Dynamics Community Forum Thread Details

GL Fiscal Year End Close

Hello everyone,

I am doing the fiscal year end close for one of our clients. This is my first time doing it and I had a question about closing the GL. Previously, another consultant, who no longer works with us, did their fiscal YE Close. We keep documents on everything so I was able to go back and read her notes. The fiscal year ended June 30, 2015. It seems like they did everything normally except I noticed that two months afterward in August she put in notes where she closed the GL. I spoke with the client, and they thought she did this so that they could still post to 2015.

I checked the GL close window and it says it was closed on June 30, 2016. (I think she did this by changing the date in GP.) My question is: What are the differences between closing the GL on June 30, 2016 and closing the GL at a later time but changing GP's date to June 30, 2016? From my understanding, you can still post to the previous year even when you close the GL, so why wait?

Hope I was able to get that across clearly. Let me know if you have questions.

Thanks,

RM82

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