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Below I have outline major points you need to be aware of and links to KBs that will directly affect the Inventory module. Year-end is pretty straight forward for Inventory so let's begin!
When should the Inventory Control Year-end close be done?
1. The Inventory module should be closed at the end of your fiscal year, before any new transactions that would affect inventory quantities are posted.
What does the year end close process do and/or affect?
1. Transfers all of your summarized current-year quantities, costs and sales amounts to last-year, for the items which you are maintaining summarized sales history for.
2. Updates each item’s Beginning Quantity, from the Quantity on Hand, at each site.
3. Zeros the Quantity Sold field in the Item Quantities Maintenance (Cards – Inventory – Quantities/Sites) for each site.
4. Gives you the option to:
a. Remove discontinued items b. Remove sold purchase receiptsc. Remove sold lot attributesd. Update items standard cost
What steps should you take to close the year?
1. Enter and post all Purchase Order Processing, Invoicing/Sales Order Processing, and Inventory transactions for the current year and then continue with the steps outlined in KB872713 titled “Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP”
Key points to remember:
1. Make restorable backups when it is recommended in KB872713
2. If you are using Sales Order Processing and/or Purchase Order Processing, be sure to reconcile each of these modules along with the Inventory module prior to closing.
a. The order in which to reconcile these modules is: SOP, POP and then Inventory.
Assistance for the Inventory Control Year End Close
Microsoft Dynamics GP Blog - https://community.dynamics.com/product/gp/gptechnical/b/dynamicsgp/default.aspx
Microsoft Dynamics Community - https://community.dynamics.com/product/GP/default.aspx
Microsoft Dynamics Support - https://mbs.microsoft.com/support/newstart.aspx
Back by popular demand...Microsoft Dynamics GP Year-End closing Blog Series for 2013!
If you are creating a case with the Technical Support Team, please refer to the routing below to ensure you are routed to the correct Professional for assistance.
1. Assistance with the Inventory Control Year End Closea. Support Topic Selection: Distributions - Inventoryb. Sub-topic Selection: Inventory - Other
Resources:Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GPhttp://support.microsoft.com/kb/872713
Information about the order in which the reconcile procedures should be run in Microsoft Dynamics GPhttp://support.microsoft.com/kb/864622/en-us
Inventory accidentally closed twicehttp://support.microsoft.com/kb/855316
The inventory year-end close routine does not remove discontinued items in Microsoft Dynamics GPhttp://support.microsoft.com/kb/872182/en-us
Be sure to check back to the Year-End Schedule post for current posted blogs and upcoming blog posts related to Year-End Closing for Dynamics GP.
Have a great Year End!
Deseree Krumm | Microsoft Dynamics GP Support | Senior Support Engineer