Skip to main content

Notifications

Announcements

No record found.

News and Announcements icon
Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Generating B/S account...
Microsoft Dynamics GP (Archived)

Generating B/S account opening balances for new fiscal year before previous fiscal year is closed

(0) ShareShare
ReportReport
Posted on by Community Member Microsoft Employee

Dear Community,

Please could anyone advise us on how we can create opening balances in our balance sheet accounts for a new fiscal year (FY), without running the closing year procedure on the prior year?

When running a Trial Balance in new FY16, for the Balance Sheet accounts we can only see activity in the period and no opening balance items meaning our overall balances are incorrect.

Our fiscal year 2015 closes March 31st and the final accounting entries will not be finalised until after the audit which could be as late as September 2015.

Cheers,

Martyn

*This post is locked for comments

  • Justin Thorp Profile Picture
    Justin Thorp 2,265 on at
    RE: Generating B/S account opening balances for new fiscal year before previous fiscal year is closed

    Hi Martyn,

    If you are on GP 2015, you can reverse a GL Year End Close (So you could run the close and then reverse it as and when needed).

    If you are on GP2010/2013, is there a reason to not run the close, and then simply allow posting to history for any adjustments that are needed?

    Thanks,
    Justin

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Generating B/S account opening balances for new fiscal year before previous fiscal year is closed

    Hi Ian,

    I have passed on your suggestion to the accountants for review.

    Thank you.

    Martyn

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Generating B/S account opening balances for new fiscal year before previous fiscal year is closed

    Hi SueC

    Thank you for your suggestion. We have been putting off the day when we have to get into serious report design, but by sounds of it the time is now.

    Cheers,

    Martyn

  • Verified answer
    Ian Grieve Profile Picture
    Ian Grieve 22,782 on at
    RE: Generating B/S account opening balances for new fiscal year before previous fiscal year is closed

    You can work around it as detailed be Sue, or you could look into loading a reversing journal into the last period of last year and the first period of this year.

    This would allow all of the standard reports in GP to show the balances.

  • Verified answer
    Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at
    RE: Generating B/S account opening balances for new fiscal year before previous fiscal year is closed

    I would like to mention that there could definitely be a work around solution, which is generating a report on the MR or Frx suggested by SueC.

    Although, this will not encompass the standard Dynamics GP windows including inquiries, smart lists, or Trial Balance report.

    Let us know if you need any further assistance,

  • Verified answer
    sueconrod Profile Picture
    sueconrod 335 on at
    RE: Generating B/S account opening balances for new fiscal year before previous fiscal year is closed

     If you are using MR2012 or old FRx you would go in and add a COLUMN to your report for period 12 YTD of your Previous fiscal year  (2015)  and then  do a calculation. 

    If Row B was Period 12 YTD for 2015 and Row C was Current period (1) then in Column D if would be a CALC row with the calculation being  B+C

    I would not show B or C (put in NP for non printing rows) and only show column D

    This will give you your Balance Sheet for Period 1 of your year 2016

    Hope this helps.

    Sue

Under review

Thank you for your reply! To ensure a great experience for everyone, your content is awaiting approval by our Community Managers. Please check back later.

Helpful resources

Quick Links

December Spotlight Star - Muhammad Affan

Congratulations to a top community star!

Top 10 leaders for November!

Congratulations to our November super stars!

Tips for Writing Effective Suggested Answers

Best practices for providing successful forum answers ✍️

Leaderboard

#1
André Arnaud de Calavon Profile Picture

André Arnaud de Cal... 291,269 Super User 2024 Season 2

#2
Martin Dráb Profile Picture

Martin Dráb 230,198 Most Valuable Professional

#3
nmaenpaa Profile Picture

nmaenpaa 101,156

Leaderboard

Featured topics

Product updates

Dynamics 365 release plans