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

Year End Adj

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Posted on by Community Member

I keyed all the accountants year end adjustments. It appears that the system duplicated all the numbers, putting items in Retained Earnings, etc. I did not key those account numbers. Why is it doing this?

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  • Suggested answer
    twelvestrikes Profile Picture
    twelvestrikes 3,657 on at

    Hi Bear

    The GL year end process will zero out all accounts set as P&L accounts and roll balance sheet accounts ending balances forward.

    The P&L accounts are zeroed out by DR or CR to your Retained Earnings account(s).

    When you look at your accountants entries, are they the DR and CR's to Retained Earnings so that they close for the year?  If so, then this entry is redundant as the system automatically does this for you.

    The only entries you need to book are the ones that are not closing but rather accruals, reclassifications etc.

    Now you have an issue that the entries are over stated.  Seeing that you are on GP 10 which by the way is very old and out of even extended support, you will need to correct this.

    I can't recall if the functionality to create a correcting entry is available or not in GP 10.  If it is, use that to back out the journal entry you created with the duplicated journal entries.  If it isn't available then you will manually have to key in your reversing journal entry.

    Be sure to only reverse out the entries that zero out the P&L accounts but leave ones that are for accruals, reclassifications etc.

  • Community Member Profile Picture
    Community Member on at

    You maybe did answer this but is there a way to shut this feature off as I'm told there are more adjustments to come? They just want to see when I was asked to key in.

  • Suggested answer
    twelvestrikes Profile Picture
    twelvestrikes 3,657 on at

    Hi Bear

    No you can't change the posting so it doesn't happen. The functionality of the year end process is to create a closing journal entry to zero out the P&L accounts and offset against the Retained Earnings account.

    This should be the same entry as the accountant provided in any event.  This routine will then populate the next years balance sheet accounts with the BBF (Balance Brought Forward) amounts.

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