November 14, 2008 
Every year we get a slew of phone calls about closing the year in GP. Usually these start in December and I thought I would beat the rush this year. Here are some resources and notes I have compiled over the years on the year end close. I will add to this post as I find more resources or if I get additional questions, so you can always find updated information here.
Update Feb 3, 2020: I originally wrote this blog post in 2008, but all the information presented here is still valid for new versions of Dynamics GP, including GP 2018 and the latest GP release from October of 2019 (build 18.2.xxxx). I also periodically test the links and add new links as I find them. If you have suggestions or new links that are helpful, please let me know and I will add them.
GP KnowledgeBase Articles
Microsoft publishes and updates articles that explain in great detail how the year end close should be done and all the implications and timing issues. Here is order that the modules should be closed in and the related articles:
- Inventory – KB 872713
Other Resources
- Microsoft Dynamics GP 2013 US Payroll Year-End Update (build 12.00.1538).
- Microsoft Dynamics GP Year-End Closing Blog Series 2014 with additional links
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Mark Polino’s Dynamics Sherpa Year End Close video
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Information about performing the year-end closing procedure in Receivables Management in Microsoft Dynamics GP after December 31 – KB 851140
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Each Dynamics GP manual will all have a section on the year end close if it is applicable for that particular module
General Ledger – Common Questions
When? The biggest question we get on the General Ledger close is when to do it. On one hand you don’t want to close the GL before all your adjustments are in and/or the audit is done. On the other hand, you hate not being able to see beginning balances for the GL accounts and having to use alternate FRx reports to add in last year’s numbers. Since you can post to the last fiscal year even if it is closed there is no harm in closing the fiscal year sooner than later. However, make sure that you won’t need to post to years prior to the last closed year, since you won’t be able to do it. (In other words, once you close 2013, you can still update 2013, but 2012 is done at that point.)
I said I won’t need to, but how do I post to 2010? If you absolutely positively have to post to more than one prior year, it is possible, but it will cost you. The Microsoft Professional Services team has a procedure they can run on your system that will re-open prior years. The cost will depend on the size of your data, how many companies and years you need to open and when you need to do this. We have used this service a number of times and have never had an issue, so it definitely works. To get more information on this, contact your GP Partner and show them this link.
How do I actually post to the last closed year? Here are the steps:
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Go to Tools > Setup > Company > Fiscal Periods and make sure the period you want to post to is open (unchecked).
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Go to Tools > Setup > Financial > General Ledger and make sure Allow Posting to History is checked.
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Enter and post your transaction. Read this before you look at your posting journal: the entry will look like it is posted twice. It’s showing up on the report twice because it’s updating last year’s balances and then updating this year’s beginning balances. This is ok.
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Go to Tools > Setup > Financial > General Ledger and uncheck Allow Posting to History. While it is ok to leave this checked, I recommend disallowing posting to history to avoid mistakes.
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Go to Tools > Setup > Company > Fiscal Periods and close (check) the period you opened in step 1. Again, you can leave the period open if you want.
What if one of my Balance Sheet accounts was set up as a P&L account? If one of your accounts was set up with the wrong Posting Type and you did not catch this before performing the year close, you can use KB article 864913 to correct the problem.
Other Common Questions / My 2 Cents
Payables and Receivables – to close or not to close? Most companies we work with do not close the Payables and Receivables modules anymore. Since it is virtually impossible to have a clean cut off between transactions for two years, it really does not add any value to perform the year end close for these modules.
Backups – do we really need them? As far as I am concerned, one of the most important parts of the year end close is making a backup before starting. I have only actually needed this backup twice, but we were sure glad we had it those two times.
What is the close procedure for other modules, like Bank Rec or SOP? Most other modules do not have a ‘year end close’ process. The only recommendation for them is to make sure everything for the year being closed is posted prior to closing the year in the modules that do have a year end close process.
Victoria Yudin 
Curious, do you have to be logged into GP as sa to do a year end close?
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Hi Victor,
No, you do not need to be logged in as ‘sa’ to do a year end close.
-Victoria
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Hi, we currently have an issue where the Beginning Balance in our balance sheet accounts carried forward the balances in both the debit and credit rather than netting the balance and zeroing out the other side.
Thanks
Brian
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Hi Brian,
That’s normal and what it always looks like. There should not be any issue with this.
-Victoria
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Thanks Victoria, and I only ask because this year was the first year that this has happened in our books as previous years the Beginning Balance in our Balance Sheet accounts nets together and zeroes out the other side when starting the new year.
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Hi, I noticed the link for Inventory Year End is not working. Do you know if there is a new link available?
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Hi Beth,
Looks like Microsoft has turned off the KnowledgeBase. Not sure if it will be moving somewhere, I am hoping to find out soon. 😦 Will update all the links when I can.
-Victoria
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Hi Beth,
I was able to find alternatives and update most of the links, but not the Inventory and Fixed Assets ones. Please note that they might not work in non-Microsoft browsers, which is ridiculous, but it is what it is. I will keep checking on these and update them as I can.
If anyone finds alternatives, please let me know and I will publish them here for everyone.
Thanks!
-Victoria
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Hi Beth,
Looks like Microsoft has fixed these. Please let me know if you still have trouble with any of the links.
Thanks,
-Victoria
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I’m new to GP and have a question. Our FY is 7/1-6/30, when can I or should I create a new FY for 2016? Then when can I or when should I import my 2016 budget? We have GP2103. Thanks
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Randy,
You can have an unlimited number of open years in Dynamics GP. So you can create the year as soon as you find a need for it. For example, we are on a calendar fiscal year, but already have the 2017 year open, as we already have expenses that were pre-paid for 2017 and wanted to book them. Same for the budget, they are date sensitive, so as soon as you come up with your new year budget, you can import it into Dynamics GP.
-Victoria
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Thank You!!
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Hi Victoria,
I’m new using GP and FRx. I need a P&L for Jan-March 2016 but, I’m receiving and error message: You cannot include two years in one column. Run the report again after changing Column (N). 2015 is still open.
Thanks,
Awilda
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Awilda,
If you are not on a calendar fiscal year and you need to span years in one column, you can create 2 columns (one per year), make them both non-printing and then create a 3rd, printing, column that adds the other 2.
-Victoria
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This question relates to closing the AP module for a fiscal year. I have read all the comments and this is my question. Since closing the AP module is not date sensitive but closes on the day you are actually performing the close, does this mean to do the Fiscal Year close I need to do it on the actual day of the Fiscal Year End close?
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Debrahky,
Actually you need to do it after everything is posted for last year and before anything at all is posted for the new year.
-Victoria
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Hi Victoria. Thank you for sharing your knowledge,
We have never closed our sub-ledgers (Payable, Receivable, etc.). Now a discussion about doing it came up in our organization.
So, my questions are:
1.. Will be there any potential bad outcome doing that?
2. Will it work the same way as if we were closing them every prior year?
Thanks
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Hi Ivan,
The first year you do this all the prior year numbers will be incorrect. Once you start doing this routinely every year, you should be ok.
-Victoria
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I just realized that I did my year end close before closing the subledgers. Can I go back now and close the subledgers?
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Gracy,
Yes, there should be no reason you cannot perform the subledger close afterwards.
-Victoria
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Victoria,
I have to post some adjusting entries in Dec 2012 but I am getting an error message that I cannot post prior to the earliest month of the most recent historical year. Please advise.
thank you,
Maristela
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Maristela,
If you have already closed 2013, you cannot post to 2012 anymore.
-Victoria
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Hi Victoria – I just realized that when I closed 2012 last year, I had all of my R/E close to our 100-000-2999 account, when each of our 7 GL segments should have closed to their individual R/E accounts (101-000-2999, 102-000-2999, etc). My 12/31/12 balance sheet looks correct because it still shows “current year income” under equity, but once I look at 1/1/2013 beginning balances, all of the segments are unbalanced because their 2012 P&L accounts closed to the 100 segment instead of their respective segments.
Anyway, I can do a JE in 2013 to fix the unbalanced part, but then my TB by segment is off for the 2013 year, since I’m adding a correctly-segment-unbalanced JE to fix a YE close procedure that didn’t show up on the TB in the first place since it was part of closing 2012.
Do you have any recommendations to fix that problem?!?! Thanks for your help!!
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Andrew, I don’t see how you can fix this without reopening the 2012 year and re-doing the close. 😦
For now that’s only possible by paying Microsoft to do it. I believe when GP 2013 R2 is released later this year, that will be one of the new features.
-Victoria
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Victoria – I have not closed 2013 yet. Is it still possible to open 2012 and redo close with contacting Microsoft? Thanks
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Andrew, not at this time, no.
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Thanks for your help Victoria. I really appreciate it.
One thing our GP guy mentioned as a possibility was going into the historical table and change the amount that went into the 100-000-2999 account and distributing it correctly to the 101 through 105/-000-2999 accounts. We’ve never played with historical tables before, but it seems like such an easy fix that it’s tempting….
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Andrew,
I have never done this in the tables before either, be sure to do a lot of testing if you decide to go that route.
-Victoria
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Victoria,
You seem to be on of the few people that really understand the year end closing in Dynamics GP. Thank you for sharing all this great information.
I am using Dynamics GP 2010. I closed the A/P and A/R modules for 2013 but not the General Ledger. I did this because I thought that any additional 2013 entries would be adjustments to the general ledger and that I would close it when I was reasonably sure that there would be no more. However, this did not turn out to be the case and I’ve since had to add some transactions to the A/P module. My problem is that these transactions do not show up in my financial statements, neither in the Financial>Reports>Financial Statements nor in my Management Reporter statements. Will this change when I do close the General Ledger?
I’ve since learned that none of the benefits of closing the A/P module before entering any transactions for the New Year are relevant to me. Could I solve the problem just by closing the A/P module for 2013 again?
Thank you.
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Boris,
In Dynamics GP, when you post to a subledger (like Payables, Receivables, Inventory, Bank Rec, etc.), corresponding General Ledger transactions are created that then have to be posted. Only when this 2nd set of transactions is posted to the GL will you see the results of your transactions in the GL and on financial statements. Often companies set up their Dynamics GP to automatically post these GL transactions that result from subledger postings, however this is not always the case. There may also be times when even though you have this posting set up to be automatic, something causes that not to happen and it needs to be done manually.
Based on what you’re describing, you’ve posted something in the AP subledger and it is not showing up in the General Ledger (or on Financial Statements that look at data in the GL). I would suspect that you have unposted GL transactions sitting there waiting to be posted. One of the easiest ways to see this is in SmartList – under Financial | Account Transactions, add a column called Document Status and search for anything where Document Status is equal to Work.
As to your last question – you can only perform one year-end close per year. You do not have the option of closing anything that’s already been closed. However, that also would not help with your issue, as closing the AP year has absolutely no effect on any transaction posting.
Hope that helps.
-Victoria
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Victoria,
Is there a script or some way to fix totals on Smartlist for Customer LYR totals? As I understand how GP works, it is driven by when year end is done. Our accounting dept closes the year anywhere from January through February, so this field will never be correct.
Is there a way to fix this? Also, why does GP work like this? No other accounting system calculates last year totals like this. Does Microsoft have any plans to fix this?
Thanks!
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Hi Rich,
I am guessing you’re responding to this thread: https://community.dynamics.com/gp/f/32/p/71381/200828.aspx#200828?
Don’t shoot the messenger! 🙂 I do not have any control over Microsoft or their plans to fix things and have no special knowledge of their reasoning for things. No software is perfect and to be fair, I think Microsoft inherited this particular functionality when they bought Great Plains.
In any case, I think you have a few options:
-Victoria
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HAHA. Nope, not blaming you Victoria! I know you are the “guru” and if anyone would know why, you’re my best source!
It would have been nice if Microsoft could have changed this to work “correctly” in the, what, 8+ years they owned GP?
I’ll check out some of your custom smartlist reports, thanks!!!!!
I’m just getting extremely frustrated with how GP works, especially for how much it costs.
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Rich,
Thank you for the kind words! I think they kind of go for the bigger stuff when deciding what to fix. Interestingly, over the years, there really has not been a big outcry over this particular issue, but I have definitely heard it enough to have created custom code for it.
I do hear what you’re saying. Over the years I have found a number of things that just don’t seem like whoever was designing them had enough practical accounting knowledge. Like putting Credits before Debits in SmartList. It just makes me shake my head every time I see it. Or the instructions to post all unposted transactions before closing the year – how can that happen in most companies?
That said, I think Dynamics GP is a great product and I have seen it help many companies accomplish a lot of work with a modest sized staff. It does, however, require an investment for training and ongoing support that I think some companies are not expecting when they purchase it.
-Victoria
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Totally agree with your post.
With this LYR smartlist totals, how many accountants do year end’s exactly on 1/1 too?
Your script looks like it will work perfect, unfortunately, we don’t own Smartlist Builder.
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Rich,
If you do not have SmartList Buider, you can set this kind of stuff up directly in Excel – you will just need to modify the column names to have spaces instead of underscores.
-Victoria
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Is there a status Windows to see or verify that Payables Management: Fiscal or Calendar yar is closed? (Yes other than just looking at 1099 buckets)
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Ron,
You can see the last close date on the Payables Year-End Close window. (GP | Tools | Routines | Purchasing | Year-End Close)
-Victoria
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Hi Victoria,
My client ran all year -end close procedures for all modules except the GL for 2012. When trying to reconcile the GL, she saw the last closing date was 12/31/2010– we doublechecked by doing a summary inquiry on a cash account and saw there are no beginning balances for 2012.
So now, the question is–what’s the best way to go about this to:
a) go back and close 2011 first
b) perform all closing for 2012
We have a backup of yesterday, from before any closing happened, so we’ll definitely restore to that and then proceed. Any pointers would be definitely appreciated.
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MM,
No reason to go back and restore. All the other subledgers are really separate. You can simply run the GL close for 2011, then for 2012 when they are ready.
-Victoria
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Victoria,
My controller was closing the sales module for 2011 (last year) when he accidentally closed 2012 (the current year) as well. Can we re-open the current year for this module without any consequences and keep it open?
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Cherie,
You didn’t say, but I am assuming you are talking about closing the sales module on the Receivables Year-End Closing window. If not, please give me some more detail on what you did. If yes, I am not aware of any way you can re-open the year. I am sure that this can be done in the SQL tables with a lot of work, but I am also guessing that is not what you mean.
However, as I have written many times before, this close process is irrelevant and only matters if you are looking at YTD columns in SmartLists. Operationally this will not make any difference to anything. When I go into that window in our live company it tells me that the last time we closed this module was in 2001 and we are able to use all GP functionality with no problem.
-Victoria
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Good afternoon Victoria! Thank you so much for your efforts here! We are in our first year-end with GP2010 and I had one add-on to your comment that many of your customers do not do the AR and AP year-end processes… I noticed in both of the documents detailing the process for these that it indicates that the “tax” year end needs to be run after them. Is this also optional? Neither of these documents indicate what specifically that process does. Can I skip the two sub-ledger closes and run that or skip them all? We have closed inventory and are contemplating our path with these now.
Thank you!
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Scot,
Good question. Yes, based on the same logic as payables and receivables, I would argue that the tax-year close is optional. The companies that I have worked with use the tax reports (actually mostly SmartLists) in GP based on date ranges, not based on current year/last year, and again unless you can easily accomplish a clean cut-off between years, you’re not going to have accurate yearly totals this way. Additionally, according to the documentation, “When you close the tax year, tax information from the prior year is deleted”. This is not something I am a big fan of as a general rule. I don’t know too many people who have gotten in trouble for having too much data. 😉
-Victoria
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My question is along the same lines but specific to Fixed Assets. You mention above that the RM and PM modules are not required to be closed. How about Fixed Assets?
Thanks,
Cidalia
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Cidalia,
You must close the year in the Fixed Assets module if you are using it. Otherwise, you will not be able to run depreciation in the new year.
-Victoria
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hi Victoria,
maybe you can help. We created a new company and attempting to close it for the year 2009 fiscal year. We are currently on 2010 fiscal year now. however, if we try to close the AP and AR modules. The reports that were generated from the year end close for AP and AR included numbers from the current years. Shouldn’t the Year end close reports for these modules be limited to just 2009? any thoughts why this is happening?
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Hi Jeff,
The AR and AP year end close is not ‘date sensitive’ meaning it will do just what you’re seeing – close everything posted through the time of the year end close process, regardless of date. That’s why I say what I say in the blog post above about most companies not closing AR and AP. You can get more detail on this by reading the KB articles for the specific modules (see the links to them at the top of this blog post).
-Victoria
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Hi Victoria,
thank you for the response. I thought AR/AP were date sensitive as stated in the kb articles for steps on closing AR and AP? In what effect will it have if we will not close these modules and just close GL. sorry for the noob question.
Thanks Victoria
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Jeff,
Maybe ‘date sensitive’ was not the right term to use. While the AP and AR (really PM and RM) modules are date sensitive, the year end close process is not.
Example 1:
You create a brand new customer in 2010. You post $1000 in invoices to this customer with 2010 dates and $500 in invoices to the same customer with 2011 dates. You close the 2010 year after all the $1500 of invoices have been posted. This customer shows:
Life to date = $1500 in invoices
Year to date (using amounts from last close) = $0 in invoices
Last year to date (using amounts from last close) = $1500 in invoices
Example 2:
You create a brand new customer in 2010. You post $1000 in invoices to this customer with 2010 dates and close the 2010 year. Then you post another $250 in invoices to the same customer with 2010 dates. This customer shows:
Life to date = $1250 in invoices
Year to date (using amounts from last close) = $250 in invoices
Last year to date (using amounts from last close) = $1000 in invoices
This is really (to me) a reporting issue. If you look at each individual transaction, GP has the correct dates. However some ‘summaries’ that GP keeps are all using the ‘amount since last close’ logic.
In a real life business it is usually impossible to have a clean cut off between years – where you post everything for one year, close it, the start posting for the next year. This is the only scenario that will result in all the possible summaries and out-of-the-box reports to be correct.
Hope that helps explain in more detail.
-Victoria
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Hello Victoria,
I had a quick question in regards to the above answer which you provided – your examples really laid it out in terms of what the system is actually doing however I just want to clarify that the “close” your referring to in the PM is both Calendar/Fiscal? Meaning if I have ran a YE close on both simultaneously I can continue to post batches to 2011 as well as 2012 in the PM (for GL purposes) however the only thing that will be skewed is the “to date” reporting correct?
We are looking to run our 1099’s immediately however we will continue to have 2011 expenses coming in and I obviously need to run my first check batch this week as well. I believe I can do a simultaneous close of both Fiscal and Calendar – run 1099’s, print checks this week and continue to post batches to the closed year as needed with no negative consequence save the skewed reporting…others aren’t so sure – so your help in resolving this matter is greatly appreciated!
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Nicole,
Neither the GL, nor 1099 printing, nor your ability to post payables with either 2011 or 2012 dates will be impacted by performing (or not performing) the Payables year-end close process. The Payables year-end close is optional – I don’t even bother with it. If you decide to go ahead with the Payables year-end close and if your fiscal year is the calendar year, you would do both the fiscal and calendar close at the same time.
-Victoria
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Thank you! And congrats on the MVP award!!
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Hi Victoria,
Sorry I have one more clarification – can I wait to close the purchasing module for purposes of wanting the previous years “buckets” to be as close to correct as possible? Meaning if these closes effect nothing other than reporting can I leave 2011 open and continue to post those expenses and have them show up in the correct” to dates” while still running 2012 checks?
Thanks again!
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Nicole,
Yes and no. While your Amount Billed might be closer to correct with what you’re proposing, the Amount Paid will not. Amount Billed is probably more important, but still something to consider. Theoretically, you could cut 2012 checks and not post them until you close the year in the Payables module, I think that would be the closest you could come to both of those numbers being correct. Also, this is assuming that the same logic was applied when you closed Payables last year.
-Victoria
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Hi Victoria – this causes me pause because in years past we followed the documentation in the user’s guide and have been able to reconcile our 1099’s year-over-year as a result (or so we thought that was why we could). Are you saying we would have been able to either way, closing or not closing the prior year before posting the new year’s payables batches? I’m just curious because if you’re saying our payables staff can begin posting 2012 transactions and when we report in 2013 we will be able to reconcile, then I’m happy to “set them free”. Always take a backup 🙂
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Hi Kristie,
The year-end close process does not have anything what-so-ever to do with 1099’s. Because of the special nature of 1099’s they are treated differently in GP and are ‘date sensitive’. We use GP for our accounting in-house. The last time we performed the year-end close in the payables module was 2002. We send out 1099’s every year with no issues. 🙂
However, there is something to be said for knowing a process you have has worked for you in the past and thus will work in the future. If you’re comfortable with it and are confident it works, then keep doing it. If it is causing you undue work and grief and you’re not sure about some of the advice you’re seeing, the only way to go is to test it.
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Hi, Victoria. Once again you come to the rescue! We need to post to 2009 and 2010 is closed. Got the error message, went Googling and, not surprisingly, up came your name. We are going to band-aid by posting to 01/01/10 since we are moving to a new system later in the year.
Hope all is well.
Tracey Geary
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Hi Tracey,
Great to hear from you! And glad I was able to help. 🙂
-Victoria
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Hi Victoria,
My client asked me to run Year-End Closing 2010 for them. I managed to close AR, AP and FA. Then I tried to close GL. When I click Close Year in the Financial Year-End Closing window, I get an empty message box with just an “OK” button in it. When In click OK, the message box closes and nothing happens. I have never seen this behaviour before. BTW, we are running GP 10.00.1579 and have AA also running. Does that affect anything?
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Hi Saras,
I have not seen before either. I would recommend talking to GP Support to see if they can help with this.
-Victoria
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Hi Victoria,
We cutover to a new install of GP2010 on Jan1. We had 2010 open for the import of the account beginning balances. The CFO would now like to have those rolled into 2011 so we need to close 2010. I assume that since we had no 2010 activity other than GL entries of the beginning balances that we do not need to close the sub-ledgers. Is that correct? Can I simply do the financial year-end close?
Thanks!
-Scot
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Hi Scot,
Yes, that sounds correct to me.
-Victoria
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Hi Victoria
Congrats on the Book and the MVP you sure do deserve all the Kudos !!!!
I am sure this is not the first time this has happened. We are running GP 2010 since 7/1/2010. We did not do a close at the end of December to close the year. I am being told by my VAR that If we close now the YTD and LifetoDate numbers will also include Januarys numbers for 2010. So are there any scripts/procedures I can run that will close our AP AR and Inventory correctly.
Thanks
Vic
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Hi Vic,
Thanks. Well…life to date numbers are cumulative for all time – so they will not have an issue. Year to Date and Last Year numbers will be wrong…however, in my experience, most companies learn not to rely on those anyway and create their own reporting if it is needed. In fact, many companies never close the AP and AR subledgers since there is no requirement to do so and a clean year cut off is almost impossible in most situations. That said, GP Support has scripts that can recalculate most of the year to date and last year totals – your GP partner should be able to help you with getting those.
-Victoria
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How do we close period in GP 10.0?
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Angela,
Can you please clarify what you mean by ‘close period’?
-Victoria
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Hi Victoria, I am in need of your help. I have closed the Fixed Asset Module but I need to undo it. Is there anyway to undo it?
Please help! Thanks!
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Hi Chen,
I am not aware of any way to undo a Fixed Assets year end close. I have not done this myself, but there may be ways to do this directly in SQL. However this is not something that I would advocate doing without help from your GP Partner or the GP Support team.
-Victoria
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Hi Victoria, how about going back to back up and restore previous data? Is there a way to restore only the Fixed Assets Module?
Your help will be much appreciated
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Chen,
There is no easy way to restore only Fixed Assets data. And depending on what has been done since the backup, that may not work anyway. What is the reason that you want to re-open the year? Perhaps there is another way to accomplish what you need.
-Victoria
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I made a mistake by doing a Year End Close for the current Fiscal Year so now it appears for year 2011 and I can’t do depreciation for the current Fiscal Year. so I want to find a way to undo this so I can post depreciation for the current Fiscal year…
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Chen,
I would recommend talking to GP Support to have them help you with this.
-Victoria
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Hi Chen,
Did you find a solution for your question? I ran into the same problem now. Can you maybe shed light on this?
Thanks!
yy
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Hi all,
My accounting department told me about a problem with the retained earnings. It is not updating across. The income statement updated just fine but the retained earnings did not. Is there some steps that I can do to see what is causing this to happen? I appreciate any help and assistance.
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VC,
Can you be more specific as to what ‘not updating across’ means? Where specifically are you looking to see this?
What should happen is this: the total of the income or loss from the previous year should be added to the beginning balance of the Retained Earnings account of the new year. For example: Retained Earnings account balance at the end of 2009 is ($50,000). Income for 2009 is $25,000. If you look at the Summary Inquiry of the Retained Earnings account (Inquiry > Financial > Summary) the Period Balance on the Beginning Balance line should be ($75,000).
-Victoria
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Okay, now on the retained earnings, I got some details. My CFO went back to 2002, where we have an offset account, 99-99999-98 which had been updating the balances correctly until 2008 where it did not. The balance sheet for 2008 is blank with no totals when there was a balance coming forward from 2007. 2008 is when the company upgraded to Great Plains 9. Before this upgrade they were using the 99-99999-98 to send the retained earnings to, but now we are using the 00-39000-00 account. The income statement updated just fine whereas the retained earnings didn’t. Any ideas on how to fix this?
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VC,
I am sorry, I am still not understanding exactly where you are looking for your balances and what you’re seeing. If you suspect something is not right with your year end close, I would strongly recommend getting your GP Partner or Dynamics GP support involved so they can help you determine if there is an issue and find a fix.
-Victoria
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We have “closed” the 2009 fiscal year ONLY for the Payables module so that if we have to re-do a 1099, we will be able. Can we close the GL for 2009 without closing the CALENDER year for the Payables module?
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BAT,
Re-printing 1099’s is possible no matter whether you have closed the year for payables or GL or not. Don’t take my word for it – test this in a test company. If that is your only reason for waiting to close, go ahead and close.
-Victoria
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Hi Victoria Yudin,
Do you have SQL query that will show the actual effect after year end.
I need to know what will happend to all accounts transactions (PL, BS and Retain earnings) before actual year end.
It is something like before year end SQL query will tell me how my data will look like in system.
Regards,
Santosh
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Santosh,
I do not have a SQL query like this, nor would it be trivial to put together. I would typically create this kind of report in FRx, where it would be a lot easier.
But in basic accounting terms, here is what would happen:
– All Balance Sheet account ending balances would get brought over to the beginning balances of the following year.
– All P&L account balances would get totalled up and the net result of them would be added to the beginning balance of the Retained Earnings account in the following year.
-Victoria
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Hi, I’ve come across a question that I hope you can answer related to posting to a closed year. I re-opened 2008 and posted audit adjustments. However, Why does “inquiry/financial/history summary” now not reflect the same net change for a closed year as “inquiry/financial/history detail”? The difference is the amount of my audit adjustment.
Why would the balance sheet audit adjustments posted after ye close not show up in the history detail inquiry?
Thanks!
Susan
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Hi Susan,
While I recall having seen this in the past (and not having it be an issue with any financial reports), I am not able to find any example of this in our data (running on GP 9.0 SP 3) or to duplicate it in a test.
What version of GP are you on? Have you tried running reconcile on the financial series?
-Victoria
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It’s not an issue as far as our FRx balance sheet goes, everything is correct. It’s just that the AAs don’t show up in the history detail inquiry. We are on 9.0 and I’ll try financial reconcile tonight if you think it would clear the problem.
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Susan,
I can’t say for sure that it will help, but it’s worth a try. I am on GP 9.0 SP 3 and am not able to duplicate this issue. But like I said, I have definitely seen it in the past. If reconcile (or check links) does not help and it is important, you might want to talk to GP support to see if they can help. Sorry not to be of more help.
-Victoria
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If you start posting inventory to new year before you close previous year. What areas get affected
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Hazvi,
Take a look at the list of items under Step 6 of the GP KnowledgeBase article on the year end closing procedures for the Inventory module. Basically all the stuff that’s listed there will not happen at the proper time. Nothing earth shattering, but if you are relying on some of these numbers, they may not be accurate.
-Victoria
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Thanks. By not closing Payables, will it affect 1099s in any way? I setup the new fiscal year 2009 and it gave a message about balances are affected and reconcile should be run. Is that normal?
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Hope,
Not closing the Payables module has no effect on the 1099’s. Typically the only time you would get a message about reconciling in the Fiscal Period Setup window is if system thinks (whether rightly or not) that you made a change to an existing fiscal period. I would recommend double checking all your years just to make sure they are all as they should be.
-Victoria
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Payables isn’t done with their 1099’s and we are no where near finishing our 2008 GL entry adjustments. Receivables wants to post to 2009. It’s our first year on GP and we are on GP10. Do I close GL for 2008 and leave all the other modules open so then we can post to 2009? or is there some other way to handle this?
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Hope,
You can have an unlimited number of years open in GP. So I would recommend keeping the 2008 GL open until (at the very least) you have entered all your adjustments. My personal 2 cents is not to even bother closing the Payables and Receivables modules, so you’re ok there. Just create the 2009 year and start posting to it as needed, and you can still post to 2008 with no problem.
-Victoria
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tTPE20 Thanks for good post
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I really appreciate you compiling all of this info. One question though on the year end payroll checklist. Microsoft specifically says to finish all payruns for the year and then apply the year end tax update which includes the most recent service pack. Having to install a service pack in between holidays at the end of the year isn’t something most people want to do. Can’t that year end update be applied anytime prior to year end? This would allow people to schedule this work before the holidays. Disregarding the service pack, it’s only changing W2 and 1099 forms. Thanks again!
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Darren,
That is a great question. As a disclaimer – I do not have too much experience with GP Payroll myself – we are in an area where payroll taxes are very complex and most of our customers choose to outsource payroll. However, my understanding is that you can install the year-end update at any time, but you must wait to install the 2009 Payroll tax updates until after the Year-End Wage file has been created.
–Victoria
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Great post. I was just going to do something like this but will save some time and reference your eloquent words.
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Mark Polino just posted links to the year end payroll updates on his blog: http://msdynamicsgp.blogspot.com/2008/11/year-end-payroll-updates.html.
I have added these under the Other Resources section above, but wanted to give Mark proper credit. Thanks Mark!!
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