebens... 1,216 on at
    RE: Year End Close

    Hi Colleen,

    You can go ahead and close PM and RM.  If you have already entered 2020 transactions the Amount since last closed values are going to be off, but we do have scripts you can use to recalculate the amounts.   If you contact support they are called the PM Recalc scripts and the RM Recalc summary scripts.   Otherwise you have to use the drop down in the Summary view to look at Fiscal year and/or Calendar year for the correct values.  But without those scripts the 'Amount since last closed" will be incorrect if you added transactions in 2020 before doing the PM/RM year end process.

    For GL, you can hold off if you like since that is date sensitive and just do the year end when you are ready.  However, note if you need to get the year end closing completed, you can still post journal entries to the last closed year if you have the option to Allow:  "Posting to History" marked.  

    You should not have to reset the date back and it won't help in that case where you already posted data in 2020 anyway.

    Hope this helps!

    Thank you for using Microsoft Dynamics Communities,

    Angela Ebensteiner

    Sr. Technical Advisor

    Microsoft Dynamics GP

  • cford Profile Picture
    cford 10 on at
    RE: Year End Close
    [quote user="cford"]

    Hello

    Year End close  was not done on 12/31/2019. Had an issue  with posting batches . The issue has been resolved

    All 2019 modules  have been closed in the fiscal period  set up window.

    We have posted transactions in 2020

    My  question is do I reset the user date back to 12/31/2019 and do year end close?

    Do I wait for je"s from the auditor  and do year end close for all modules ( we do not use Inventory , Fixed Assets, or Payroll) at that time .

    Or do I close Payables and Receivables at this l time, and close the GL at a later date?

    Please advise

    Thanks

    Colleen

    [/quote]

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