Our fiscal year ended June 30, 2014. I did not close the fiscal year in PM. I did close the fiscal period for June 2014 and have entered months of PM transactions since then and closed fiscal periods for the new fiscal year. We don't use POP, only PM. All the manuals say to close PM for the fiscal year on that very day. I didn't... what happens if I run the fiscal year end close now?? By the way, this is our first year using GP.
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Hi TCO!
As everyone else has mentioned closing the PM year only affects the summary data. If you do not look at the summary data like the YTD or Last year summary then you wouldn't need to be really concerned for it. We do have PM Recalculate scripts that you can use if you do need the summary data to be correct, however, a support case would need to be entered for an engineer to send them out to you.
Please let us know if we can provide any further assistance on this!
~Thomas Newcomb
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Microsoft Dynamics GP Support
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This posting is provided "AS IS" with no warranties, and confers no rights
In 15 years as a GP user and consultant, I have never once encountered a company that actually uses the statistical data (YTD, Prior Year, etc) in the Inquiry windows on a consistent basis, so unless you're company is an exception, the advice Susan and Ian provide is spot on.
I have some clients who have never done a year end close on PM and RM as they don't care about the YTD and last Year figures. If you do use these figures you need to do the close as close to the actual year end as possible.
Your figures for YTD will be off in the Payables Summary for Last Year in the Fiscal year end closing since you did not close on time. You can go in and manually adjust those entries and come up with a number that is correct manually. If you never look at those numbers it won't matter and if you do a calendar year end closing you can use those numbers later. As to 1099's that calculates by when the payment was made and will make no difference to your year end 1099's
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