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| ID: | 9720 |
| Title: | gptip42day - Year-End Close - Financial |
| URL: | http://gp2themax.blogspot.com/2009/10/gptip42day-close-financial-year.html |
| Description: | 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. - 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 procedures for all modules, except General Ledger. 2. Use normal posting procedures to post final transactions in all modules, except General Ledger. 3. After all transactions have been posted successfully, complete year-end procedures for all modules, in the following order: Inventory, Sales, Purchasing, and Fixed Assets. Payroll year-end procedures are independent of those in other modules, and are always performed at the calendar year-end. 4. Post final adjusting entries in General Ledger. 5. Use the Accounts SmartList to verify the Posting Type for each account. It is critically important that all balance sheet accounts have a ‘Balance Sheet’ Posting Type and all P&L accounts have a ‘P&L’ Posting Type. Make any necessary corrections to the Posting Types before closing the year. Failure to do so could result in a Balance Sheet account being closed to Retained Earnings or a P&L account not being closed to Retained Earnings. This situation is difficult to repair. 6. Verify that 'Maintain History for Accounts and for Transactions' are marked in the General Ledger Setup window. (Tools>Setup>Financial>General Ledger) 7. Check links for all Financial tables. (Maintenance>Checklinks>Financial) 8. Back up your company database. 9. Print a year-end detailed trial balance for your records. 10. Print any year-end financial statements required. 11. Set up a new fiscal year. Before you can perform a year-end closing, a new fiscal year must be set up using the Fiscal Periods Setup window. For example, if you’re closing 2009, be sure that 2010 has been created. Tools>Setup>Company>Fiscal Periods  * click image to enlarge To close the Fiscal Year – 1. Open the Year-End Closing window – Tools>Routines>Financial>Year-End Closing  *click image to enlarge 2. Enter or select a Retained Earnings account to which the year’s profit or loss will be closed. If you are closing to divisional Retained Earnings, enter or select one of the divisional Retained Earnings accounts. 3. Accept the next journal entry number or enter a new one to be used as the first journal entry number in the next fiscal year. 4. Mark the 'Remove Unused Segment Numbers' option if you want to automatically remove account segment numbers that are not used in any account. 5. Click 'Close Year' to begin the closing process. Note - If the progress window seems to stop at 50%, don’t try to close Microsoft Dynamics GP or restart the computer as this could corrupt your financial data. As long as your hard drive is processing, let the process continue. 6. When closing is complete, the Year-End Closing Report is printed. This report lists the accounts that have been closed and the transactions created to close them. The Year-End Closing Report is part of the audit trail and should be saved with your company’s permanent records. 7. Print a final year-end trial balance. 8. Make a final backup of your company database and archive it. If you need to post transactions after the fiscal year is closed, refer to ‘Posting to a historical year in General Ledger’ in GP Help. GP allows you to post transactions to the most recent historical year. Should you ever need to post to an older historical year, contact MBS Professional Services through your Microsoft Partner. And there we have it. We've successfully closed the Fiscal and Calendar Years in GP! Have a great weekend all.  |
| Category: | GP USER INFO: Year-End |
| Link Owner: | |
| Date Added: | June 17, 2010 05:09:06 AM |
| Number Hits: | 1 |
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