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Completing year-end on Sales, Purchases and General Ledger in Dynamics GP

This blog post covers the steps you should take to close a year-end on the sales, purchase and general ledgers within Microsoft Dynamics GP. This information is taken from the MBS Partner Source and can be accessed via Customer Source – if you don’t have this then you need to contact the Advantage Support Desk.

Before completing your year-end process in Microsoft Dynamics GP, review the information below.

1. For detailed instructions on closing each module (Inventory, Receivables Management, Payables Management, Fixed Asset Management, and Analytical Accounting), it is recommended that you read the General Ledger Year-End.

2. The Fiscal Year-End procedures in Payables and Receivables will transfer year-to-date balances (except for the 1099 Amounts and the Finance Charges – this is done during the calendar year-end close) into last year balances for your creditors and debtors. Be sure to complete Fiscal Year End closing for Payables and Receivables before you post into the next fiscal year! If you post transactions into the next fiscal year before you close these modules, your Debtors/Creditors Yearly Summary amounts will not show the correct information. All the information that was posted from both fiscal years will be transferred to Last Year and your year-to-date will show the value of 0.00.

3. Before beginning the year-end procedures, verify you have a restorable backup for your Microsoft Dynamics GP database.

4. Before completing a fiscal-year end close, if applicable you will need to do year-end procedures in Payables, Receivables, Inventory, Fixed Assets and General Ledger.

5. You should perform fiscal year-end procedures in the Payables Management and Receivables Management modules before you perform the year-end close in the General Ledger.

The following Windows will display information incorrectly if you did not close your fiscal year in Payables or Receivables management before posting to the next fiscal year:

Cards | Sales | Summary – Debtor Summary
Cards | Purchasing | Summary | Yearly – Creditor Yearly Summary
Enquiry | Sales | Yearly Summary – Debtor Yearly Summary Enquiry
Enquiry | Purchasing | Yearly – Creditor Yearly Summary Enquiry

All other windows will display information correctly.

The General Ledger year-end close process will do the following:

  1. Transfer Open Year amounts to Transactions and Account History.
  2. Reconcile and Summarise GL balances.
  3. Transfer Open Year Profit and Loss amounts to Retained Earnings.
  4. Zero all Profit and Loss accounts.
  5. Summarise Balance Sheet accounts, bringing balances forward into the new fiscal year.
  6. Print Year-End Closing Report.

In General Ledger, you can post to the next fiscal year without closing out the previous fiscal year. Note – Beginning balances on your Balance Sheet and Trial Balance for the next fiscal year will show as 0.00 and will not be updated until the previous fiscal year has been closed.

Year-end procedures can also be found under the online help within Microsoft Dynamics.

For additional information on this or any other query, please contact the Support Desk at Advantage Business Systems where we will be able to provide you with additional support on 0203 004 4601

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About Christo van Zyl

Christo van Zyl is the Managed IT Services Business Unit Director at Advantage Business Systems. Christo has over 14 years of working within the IT industry and specialises in Outsourced IT Services including support, consultancy, security and all things Microsoft Server side.

View all posts by Christo van Zyl →

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