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Hi,
It is getting toward the end of 2014 and we need to close the book. My question is that do I have to close the book of 2014 in order for me to proceed to entering any kind of transaction in 2015? If I have to close the book of 2014, what are the steps to proceed with closing the book? Thanks for your help as this is the first year that we implement this system and I have no idea of what to do.
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For $50, you can't go wrong with this book on closing GP, especially if you plan on implementing more of GP's functionality down the road: www.accoladepublications.com/.../18.html
Richard Whaley knew what he was talking about. I have a stack of his books sitting next to me right now.
Opening a new year for 2015 does not require that the current year is closed. However, you are correct that when you are ready to close the 2014 year you will need to run the close - run the Purchasing first - then run the Financial as the last step.
Remember running Purchase only moves the data from current to prior year. You should consider running purchasing at the end of the calendar year. When you run this, it will not send anything to Financial.
Closing Financial is the last step in closing the year 2014. Once this is done your financial statements will produce the Open Balances on the 2015 statements.
We provide remote support to a large number of clients and if you are interested we could arrange a 1/2 hour meeting to assist in planning and another 1/2 meeting to assist with closing functions. If you are interested, send me a personal IM.
Yes that's correct open the new year 2015 and run the year end routine, and this will run only for few minutes.
Thanks for all your help. Our company only entered transactions in the GL and A/P modules. Does that mean I have to go into the "Financial" and "Purchasing" modules to close them after I create the new year of 2015? The rest of the modules I don't need to close them since we don't input anything in them, right?
I might consider hiring a person from Craig's list to come in and help me close the year/open new year. I assume this process takes no more than 30 minutes for those who are expert in using this software. Anyone knows how much should I be expecting to pay for this service? We're in southern California. Thanks
Babu is correct in that you simply need to open the 2015 year in order to start working in the new year.
However there are some modules - Sales and Payables - that have a Calendar Year end that should be considered. While both of these modules simply reset the Customer and or Vendor Calendar Year to Date values, some reports and comparitive data is generated from this 'year end feature'
Note that while the modules do have some of there own Year End process there are none that post transactions to the General Ledger.
If you are running Payroll / US or Canadian / be sure to follow the Year End processes for these modules exactly as defined as this is not a optional year end - and the software does do a lot of maintenance for you.
What ever you do, be sure you have a good backup and if in doubt ask for help - this forum is a great place to get advice.
Let me know if this helps - let others know this assisted as well.
Hi,
You can proceed to the new year once you setup the new fiscal year 2015, only problem will opening balance won't be available until you close 2014. Please refer the following link from Microsoft KB detailed steps.
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