Dynamics Community Forum Thread Details

Year End Close

Hello,

Is there a recommended procedure as it relates to year end close. i.e. can i perform year end close on my general ledger and then do the subledgers next week?

Ali,

Here is a link to Microsofts guide on year end closing for Dynamics GP.

support.microsoft.com/.../year-end-closing-procedures-for-general-ledger-in-microsoft-dynamics-g

A couple things:

Before closing GL, make sure all FY related transactions are posted. Each module has their own closing routine. (reference doc above)

You must close GL last... with the exception of Fixed Assets. There are options that allow you to post to history for GL - so even if you have already closed, you can post audit GL's - Financial/Setup/Financial/General Ledger/Posting to History - this can be turned on and off as needed and allows you to post to the most recently closed Fiscal Year.

When closing, you will always close the oldest fiscal year first.

Before closing GL, verify that your accounts are setup correctly (all BS accounts are flagged as Balance Sheet and all PL accounts are flagged as Profit and Loss on the account maintenance window - this can be done through the Financial/Accounts smartlist).

Also - on the year end close window for Financial - it is important to mark 'maintain inactive accounts' and then 'maintain all inactive accounts' - without these options, inactive accounts with zero balances will be removed from the system. This can be dangerous and I would rather see you keep those and remove them later if needed. Naturally make sure your RE account is set correctly.

There are other tips regarding closing but I will leave you with this one - in the document referenced, you will see 'backup' often... I wouldn't overlook that.... definitely take the backups and mark them at each step.

Good luck! I hope this helped!

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