Preliminary YE Close

(0) Share

Report

Posted on by Community Member Microsoft Employee

I am on GP2013. Our fiscal year end is 5/31/2014 - I've issued preliminary statements for the month of May - however I am also now closing June. Since I haven't run the close year end process - my beginning balances have not transferred over to the new fiscal year. Can I run a "preliminary" close fiscal year so that I have updated balances for my June financials? If yes, what would those steps be? I know I will have to go back and book some final adjustments yet to May 2014. Thanks for your help!

*This post is locked for comments

All responses (6)

Answers (1)

Verified answer

Community Member Microsoft Employee on at

Like (0)

Report

RE: Preliminary YE Close

Awesome! Thanks so much for all your help Ian! :)
Community Member Microsoft Employee on at

Like (0)

Report

RE: Preliminary YE Close

Nope - it auto updates :)

Ian.
Community Member Microsoft Employee on at

Like (0)

Report

RE: Preliminary YE Close

What happens if an entry I posted in the old year impacts retained earnings - don't you have to rerun the close process so that retained earnings is updated accordingly?
Suggested answer

Community Member Microsoft Employee on at

Like (0)

Report

RE: Preliminary YE Close

Hi - the process is simpler in that you don't need to re-run the close process.

Close the year, and you can post backdated GL journals [or any transactions for that matter] for your audit adjustments to the closed year. These will automatically roll forward and update the new years balances [if they are Balance sheet accounts] - if P&L accounts, they will update the retained earnings account.

Note that you will need to open the relevant period in the closed year - just a tick box exercise - click on tools >> Setup >> Company >> Financial periods. Select the year you just closed, and un-tick the relevant period. In your case most likely the last financial period for the Financial module. But if you are posting AP, AR transactions etc. - then open the period for the Sales, Purchase modules etc.

When finished, and transactions fully posted - don't forget to close the periods again to stop anyone mistakenly posting back into the closed year.

Best regards,

Ian.
Community Member Microsoft Employee on at

Like (0)

Report

RE: Preliminary YE Close

I previously have worked with Dynamics Navision and would close the year, then close the first month of the new fiscal year, then book any necessary adjustments back to the old fiscal year, re-run the close process and then rerun the statements for the first month - based on what you presented - it sounds like I can do this with Dynamics GP as well. Could you please confirm?
Community Member Microsoft Employee on at

Like (0)

Report
RE: Preliminary YE Close

You cannot run a preliminary close.

Your options are:

Close the year - you can still post back any audit adjustments. If posted back into the most recent historical year, the balances will roll forward automatically.

If you were on GP2013 R2 - you could close the year, and reverse the closure if you needed to.

Create a column in MR that displays the balances for the previous year...and a calculated column that sums this with the data for May...so you get the correct report, even though the year is not closed yet.

Best regards,

Ian.