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I closed our calendar and fiscal year for 2016 and found out after the fact that someone had added two new accounts - both with incorrect posting types. We have almost two months of data and I found out how to re-open and re-close the year -- my question is: will all of the data from 2017 be saved? I want to make sure I don't lose anything but perhaps "amounts since last close". I can't find a definitive answer on this.
Thank you!
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Lisa - thank you! And yes, I should not have even mentioned amounts since last close - I was thinking about closing all of the modules, not just GL. I have had to reopen and reclose the year before but in prior versions where you didn't have this tool.
Your post is a bit confusing. "Closed our calendar and fiscal year" is something only valid in subsidiary modules. Posting Types only relate to the general ledger. (The general ledger is the only module with the re-open/re-close ability as a routine. Subsidiary modules have it as checkboxes in the Fiscal Period Setup window.
The rest of this answer assumes you are referring to the routine at Microsoft Dynamics GP > Tools > Routines > Financial >Year-End Closing.
GP 2013 R2 introduced the "Reverse Historical Year" functionality. Make sure you have a backup before you attempt the routine. (Restoring to a test company and working through the process there is also advised.) Give the routine enough time to complete. Reconcile the financial year when you are done. (And, of course, remember to fix the posting accounts before you re-close!)
"Amounts Since Last Close" refers to subsidiary modules, not the general ledger financial close. Reconciling after you make the changes will update the values in the Summary Inquiry window.
[There is a straightforward way to resolve this through SQL for any version of GP. Your GP partner should be able to help you if you are on an older version of GP.]
If you have no structural damage to the SQL database, you should have no data loss. The backup is your insurance policy.
Good luck!
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