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Microsoft Dynamics GP (Archived)

Way to get around setting up new fiscal year for year end closeout

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Posted on by Community Member Microsoft Employee

We have a secondary company that we started last year.  It died.  My accounting users are trying to do a year end close out for this company for last year.  Since the company is over we will not have any new transactions, and actually do not want any new transactions to be possibly entered (I've already restricted access).

When my accounting user goes to the "Year end Closing Window"  and try to proceed they get an error:

"You must set up a new fiscal year before you can close the only open year"

How do I get around this?

 

Also, is it ok for my other user's to be working in our other company while the accounting user's do the year end close out in this company.  I assume it is.

*This post is locked for comments

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    Re: Re: Re: Re: Way to get around setting up new fiscal year for year end closeout

     Frank, no assts/liabilities or equity

     L Vail, thanks for the suggestion hadn't thought of that.  I need to learn more about my accounting user's options/interactions I mostly just maintain the backend and our network.  we already moved forward with the closeout and I shut access out to everyone except the SA.  Just have to go and remove my automated backup routines now.

  • L Vail Profile Picture
    L Vail 65,271 on at
    Re: Re: Re: Way to get around setting up new fiscal year for year end closeout

    Brad,

    Have you considered adding a 13th period to the current fiscal year? You could then do a clearing entry to Retained earnings in that 13th period if you want to take all of the income accounts down to zero. You would maintain the integrity of your true 12 month income, while closing the income accounts to RE via the clearing entry in the 13th period. I think this could simulate a close for you without the need for a new fiscal year.

    Kind regards,

    Leslie

  • Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 4,029 Super User 2024 Season 2 on at
    Re: Re: Re: Way to get around setting up new fiscal year for year end closeout

    That sounds like a good plan.  From a GL perspective, does the company still have any assts/liabilities or equity? 

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    Re: Re: Way to get around setting up new fiscal year for year end closeout

    huh, that just seems weird from a design perspective to me.  So I should just tell them to create a new fiscal period (which will never have transactions and never be closed out) and just remove all user access to the company.

    don't want to delete it b/c it's possible some day some one would want to look over the data.  seems like there should be a way to keep a company but make it inactive, or suspend it, or something.  Thanks for the quick reply!

  • Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 4,029 Super User 2024 Season 2 on at
    Re: Way to get around setting up new fiscal year for year end closeout

    You can't get around it.  (Well, you could customize the software . . . ) The close process requires a new year setup so it can roll balance sheet balances forward.

    Yes, you can close one company while users are in a different company.

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