Hello.
Our Fiscal Year ends on December 31st. I am assigned to close 2014 in GP. What date should I set my GP System Date to? 12/31/2014?
Thanks in advance.
CRC
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Changing the user date will not have any effect on closing the sub ledger modules such as inventory, payable and receivable. Closing these modules will consider the actual date of closing as the primary date to calculate last year amounts and current year amounts. For instance, if you are closing the inventory module today (17/3/2015), the last quantity sold will include not only previous years but also part of 2015. That applies for inventory, AP and AR. Here is an interesting article by MVP Frank on Year End Closing - Inventory
Although, you are on the safe side and you shall have nothing to worry about. Closing the sub ledger modules doesn't affect the general ledger module neither generate any financial data. It is just important for specific important summary inquiry.
For the financial module, you are on the safe side as you can definitely close at any time regardless of the actual date of the system or the user date.
All in all, there are a bunch of articles by Microsoft which you should definitely consider as a prerequisite before starting any one of the above closing processes,
Year End Closing - General Ledger
Year End Closing - Inventory Module
Year End Closing - Payable
Year End Closing - Receivable
Your feedback is highly appreciated,
Hi,
Thanks Mahmoud for explaining in detail about the year end closing process.
CRC,
I would like to add a point in addition that it is better first execute this process on the Test Company, if you are new to this year end closing process to be on the safer side.
Did all your previous years were closed? You can check the last closed date on the Year End closing Form. To make sure you are closing the right year.
Thank you guys for your response.
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