Microsoft Dynamics GP Year-End Close: Top 5 FAQs
It’s almost time to close your books…again! We not only have decades of experience helping our Microsoft Dynamics GP clients close out their year, but we at Tidestone also have to close our books, too. And Microsoft Dynamics GP is our ERP system, too!
Since this is a procedure that you only run once a year, it’s easy to forget some of the basics from one year to the next, even if you’ve done it as many times as we have. Or perhaps this is your first ever GP close. Either way, here’s a sample of some Frequently Asked Questions. Scroll all the down to get a link where you can get answers to 18 FAQs, straight from the horse’s mouth. (The horse is this case is Microsoft Support.)
Microsoft Dynamics GP Year-End Close: Top 5 FAQ
Q1: Do I have to close the fiscal year before the first day of the next fiscal year?
A1: The year-end closing routine for General Ledger does not have to be completed before you start the next fiscal year. However, we recommend that you close the year as soon as possible. For more information about how to print a balance sheet if you have two open years, click the following article number to view the article in the Microsoft Knowledge Base:
Q2: Can I make adjusting entries after I close the year?
A2: You can post an entry to the most recent historical year if the Posting to History check box is selected in the General Ledger Setup window. You are allowed to post one historical year back. If you post an entry to a closed year, a second entry is automatically made that updates the beginning balances for the current fiscal year.
Q3: What happens to unit accounts during the year-end closing routine?
A3: Unit accounts are treated as balance sheet accounts. Unit accounts have a balance that is brought forward when the year is closed. For more information about how to clear the beginning balances for unit accounts, click the following article number to view the article in the Microsoft Knowledge Base:
Q4: I am preparing to close the year in General Ledger. Must everyone exit Microsoft Dynamics GP before I perform the year-end routine?
A4: We recommend that client computer users stop working in Microsoft Dynamics GP while the year-end closing routine is processing. If users continue to work in the program, their work may be lost if you have problems with the year-end closing routine and need to restore to the last backup.
Q5: How are non-financial accounts closed during the year-end closing routine?
A5: If the non-financial account is configured to use the Balance Sheet posting type, the account balance is brought forward during the year-end closing routine. If the non-financial account is configured to use the Profit and Loss posting type, the account balance is closed to the retained earnings account during the year-end closing routine.
Need more help?
Here’s the link we promised to send you with Microsoft’s answers to all 18 FAQs: “KB – Year-end closing procedures for General Ledger in Microsoft Dynamics GP”
However, if you prefer, the Tidestone Solutions team is ready, willing, and extremely able to help. Just email us at firstname.lastname@example.org or call us at 207-956-6635 any time.