Your fiscal year-end closing only happens once a year, so it can be easy to forget everything that you need to do and what order you need to do it in. That’s why we have our Simplified Fiscal Year End Closing for Dynamics GP webinar available ondemand for you to view anytime.
However, we’ve also made some of our top tips available for your reference below.
Before you begin, we recommend that you follow these tips:
- Take advantage of all of the resources you have available: CustomerSource, Microsoft Dynamics GP Solutions Support, Socius Client Care- if you have any questions throughout the process.
- Be prepared: make sure that all of your day-to-to activities are completed.
- Be methodical: do not rush the process, be conservative, review and follow any fiscal year-end checklists you may have, verify ISV compatibility, and most importantly always make backups before and after every module closing.
Module closing order is as follows with steps and tips to make sure you have a smooth fiscal year-end close:
- Sales Order Processing (SOP) and Purchase Order Processing (POP): There is no specific year-end closing process for either of these modules, however with SOP– double check for any applicable invoice/returns and make sure they get posted in appropriate year. And for POP- double check for any applicable receiver/returns and post in appropriate year and Received/Not Invoiced reports ties out your “Accrued Purchases” liability account.
- Inventory Control (IC): The Inventory Module should be closed at the end of your fiscal year, before any new transactions that would affect inventory quantities are posted. What IC does at year-end is it transfers all summarized current-year quantity cost and sales amounts to last-year for the items of which you have been keeping a summarized sales history. Here, it updates each item’s beginning quantity from the quantity on hand at each site. IC zeroes the quantity sold field in the item quantities maintenance for each site in order to start the next year off fresh.Wrap up Year-End fiscal count and related variance/adjustment transaction posting. You then have the ability to run the IC Year-End closing process. Something to take not of here is to double check if your inventory batches are checked to Post to GL.After reconciling inventory quantities and making adjustments for a physical inventory count, print all additional reports, make your backup, run closing of the year, close the fiscal periods for the inventory series, and then make your final backup.
- Receivables management (RM): Complete monthly processes, including posting all non-recurring RM batches, aging report, etc. Review the ‘Unapplied Documents’ reports. Save new year transactions to batches after running the RM Year-End closing process. There is the Calendar year end close that should be done at the end of the calendar year prior to posting any transactions in the next calendar year.The fiscal year end close should be done at the end of the fiscal year prior to posting any transactions in the next fiscal year. This close transfers all amounts other than the calendar YTD finance charge amount to the last year column in customer summary using the amount since last closed view. It is important to close your year at the right time to get the correct number in the YTD total.
- Payables management (PM): Post all transactions for the year. Print the Aged Trial Balance with options report. Print the Vendor Period analysis report. Run the PM Year-End closing process. Remember here, two closes are required if you are not on the calendar year (one for 1099s, one for year-end process). The Fiscal year end closing routine should be run right at the end of the fiscal year prior to posting transactions into the next year. Fiscal year end close processes transfers all other amounts from the year to date column to the last year column in the Amounts since Lase close view. If the amounts are incorrect in the amount since last close view, contact support scripts that can be ran to correct the amounts.
- Fixed Assets Management (FAM): The important thing with Fixed Assets is that you make sure that you close out Payables module before beginning. Double check that all transactions- additions, retirement, etc.- are posted. Double check that final depreciation routine and related GL interface process are complete. Run the FAM Year-End Closing Process and always make your backups.
- Analytical Accounting (AA): There is not a separate year-end closing procedure for this, but if you have the AA dimensions set up to have a Balance Brought Forward (BBF) entry created, they will be don’t automatically as part of the year-end close process.
- General ledger (GL): ALWAYS make sure that the GL is the final module that is closed. But it doesn’t need to be closed immediately like the others. Any finalized adjustments should be posted to ‘Single Use’ batches. Print a detailed Trial Balance and Management Reporter Financials. SKIP the ‘Period Consideration’ process. Double check ‘Posting to History’ setting. And finally, run the GL Year-End Closing Process.
Contact us for additional assistance with your fiscal year-end close.