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Parent Category: Year-End
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Don't you go closing my year...
http://dynamicsgpland.blogspot.com/2009/12/dont-you-go-closing-my-year.html
Just thought I would send out a gentle reminder of the major myths regarding year end closing in Dynamics GP. As I find they surface every year, even among users who have used the system for years. So here is my top five list, please post your comments and I will update the list accordingly.
I have to wait until I have ALL my adjusting entries before I can close the GL
This is the biggest myth of all. You can actually have your cake and eat it too. GP allows you to post to the most recent historical year. So, for example, if I close 2009 I can still post adjusting entries to it. I just can no longer post adjustments to 2008. The two requirements to post to the most recent historical year are that you must mark "allow posting to history" in GL setup (Tools>>Setup>>Financial>>General Ledger) and the fiscal period must be open in Fiscal Period Setup (Tools>>Setup>>Company>>Fiscal Periods).
I am running my general ledger year end close, and it is stuck
I promise you the odds are that it is not stuck. The year end close is a pretty intensive process, so it is fairly common for a workstation to show as not responding. Please be patient. Using Ctrl-Alt-Delete to cancel out of the process is NOT recommended, and will REQUIRE you to restore a backup. And if you don't have a backup, well, that is just not fun...and will involve a nice little database fixing service from Professional Services at Microsoft. So, two lessons: have a backup and be patient.
I can view all my audit entries because I set up an audit period
This is a popular trick, to set up a…
I have to wait until I have ALL my adjusting entries before I can close the GL
This is the biggest myth of all. You can actually have your cake and eat it too. GP allows you to post to the most recent historical year. So, for example, if I close 2009 I can still post adjusting entries to it. I just can no longer post adjustments to 2008. The two requirements to post to the most recent historical year are that you must mark "allow posting to history" in GL setup (Tools>>Setup>>Financial>>General Ledger) and the fiscal period must be open in Fiscal Period Setup (Tools>>Setup>>Company>>Fiscal Periods).
I am running my general ledger year end close, and it is stuck
I promise you the odds are that it is not stuck. The year end close is a pretty intensive process, so it is fairly common for a workstation to show as not responding. Please be patient. Using Ctrl-Alt-Delete to cancel out of the process is NOT recommended, and will REQUIRE you to restore a backup. And if you don't have a backup, well, that is just not fun...and will involve a nice little database fixing service from Professional Services at Microsoft. So, two lessons: have a backup and be patient.
I can view all my audit entries because I set up an audit period
This is a popular trick, to set up a…
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Removing Discontinued Items during Inventory Year-end in Dynamics GP
http://www.rosebizinc.com/gpblog/2009/11/removing-discontinued-items-during.html
As a part of the Inventory year-end process in Dynamics GP, there is an optional feature to remove discontinued items. Although this option may sound like a nice “house-cleaning” feature, proceed with caution! Not only is the item removed from the Inventory Master file, all of the inventory historical transactions for that item will be gone too.
If this box is marked when the Inventory year-end process is performed, any item that meets the following criteria will be removed from the Inventory Item Master file:
1. Item Type…
gptip42day - Year-End Close - Financial
Okay folks, here we are. We closed the other modules earlier this week and it's time to close the Fiscal Year in Financials. Here's what this process does -
http://gp2themax.blogspot.com/2009/10/gptip42day-close-financial-year.html
Okay folks, here we are. We closed the other modules earlier this week and it's time to close the Fiscal Year in Financials. Here's what this process does -
- Transfers all current-year information for each account in the chart of accounts to account and transaction history and prepares the General Ledger for a new fiscal year.
- Reconciles and summarizes the General Ledger balances that have accumulated throughout the year.
- Reconciles and summarizes the General Ledger balances that have accumulated throughout the year.
- Transfers open-year profit and loss amounts to the Retained Earnings account.
- Zeros all profit and loss account balances after they’ve been closed to the Retained Earnings account.
- Summarizes balance sheet accounts, bringing the balances forward as the accounts’ beginning balances in the new fiscal year.
- Brings the balance of unit accounts forward to the new fiscal year.
- Removes inactive accounts with zero balances.
- Prints the Year-End Closing Report.
Note - Until the year-end close is completed for General Ledger, you won’t get accurate financial statements for the new year. Beginning balances for the new year are not created until the year-end close process is completed. Therefore, the financial statements for the new year will reflect only current year activity until the year-end closing process is completed. This happens whether the financial statements are printed from Advanced Financial or from FRx.
In preparation to close the General Ledger –
1. Complete month-end and period-end…
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gptip42day - Year-End Close - Purchasing
http://gp2themax.blogspot.com/2009/10/gptip42day-year-end-close-purchasing.html
Closing the Fiscal Year in Purchasing updates the Year-to-Date, Last Year, and Life-to-Date information in the Vendor Credit Summary and Vendor Yearly Summary Inquiry windows.
Closing the Calendar Year transfers Year-to-Date 1099 amounts to the Last Year balance in the Vendor Yearly Summary Inquiry window for all vendors.
In preparation to close the Fiscal Year -
In preparation to close the Fiscal Year -
1. Post all transactions for the current Fiscal Year. If you need to enter transactions for a future period before closing the year, save the transactions in a batch but don't post it until after closing the Fiscal Year.
2. Backup the company database.
3. Print an Historical Aged Trial…
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gptip42day - Year End Close - Sales
Closing the Fiscal Year in Sales updates Year-to-Date, Last Year, and Life-to-Date information in the Customer Payment Summary window and Customer Yearly Summary Inquiry window.
http://gp2themax.blogspot.com/2009/10/gptip42day-year-end-close-sales.html
Closing the Fiscal Year in Sales updates Year-to-Date, Last Year, and Life-to-Date information in the Customer Payment Summary window and Customer Yearly Summary Inquiry window.
Closing the Calendar Year does not affect amounts in those windows but does update information in the Customer Finance Charge Summary window.
In preparation to close the Fiscal Year -
1. Post all transactions for the current Fiscal Year. If you need to enter transactions for a future period before closing the year, save the transactions in a batch but don't post it until after closing the Fiscal Year.
2. Backup the company database.
3. Perform a Receivables Aging (Tools>Routines>Sales>Aging) and print an…
3. Perform a Receivables Aging (Tools>Routines>Sales>Aging) and print an…
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gptip42day - Year End Close - Inventory
http://gp2themax.blogspot.com/2009/10/gptip42day-year-end-close-inventory.html
Closing an Inventory Fiscal year transfers summarized current-year information to history. You can also choose to remove Discontinued Items, Sold Lot Attributes, Sold Receipts and Cost Change History, and change your Standard Costs to prepare for the new year.
Be aware that changing Standard Costs DOES NOT create a financial batch to reflect the inventory valuation change in your general ledger. This entry must be prepared manually by referring to pre- and post-close Stock Status reports to determine the valuation change.
Be aware that changing Standard Costs DOES NOT create a financial batch to reflect the inventory valuation change in your general ledger. This entry must be prepared manually by referring to pre- and post-close Stock Status reports to determine the valuation change.
In preparation for closing the year –
1. Enter and post all transactions for Sales Order Processing, Invoicing, Purchase Order Processing, Inventory Control, Bill of Materials, Project Accounting, Field Service, Manufacturing - any transaction that might affect inventory.
2. If needed, complete a Stock Count, then enter and post any adjustments.
3. Print the following reports for your permanent records.
* click image to…
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gptip42day - Year End Closing Procedures
I was going to wait until nearer the end of the year to discuss this topic but a very good friend of mine at Kissimmee Utility Authority asked me to cover the topic now as their fiscal year ends September 30. We'll cover these procedures over the next few days because it's too much to cover in one post. So here we go with an overview for today's installment.
http://gp2themax.blogspot.com/2009/10/gptip42day-year-end-closing-procedures.html
I was going to wait until nearer the end of the year to discuss this topic but a very good friend of mine at Kissimmee Utility Authority asked me to cover the topic now as their fiscal year ends September 30. We'll cover these procedures over the next few days because it's too much to cover in one post. So here we go with an overview for today's installment.
First, it's important to know that the only series in GP that has a true year-end close is the Financial series. Closing the year in all other GP series' only updates annual statistics for the year being closed and clears the annual statistic accumulators for the coming year.
These series in GP have a year-end close routine associated with them -
- …
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Year end closing Retained Earnings validation
http://dynamicsconfessions.blogspot.com/2009/01/year-end-closing-retained-earnings.html
What's this? Two posts in a single day after weeks of silence? Hopefully this will be helpful for someone out there.
This is for those of you who do 'divisional' closings to Retained Earnings. That's where each 'division' has separate balance sheet and income statement accounts. This is a popular technique when clients want to keep several companies in the same database, yet close out each company to its own retained earnings account.
First of all, you can only (out-of-the-box) differentiate according to a single segment of the chart of accounts. So you can't close by the combination of segment 1 AND segment 2. Also, you…
This is for those of you who do 'divisional' closings to Retained Earnings. That's where each 'division' has separate balance sheet and income statement accounts. This is a popular technique when clients want to keep several companies in the same database, yet close out each company to its own retained earnings account.
First of all, you can only (out-of-the-box) differentiate according to a single segment of the chart of accounts. So you can't close by the combination of segment 1 AND segment 2. Also, you…
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No 1 Cause of year end issues
http://intouchdynamicsgp.blogspot.com/2009/09/no-1-cause-of-year-end-issues.html
Its been a funny old day on the helpdesk today , every other call seemed to be about year end. So this is probably the opportune time to post a little reminder that the No 1 cause of year end issues is…
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Payroll Year-End Close and W-2 Forms Supportability
http://dynamicsgpblogster.blogspot.com/2009/12/payroll-year-end-close-and-w-2-forms.html
Yep, it's that time of the year again! And no, I am not referring to Christmas, Hannukah, Kwanzaa, or 1st of Muharram, though I respect all these celebrations. I am referring to the not-so-celebrated Payroll year-end close and submissions of W-2s -- at least here in the United States.
So here are a few things to keep in mind for a successful Payroll year-end close and printing of W-2 forms:
1. Apply the 2009 US Payroll Year-End Update
Just don't do it by yourself! If you use Microsoft Dynamics GP v10.0 Extender, do not install the 2009 U.S Payroll Year End Update. If you use U.S. Payroll in addition to Extender and need the country code changes or the 1099-R Distribution code changes, please contact Microsoft Technical Support to assist you in installing the…
So here are a few things to keep in mind for a successful Payroll year-end close and printing of W-2 forms:
1. Apply the 2009 US Payroll Year-End Update
Just don't do it by yourself! If you use Microsoft Dynamics GP v10.0 Extender, do not install the 2009 U.S Payroll Year End Update. If you use U.S. Payroll in addition to Extender and need the country code changes or the 1099-R Distribution code changes, please contact Microsoft Technical Support to assist you in installing the…
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URGENT: 2008 Year End Update and Microsoft Great Plains 8.0 
The questions have started to flood the newsgroups and apparently many users and customers are not aware (and perhaps, were not made aware by their partners) that there will be no Year End Update pack for Microsoft Great Plains 8.0. According to a support bulletin from the Product Lifecycle page last modified on April 1, 2008:
"Mainstream Support for Microsoft Dynamics GP 8.0 will end October 13, 2009 (previously October…
http://dynamicsgpblogster.blogspot.com/2008/12/urgent-2008-year-end-update-and.html
The questions have started to flood the newsgroups and apparently many users and customers are not aware (and perhaps, were not made aware by their partners) that there will be no Year End Update pack for Microsoft Great Plains 8.0. According to a support bulletin from the Product Lifecycle page last modified on April 1, 2008:
"Mainstream Support for Microsoft Dynamics GP 8.0 will end October 13, 2009 (previously October…
Posted by
Dynamics GP 2009 Year End Update Warning
http://blogs.msdn.com/developingfordynamicsgp/archive/2010/01/15/2009-year-end-update-warning.aspx
<BEEP>
Today's post is a public service announcement. We will return to our regularly scheduled blog next week.
If using Microsoft Extender product DO NOT use the 2009 U.S. Year End Update for Microsoft Dynamics GP 10.0 that is found at https://mbs.microsoft.com/customersource/downloads/taxupdates/usgpye10.htm?printpage=false 
Year end close in Dynamics GP
http://victoriayudin.com/2008/11/14/year-end-close-in-dynamics-gp/
Every year we get a slew of phone calls about closing the year in GP. Usually these start…
Year End comes before 2010 (year end procedures)
http://intouchdynamicsgp.blogspot.com/2010/03/year-end-comes-before-2010-year-end.html
If you read the blogs at the moment they are all full of the wonders of 2010, however here in the UK a lot of us will be experiencing our year ends in April before 2010 is released.
Therefore I thought I would devote a little time towards some practical advice for year end.
Once you have got year end out of the way you may then want to turn your sights to Dynamics GP 2010, and if that’s the case may I suggest that you might like to come along to our Dynamics GP 2010 launch event on May the 19th, follow the below link to sign up:
www.touchstone.co.uk/gp2010launch
Back to Year End
The below is a simple checklist you can follow to complete year end, you may notice we are rather fond of doing backups.
1. Do a back up! (told you)
2. Make sure you have enough free disk space on the server. It will need to be a least the size of the GL20000 table but double that would be preferable (It’s going to move all the closed years transactions from the Open table to the History Table so it will need some room).
3. Make sure you run the…
Therefore I thought I would devote a little time towards some practical advice for year end.
Once you have got year end out of the way you may then want to turn your sights to Dynamics GP 2010, and if that’s the case may I suggest that you might like to come along to our Dynamics GP 2010 launch event on May the 19th, follow the below link to sign up:
www.touchstone.co.uk/gp2010launch
Back to Year End
The below is a simple checklist you can follow to complete year end, you may notice we are rather fond of doing backups.
1. Do a back up! (told you)
2. Make sure you have enough free disk space on the server. It will need to be a least the size of the GL20000 table but double that would be preferable (It’s going to move all the closed years transactions from the Open table to the History Table so it will need some room).
3. Make sure you run the…
Posted by
Year End 2008 Tips and Tricks
http://dynamicsgpland.blogspot.com/2009/01/year-end-2008-tips-and-tricks.html
1. The GP 10 year end update/service pack 3 upgrade process through utilities can be run from any machine, not just the server (although it may be quicker on the server).
2. Hedge your bets, make a backup of the reports.dic before applying GP 10 SP3/year end update and then rebuild the…
2. Hedge your bets, make a backup of the reports.dic before applying GP 10 SP3/year end update and then rebuild the…
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Checklist for Year-End Preparation in Dynamics GP
http://dynamicsgpinsights.com/2011/10/19/checklist-for-year-end-preparation-in-dynamics-gp/
Review the posting types of your GL accounts to ensure they are correct. Microsoft Dynamics GP >>…
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Yearend Closing Notes
http://mohdaoud.blogspot.com/2009/12/yearend-closing-notes.html
Christina Phillips in the THIS post covered important points needed when performing yearend…
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Microsoft Dynamics GP - Year End Payroll Update
http://www.rosebizinc.com/gpblog/2009/12/microsoft-dynamics-gp-year-end-payroll.html
The time is at hand for review and consideration of the payroll year end process for Great Plains. This year (as in 2008) the year end update involves a service pack installation. In other words, this year end update will change the Microsoft Dynamics version number and more importantly, it must be installed on the server (where it will update tables and stored procedures), then it must be installed on each workstation running Great Plains so each workstation “synchronizes” with the same version as the server. Depending upon the size of the database(s) and the number of workstations, this can take a few minutes, or several hours.
I am not overly found of how Microsoft deals with the Year End Update, especially since the timing for installation is always difficult at year end (re: holidays, scheduling, vacations, parties, etc, etc). Keep in mind the basic timing required for completing the year end processes successfully.
1. Make sure all 2009 pay runs are complete. This means all payroll checks and direct deposits with a date on or before December 31, 2009 have been run. Many companies will set a date after which no payroll checks are allowed to be prepared. Another way of saying this is don’t fire anyone after the cut-off date so you don’t have to provide a final check. Also, don’t wait till the last minute to issue bonus or holiday…
Dynamics GP 10.0 Year end update
http://www.rosebizinc.com/gpblog/2009/11/dynamics-gp-100-year-end-update.html
Myths about Year-End Closing - Christina Phillips Breaks It
http://www.vaidy-dyngp.com/2009/12/myths-about-year-end-closing-christina.html
You got to read this article Year-End Closing Myths & Actual Facts written by Christina…
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