I'd like to provide you with some tips to help you ensure that your Receivables Management Year End Close process goes smoothly!
Does the 2018 Year-End Update include any changes for the Receivables Management Year-End Closing process?
No, there are no changes included the 2018 Year-End Update that will affect the Receivables Management year-end close process.
To view Receivables FIXES included in the 2018 Year-End Update, see this BLOG!!
When should the Year End Close for Receivables Management be done?
1. If you are using a Calendar year, the year-end process should be done at the end of your calendar year, prior to posting any transactions in the next calendar year.
2. For those using a Fiscal year, the year-end process should be done at the end of your fiscal year, prior to posting any transactions fin the next fiscal year.
What does the year end close process do and/or affect?
1. The Calendar year end close clears the Calendar Year-to-Date Finance Charges and moves them to the Last Year Calendar field in the Customer Finance Charge Summary window found under (Cards >> Sales >> Summary >> Finance Charges).
2. The Fiscal Year end close transfers all amounts other than the Calendar Year-to-Date Finance Charges to the Last Year column in the Customer Summary window (Cards >> Sales >> Summary).
What steps should I take to close the year?
Post all transactions for the current year and then proceed through the rest of the steps outlined in KB 857444: Year-end closing procedures for Receivables Management in Microsoft Dynamics GP”.
Key points to remember:
1. Make a restorable backup when it is recommended as you work through KB 857444.
2. Receivables Management is not completely date sensitive. This means that if you do not close the year after you enter all the current year transactions and before you enter transactions for the new year, some areas in GP will contain incorrect information.
3. Since there are some date sensitive features, it is recommended you close the year on time.
4. You will notice that we have two KB's around closing Receivables Management (KB 857444) and Payables Management (KB 875169) - both instructions say to 'Close the tax year by going to Microsoft Dynamics GP >> Routines >> Company >> Tax Year-End Close. You will only have to do that once, typically after both RM and PM are closed. The reason this step appears in both articles is due to the fact that not everyone used both the RM and PM modules.
Assistance for the Receivables Management Year End Close:
• Microsoft Dynamics GP Blog • Microsoft Dynamics Community • Microsoft Dynamics Support
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 with the Receivables Management Year End Close: --Support Topic Selection: Financial - Receivables Management ---Sub-topic Selection: Year End Procedures
• Refer to KB 857444: Year-end closing procedures for Receivables Management in Microsoft Dynamics GP
• For Information about performing the year-end closing procedures in Receivables Management in Microsoft Dynamics GP after December 31, click on KB 851140.
Year-End Close Resources:
Be sure to refer to the 2018 Year-End Blog Schedule to review current and upcoming blog posts and other helpful resource links related to Year-End Closing for Dynamics GP.
I hope this is helpful and that you have a successful Year-End!! If you have any feedback or suggestions, please let us know.
Have a wonderful Year-End!!!
Andrea Melroe | Sr. Technical Advisor | Microsoft Dynamics GP