You’re offline. This is a read only version of the page.
I have read that you can leave year-end open indefinitely and proceed with business in the new year. My question is, can you do the same with a fiscal period? For example, can we start processing June invoices even though we haven't closed out May?
*This post is locked for comments
True - with version 10.0, you have the addition of the historical stock status report to help with inventory levels to match the General Ledger, but prior to this version, it is VERY difficult to calculate what the inventory amounts should be "AS OF a given date".
Thanks,
Abra Gilman
Please correct me if I am wrong, but another item to be aware of is inventory and what version of GP you are running. We operate in GP 9 currently and we only allow the current accounting month to be open related to sales and inventory until inventory subledger and GL are reconciled and the inventory reports are printed.
Best regards,
Dale Coulthard
Check out Tools >> Setup >> Company >> Financial Periods. Use this window to stop / allow posting to fiscal periods. Keeping just the current month open in GL greatly reduces the chances of transactions hitting the incorrect GL period.
For month end audit adjustments you can open the GL period as required.
Remember too that most transactions from sub modules, have a number of dates: The actual Transaction Date, the GL Posting date, and a Tax date...all three can be different. To see these, click on the blue arrow beside the transactions date field. So, you can have a SOP Invoice dated 01 April 2010 (so it is aged from this date for credit control)...but it can be posted into the GL on 01 May 2010 (so it gets recognised as May income)...and can have a tax daet of 01 June 2010...so it gets picked up on June's SalesTax return.
GL Posting dates default from eithre the transaction or the batch depending on your set up in Tools >> Setup >> Posting >> Posting.
Hope this helps.
Since the reporting and closing of fiscal years is all date driven and not just a 'checkbox', you can continue to report by period, date, and year within Microsoft Dynamics GP.
Thanks. I thought it was, but I just couldn't find anything on it.
Yes you can start processing transactions in June even though May isn't closed yet. This a normal process. As to your year end statement, the problem at year end is that beginning balances won't appear in the new year until the old one is closed so you don't want to leave it open indefinitely.
Mark
Stay up to date on forum activity by subscribing. You can also customize your in-app and email Notification settings across all subscriptions.
#1
André Arnaud de Cal...
291,240
Super User 2024 Season 2
#2
Martin Dráb
230,149
Most Valuable Professional
#3
nmaenpaa
101,156
Share
Report
All responses (
Answers (