Year End Close in GP 10.0

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Posted on by soma

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This is first we are going to run Year End Process(for the year 2013) in GP 10. We have already posted all the transactions for the year 2013. Also closed all the month in Company Fiscal Years Setup window. And we have created the new year 2014 with opened month of Jan and Feb. Here some transactions available for the month of Jan and Feb.

My question is: Can we directly run Year End Close(Tools-->Routines-->Financial-->Year End Closing)? or Follow all the steps from below KB article.

support.microsoft.com/.../888003

We are using below modules only.

Financial

Your suggestion is much appreciated.

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soma 24,406 on at

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RE: Year End Close in GP 10.0

I have successfully completed the Year End Close for two companies in GP with following all the steps from the KB article and also understood the process flow. Thanks to all.
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Mahmoud Saadi 32,738 on at

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RE: Year End Close in GP 10.0

Since this is the very first time you get in touch with the end year closing, I would absolutely recommend running thoroughly through the check list provided in the support article above. Furthermore, those will become something that is taken for granted the next time you run end-year closing.

If you have FA module installed, (important point regarding depreciation before year end close) you may need to check that you have no fully depreciated assets (cost basis equals LTD) with incorrect fully depreciated flag, which may result with an infinite loop. Never forget to keep a backup just in case things went wrong.
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Ian Grieve 22,782 on at

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RE: Year End Close in GP 10.0

That KB article is the recommended process.

Yes, you can skip straight to the Year End Close after you have created the new Fiscal Calendar.