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

(0) Share

Report

Posted on by Community Member

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

I have the same question (0)

All responses (6)

Answers (3)

Sort by

Verified answer

sueconrod 337 on at

Like (0)

Report
Copy link

Link copied!

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

Was this reply helpful? Yes No
Verified answer

Mahmoud Saadi 32,738 on at

Like (0)

Report
Copy link

Link copied!

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,

Was this reply helpful? Yes No
Verified answer

Ian Grieve 22,784 on at

Like (0)

Report
Copy link

Link copied!

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.

Was this reply helpful? Yes No
Community Member on at

Like (0)

Report
Copy link

Link copied!

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

Was this reply helpful? Yes No
Community Member on at

Like (0)

Report
Copy link

Link copied!

Hi Ian,

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

Thank you.

Martyn

Was this reply helpful? Yes No
Justin Thorp 2,265 on at

Like (0)

Report
Copy link

Link copied!

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

Was this reply helpful? Yes No