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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Year End Closing Entry
Microsoft Dynamics GP (Archived)

Year End Closing Entry

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Posted on by Community Member

I'm going through the financial year end process in a test company and printed the Year-End Closing Report and have a question - why can I not see all of the entries for the closing adjustment?  The year end closing report has the journal entry number (with a source journal of ADJ), but when bringing up the entry in Journal Entry Inquiry afterwards, that journal entry number has a source document of BBF, and has a different total.  It has the same audit trail code.

I just wanted to see if I was missing something as far as how GP handles year end closing entries.  

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  • sueconrod Profile Picture
    sueconrod 337 on at

    Within Great Plains it creates the year end closing and does a balance brought forward entry into your new year.  Although it is showing you it is closing, you will always have the ability to go back in and do a year end report with the same balances you had previously.  You should be seeing a retained earnings account at the top of your report and then all the P&L accounts that closed to that retained earnings account.  As to your BS accounts that go to Balance forward.  

    BTW, if you were to create an entry after closing the year, you will see that it creates the closing entries to retained earnings if they were P&L accounts and adds to your BBF.  

    Also, although it has a different total do all of your accounts total out.  IS The P&L amount that went to Retained Earnings there and none of your P&L accounts are showing a balance and all your BS accounts have the correct balances forward?

    Sue

  • Suggested answer
    soma Profile Picture
    soma 24,410 on at

    While running Year End Closing for General Ledger, the Balance Sheet accounts balances are brought forward to the next opening year balance through the automatic BBF Journal Entries which is created by GP(These will shows on the Year End Closing Report). And the P&L accounts balances are closed to the Retained Earning Account Balances.

    For more details about the BBF and Retained Earning Accounts balances, please have a look on the Q3(Question 3) from below GP Year End Closing KB article.

    support.microsoft.com/.../888003

    Hope this helps!!!

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