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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / How to Enter Manual Fi...
Microsoft Dynamics GP (Archived)

How to Enter Manual Financial Year End Adjustments

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Posted on by Peter Bailey 84

Hi,

Question: Is a method for adding journals so that it appears that those journals were part of the financial year-end process?

Scenario: For example, we have GL accounts for fixed asset costs brought forward from the prior year. In theory, this account should have a single value for the entire financial year, and then have a new value in the next financial year (a bit like the retained earnings account in that sense). In theory, the value of this account should change during the year-end (i.e. closing balance for the prior year is not the same as opening balance for the new year).

I believe that neither the financial year-end nor the fixed assets module has specific functionality for this scenario.

I think that in the past what we've done is -

-Print off the TB for the old year (that has the correct closing balance)

-Enter journal in old year to create the correct opening balance for the new year.

However, if a TB for the old year is now printed it has the wrong closing balance.

How do people deal with this sort of scenario?

Is there a method for entering/posting journals so that they appear as part of the year-end closing process?

   Thanks

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I have the same question (0)
  • Richard Wheeler Profile Picture
    Richard Wheeler 75,850 Moderator on at

    When you posted these transactions to the prior year when you posted them did you see them post into the prior year and then also into current year? Normally I date these on the last day of the prior year. Your B/S accounts balances will be brought forward and your P/L accounts will roll into your retained earnings. I would check the posting dates on these transactions.

  • Peter Bailey Profile Picture
    Peter Bailey 84 on at

    These accounts are set up as balance sheet accounts. If you post to the last day of the prior year, then that posting forms part of the closing balance of the prior year (and the closing balance of the prior year and opening balance of the new year are the same). We want the closing balance of the old year to be different to the opening balance of the new year. Hope that makes sense.

  • Verified answer
    Richard Wheeler Profile Picture
    Richard Wheeler 75,850 Moderator on at

    The opening balance of the new year always equals the ending balance of the prior year. That is how GP works. There is no way using GP to change that. Now if you were to manually adjust the GL summary tables using SQL you could do what you ask. However if you ever run GL reconcile it will wipe out those changes.

  • Peter Bailey Profile Picture
    Peter Bailey 84 on at

    Thank you. If there is definitely no way of doing this through the user interface, then that's good to know. In this case doing direct SQL edits for this would not seem justifiable. I believe that, in the UK at least, setting up the chart of accounts like this (with asset cost brought forward balance sheet accounts) is quite common. Thank you again.

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