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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / YEAR END CLOSE FOR FIN...
Microsoft Dynamics GP (Archived)

YEAR END CLOSE FOR FINANCIAL SERIES

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Posted on by Community Member Microsoft Employee

Hi all -

This is on GP 10.0. I just finished closing 2015 for the Financial Series. It completed after taking long hours. The trial balance shows beginning balances and the P&L accounts closed to Retained Earnings. HOWEVER the year is still not marked Historical!!! And in fact it's still open. In the Year-End close screen (Routines>Financial>Year-End Closing, that year still shows there as the next year to be closed. Just to see what will happen in the Period setup screen, I click on the Historical check box  and a message saying "You cannot mark this year as Historical year. Open-year balances exist for it". What do you recommend as a solution for this?

Thanks!

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  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: YEAR END CLOSE FOR FINANCIAL SERIES

    I went ahead and closed the year again in a Test company (after restoring a backup of the live data in there). Good news is that it did not double up the balance forward for the balance sheet accounts and it MARKED the year as historical. Bad news is that the P&L accounts did not close to the Retained Earnings. Correct setting for that is in place in GL. Besides manually entering a journal entry (that's a lot of accounts), is there a way to transfer the P&L accts to the  Retained Earnings?

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: YEAR END CLOSE FOR FINANCIAL SERIES

    Thanks for follow up Thomas. Question is how would they open a year if it wasn't closed in the first place? The year is still available to be closed. When I go to Year end close, it's there. I think if it is confirmed that the balance forward from the YE closing process only updates the table and not add to what's already there, it should be fine to hit close again. Can that be confirmed?

  • Suggested answer
    Thomas Newcomb Profile Picture
    Thomas Newcomb 1,810 on at
    RE: YEAR END CLOSE FOR FINANCIAL SERIES

    Hi Diop,

    After reviewing the thread it appears that you had an interruption with the Year end close for the General Ledger. Unfortunately, as this is on GP10.0 the only options would be to Restore to a backup (which you mentioned is not possible) or have your Microsoft Partner create an advisory service to reopen the year (Or have them reopen the year) if they are able to.

    The number one sign that there was an interruption is that the Year End Closing report did not print.

    I do apologize that I do not have better news on this issue.

    ~Thomas Newcomb

    ------------------------------------------

    Microsoft Dynamics GP Support

    ------------------------------------------

    This posting is provided "AS IS" with no warranties, and confers no rights

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: YEAR END CLOSE FOR FINANCIAL SERIES

    Everything is set properly. One thing I didn't mention is that the Year End Closing report did not get generated.

    The option to close the year again is still there, but I'm afraid it may transfer the balance sheet balances again to the new year. Will it?

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: YEAR END CLOSE FOR FINANCIAL SERIES

    If your Profit & Loss accounts didn't close properly I would recommend that you review the Chart of Accounts.  Make sure that Balance Sheet accounts are set proper and then review the Profit and Loss accounts.  Use the SmartList for the Chart of Accounts.  

    The year that was closed in GP should automatically be flagged as Historical when the Year End Close completes.  

    If you are still questioning the close finished properly you should connect with your Microsoft Partner.  

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: YEAR END CLOSE FOR FINANCIAL SERIES

    Restoring from backup is not an option at this point. Slight correction from my original post: P&L accounts did NOT close to Retained Earnings. Now my questions is: if I make a journal entry to transfer their balances to the Retained Earnings, will GP let me manually mark the Historical check box in the Fiscal Periods setup screen???

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: YEAR END CLOSE FOR FINANCIAL SERIES

    I would recommend that you review the Year End Closing procedures for General Ledger.  It is TK 888003

    Are you sure you closed the General Ledger module, you may have closed a different module.   Microsoft recommends that you do a test Year End Close to identify issues that may happen. 

    Regards,

    Kevin

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: YEAR END CLOSE FOR FINANCIAL SERIES

    Hi diop,

    Do you have a backup before the roll?

    I would suggest you restore, and attempt the year end roll again.

    If you do not have a backup to go to, you could take a backup and try the year end roll again.

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