Will I have to close 2013 before I can begin processing transactions in 2014??
We are still working to close Dec 2013, however we need to pay bills in Jan 2014 but all my account balance show zero in MSGP.
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How can a run a balance sheet without closing the year for January. None of the numbers are coming in correctly. Right now I'm combining the current year column with the prior year-end column in Management reporter, is there another way?
Hi,
If you deposited it to your bank account AND ALSO updated with MSGP cash receipts, did you complete two different transactions? One through cash receipts and a second through a bank deposit. Perhaps a deposit without receipts? You also might have done a receipt and deposit through Bank Rec and also a cash receipt. Does any of this sound familiar?
Kind regards,
Leslie
A lot of people are scared of this but it works. Closing 2013 will bring the beginning balances forward. AFTER closing, you can still post to 2013 (by making sure the periods are open) and adjusting entries can be made. These adjusting entries will roll forward to the 2014 Beginning Balances. This works ONLY for the most recent historical year, meaning that if you close 2013 you can post to 2013 but posting to 2012 will NOT roll forward automatically.
Our book, Closing Dynamics GP talks about this in some detail. Check it out at www.accoladepublications.com
If is not applied to a specific customer, how did you enter it in cash receipts? Transactions ->Sales_<Cash Receipts will require you to enter a customer number. Transactions->Financial->Bank Transaction will allow you to enter a deposit without a receipt against a checkbook.
Thanks so much. We are all set to move forward with our 2014 transactions. And hopefully we will have 2013 closed soon...
I now have a different question related to the bank reconciliation process....we received a payment which we deposited to our bank account and updated within MSGP (cash receipts). It is not a customer payment, so its not applied against a clients accounts. However when I went to reconcile at the end of Dec my balance is overstated by that depsosit amount. It is showing in the bank rec twice but it does not flow through to the Fin Statement (BS) Gen Checking Account.
Excellent. Keep us posted with your progress and let us know if you have any further questions.
Yes, thats what I saw... and I just double checked... so looks like we are all set.
Tools->Setup->Company->Fiscal Periods If in the drop down you see 2014 then you are all set. You will not only see 2014 but also the starting dates of each period within 2014.
OK great. This is my first time using MSGP.... how can I confirm that FY 2014 was created?? It appears that it is..but I am not certain. During the initial installation and set up (1 yr ago) could they have decided to automatically have the new year begin on Jan 1?? And unfortunately, no one is here that was here during the install.
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