Dynamics Community Forum Thread Details

Tax Year End-Close

We forgot to check a box “close year”, I just hit the button to process . Can we still can close it if we already opened 2022?

The Tax year-end close window (Tools | Routines | Company | Tax year-end close) will clear out all YTD tax information for all tax codes and move it to LYTD, and then the prior LYTD amounts are removed. (So you'll want to keep backups to look at tax details prior for the YTD and LYTD in the TX00202 table.) Therefore it should be performed after you close sales/purchasing series and before posting any documents to the 2022 year, so the new YTD bucket can capture as many of this years taxes as possible.

If you just clicked process and did not mark the 'close year' checkbox, then you just printed the report that shows YTD and LYTD tax figures. You may print this report periodically if you wish to compare this year's tax amounts to last years tax amounts without closing the year.

You can still close the tax year if you prefer, however, any tax amounts since the last time you closed, up until today are all currently in the YTD column and will be moved to LYTD. So the YTD tax amounts going forward for this year will only include tax amounts after the date that is displayed in the Tax year-end close window. So the YTD amounts will include taxes from Jan 12th and forward, instead of Jan 1 and forward.

It's up to you if you want to close the tax year now. If you close it every year, then you may want to close it as soon as possible if you haven't closed it for this year yet, or it's up to you if you want to lump 2 years in the YTD box.

I think most may report on taxes 'by date' using other reports to be more accurate by transaction date. (Under Reports | Company | Tax, the 'Tax details' report would read the YTD and LYTD bucket amounts from the tax year-end close report, same as above. However, you can still choose the 'Tax Transactions report' and print out tax details from the TX30000 table, which are not removed. I see many use this transaction report to view taxes, as you can see the detail and restrict to specific dates. Check it out. )

I hope that helps. Please mark as answer if this helps you.

Cheryl Waswick

Dynamics GP Support

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