Year End Closing

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Posted on by Taylor_Greenwood

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Looking at the various series, the last closing date on Year End Closing on Tax is 2003, on Receivables is 2021, and Payables is 2020. How important are these, and should I run them now? Will I need to do so for each year skipped, or will running the process once bring us current? We have been running the YEC on Financial each year, but I was reading the /Understanding closing a year in GL/ article, and noticed it /Reconciles and summarizes the GL balances that have accumulated throughout the year/ Does that mean this should be done prior to sending our GL to our accountant? Are you able to enter AJE's after doing so? Or should we continue as we have been and wait until our accountant provides us with the AJE's before closing the year?

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Microsoft Dynamics GP

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Lisa at AonC.com 3,132 on at

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Year End Closing

Here is the link to the GP year end blog posts:

Microsoft Dynamics GP - 2023 Year-End Blog Series Schedule!!

The key part of the Receivables and Payables close is that they reset the Year To Date Summary columns that are visible in the associated SmartLists. Because of this reset, you don't need to run them for each year as everything in the Year To Date columns move to Last Year and Year To Date is set to zero. There is a SQL process to recalculate This Year/Last Year if you need them correct for SmartList or other reporting.