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I read a lot about the year-end processes best practices, one of them is you shouldn't post any transaction in the new year without closing the previous one;
I just wanted to know in details what are the effects if I did so?
Thanks.
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Thank you
That is true for all modules except the financial module R, because of the way GP transactions cutoff method for summary statistics calculations in the sub-modules. However, you can leave the financial module open as long as you want, although if using FRx or Management Reporter for financial reporting, leaving the fiscal year open will impact the accuracy of your New Year financials. Technically, there is no reason to not close the financial module either, as you can continue to post transactions into the most recent closed fiscal year.
Closing the year is recommended to be conducted at the year end date 31/12/....Although, mostly in all the companies I have worked with, no company could be able to close precisely at the last day of the year because of outstanding documents to be entered, reconciliation and many other reasons, which simply push the financial closing way after 31/12.
Therefore, before closing the year, you could change the system date on Dynamics GP to 13/12/...
To get back to your question, and provide a simple justification on why that's a recommendation. Let me provide a simple example, In inventory Closing, all sales transactions are calculated and the summary "Quantity Sold" value is provided for each item in inquiry. On the inventory closing, this value will be reset to zero. Suppose you close the year at 28/2/ the following year, the value of the new sales documents will be included in the "reset", and the value will be zero.
Several other justifications could be provided, which makes closing the year at the 31/12 is a best practice.
Please find below the KB article for GP year end process.
support.microsoft.com/.../888003
Hope this helps!!!
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