Microsoft Dynamics GP Year End Procedures for 2010
Posted by Mark Goodson on Wed, Dec 29, 2010 @ 12:16 PM
This blog outlines the recommended year-end closing procedures for Microsoft Dynamics® GP. See below for a checklist of the steps in the procedure.
#1 Complete the posting procedures and closing procedures for other modules.
Note: This step is only required if the General Ledger is integrated with other modules.
The modules are to be closed in the following order (click to open document):
a. Inventory – For detailed instructions, see the related document “Information on the Inventory Year-End Closing Procedures in Inventory Control Module in Microsoft Dynamics GP”.
b. Receivables Management – For detailed instructions, see the related document “Year-end closing procedures for Receivables Management in Microsoft Dynamics GP”.
c. Payables Management – For detailed instructions, see the related document “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”.
d. Fixed Asset Management – For detailed instructions, see the related document “The year-end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP”.
e. Analytical Accounting - For Microsoft Dynamics GP 10.0 Service Pack 2 and greater, functionality was added to consolidate balances for dimensions in Analytical Accounting. For detailed instructions, see the related document “The year-end closing procedures for Analytical Accounting in Microsoft Dynamics GP 10.0 Service Pack 2 and in later versions”.
f. General Ledger – For detailed instructions see the related document “Year-end closing procedures for General Ledger in Microsoft Dynamics GP”.
g. Payroll – Calendar Year End – Note: Year-end procedures for the Payroll module are independent of the procedures in other modules. These procedures are covered in separate documents “Payroll 2010 Year-End Closing Procedures Overview For Microsoft Dynamics GP” and “U.S. 2010 Year-End Update for Microsoft Dynamics GP”.
#2 Post the final adjusting entries in the General Ledger.
Note: It is not necessary to wait until you receive your audit adjustments from your CPA to perform the year end close procedures. The system allows you to post journal entries to the most recently closed fiscal year. Therefore, when you are at a point where you would print reports for your auditor, you are ready to perform year end closing procedures. When you post adjusting journal entries to the prior historical year, Dynamics will automatically roll forward any impact to the first day of the next current year.
#3 Print an account list to verify the posting type of each account.
Note: Unit accounts act as if they are Balance Sheet accounts and their balances will be brought forward.
#4 Close the last period of the fiscal year. Note: This step is optional.
#5 Optional: Perform file maintenance on the Financial series group of modules.
#6 Verify settings in the General Ledger Setup window.
#7 Make a backup.
#8 Print a final Detailed Trial Balance report.
#9 Print the year-end financial statements.
#10 Setup the new fiscal year, if it has not been previous setup.
#11 Close the fiscal year.
#12 Close the fiscal periods for all the series. Note: This step is optional.
#13 Adjust the budget figures for the New Year, and then print the financial statements.
#14 Make a backup.
Download our 2010 Year End Closing Checklist for Microsoft Dynamics GP
Year-End Procedures acquire attention to detail and time. Make sure you’re taking the right steps in this critical process and submit any questions on our website.
