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Please review the information below to ensure your Inventory Year-End Close process go smoothly! Enjoy!!
Does the 2018 Year-End Update include any changes specifically for the Inventory Control Year-End close?
No, there are no changes included for the Inventory Control year-end close process.
When Should the Inventory Control Year-End Close be Done?
The Inventory module should be closed at the end of your fiscal year before any new transactions that would affect inventory quantities are posted in the new fiscal year.
What Does the Year-end Close Process do and/or Affect?
1. Transfers all summarized current-year quantities, costs, and sales amounts to last-year, for the items which you are maintaining summarized sales history.
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 window (Cards >> Inventory >> Quantities/Sites) for each site.
4. Gives you options to:
What Steps Should You Take to Close the Year?
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 KB 872713 “Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP”!!
Key Points to Remember:
1. Make restorable backups as recommended in KB 872713!!
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.
3. The order in which to reconcile these modules is as follows (more information on that below): SOP, POP and then Inventory.
Assistance for the Inventory Control Year-End Close
Microsoft Dynamics GP Blog
Microsoft Dynamics Community
Microsoft Dynamics Support
Note: If you are creating a case with the Technical Support Team for assistance with Inventory Control Year End close, use the following category selections to log the support incident: (Be sure in enter a detailed description of the issue and include screen prints of any error messages or specific issues.)
- Support Topic Selection: Distributions - Inventory
-- Sub-Topic Selection: Inventory - Other
Helpful Inventory Year-End Closing Resources: • KB 872713: Year End Closing Procedures in Inventory Control Management for Microsoft Dynamics GP
• KB 864662: Information about the order in which the reconcile procedures should be run in Microsoft Dynamics GP
• KB 855316: Inventory accidentally closed twice
• KB 872172: The Inventory Year End Close Routine does not remove Discontinued Items in Microsoft Dynamics GP
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.
Have a wonderful Year-End!!!
Andrea Melroe | Sr. Technical Advisor | Microsoft Dynamics GP
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