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Useful Dynamics GP Links
| ID: | 9722 |
| Title: | gptip42day - Year-End Close - Purchasing |
| URL: | http://gp2themax.blogspot.com/2009/10/gptip42day-year-end-close-purchasing.html |
| Description: | 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 - 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 Balance as of the last day of the Fiscal Year. Keep this report for your records. 4. Close the Fiscal Year. If your Fiscal and Calendar Years coincide, choose the 'All' radio button in the Year-End Close window. If not, choose the 'Fiscal' radio button. Click 'Close Year'. Tools>Routines>Purchasing>Year-End Close  * click image to enlarge 5. Close the Fiscal Periods for the Purchasing series (optional). Tools>Setup>Company>Fiscal Periods. 6. Close the sales tax periods for the year (optional). When you close the Tax Year, accumulated totals in the Tax Detail Maintenance window are cleared and transferred to last year's tax totals. (Note - you should close the Tax Year only after both Sales & Purchasing series are closed.) Tools>Setup>Company>Tax Details  * click image to enlarge Year-to-date tax totals can then be added for the new Tax Year. Tax amounts entered after closing the Tax Year are added to the new year's totals. Tools>Routines>Company>Tax Year-End Close  * click image to enlarge Refer to GP Help for further information on the effects of closing the Tax Year. 7. If your Fiscal and Calendar Years do not coincide, close the Calendar Year at calendar year-end. Post all Calendar Year transactions, backup your company database, then choose the 'Calendar' radio button and click 'Close Year'. Tools>Routines>Purchasing>Year-End Close  * click image to enlarge 8. Make a final backup of your company database. Tomorrow we'll look at closing the Fixed Asset series, then on Friday, the Big One - Financials!  |
| Category: | GP USER INFO: Year-End |
| Link Owner: | |
| Date Added: | June 17, 2010 05:09:07 AM |
| Number Hits: | 1 |
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