Microsoft Dynamics GP Year-End Checklist

Microsoft Dynamics GP Year-End Checklist

Posted By
BDO

When it comes to Microsoft Dynamics GP year-end processes, people often ask me two questions:

  1. What does the year-end process actually do?
  2. In what order should I close the modules?

So, here is a handy checklist to help clarify and make the year-end process in Dynamics GP much easier for you! All the modules are listed in the recommended close order.

Checklist: Microsoft Dynamics GP Year-End

  1. Payroll
  • The payroll year-end update is required prior to your first payroll run in January and prior to running the T4 process.
  • The close process:
    • Moves current year-to-date (YTD) amounts to history.
    • Updates the tax credit index factors.
    • Clears the values in the current year’s payroll file and resets them to zero.
  1. Inventory
  • Close inventory for the current fiscal year prior to posting any transactions for the new year.
  • The close process:
    • Transfers all summarized current year quantities to the Last year field for those items where the summarized Sales History are maintained.
    • Updates the beginning quantity from the quantity on-hand for each item.
    • Zeros out the Quantity Sold field on the Item Quantity Maintenance card.
    • Removes discontinued items, sold receipts, sold lot attributes, and updates the standard cost for each item.
  1. Accounts Receivable (AR)
  • The close process clears out the balance in the YTD fields and moves them to the Last Year field in all of the AR summary windows.
  • The year-end close for AR is date-specific. Therefore, if you processed any transactions for the new year prior to running the process, they will move too.
  1. Accounts Payable (AP)
  • The close process clears out the balance in the YTD fields and moves them to the Last Year field in all of the AP summary windows.
  • The year-end close for AP is date-specific. Therefore, if you processed any transactions for the new year prior to running the process, they will move too.
  1. Project Accounting (Optional)
  • The year-end close process for Project Accounting is optional as projects often span multiple years and typically do not align with fiscal or calendar years.
  1. Fixed Assets (FA)
  • As with other modules, FA closes prior to posting in the new fiscal year.
  • All FA books must close prior to processing depreciation for the new fiscal year.
  • The year-end close process:
    • Updates the YTD maintenance amount on the Asset General screen.
    • Copies the quantity to the Begin Quantity field on the Asset General screen, Expand Quantity field.
    • Clears YTD depreciation on the Asset Book window.
    • Updates the Begin Year Cost field with Cost Basis on the Asset Book window.
    • Copies life-to-date (LTD) depreciation to the Begin Reserve field on the Asset Book window.
    • Copies the Salvage Value to Begin Salvage Value field on the Asset Book window.
    • Updates the Current Fiscal year to the new year on the Book Setup window.
  1. General Ledger (GL) (including Analytical Accounting)
  • The GL year-end close process:
    • Rolls Profit and Loss accounts into retained earnings.
    • Rolls Balance Sheet accounts into beginning balances for the new fiscal year.
    • Removes Inactive accounts that do not have a balance or any historical postings.
    • Marks the year as historical.

For more information on the detailed processes for each of the modules noted above or for assistance with your year-end close process, simply email GP Support.


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