TGO Consulting will be creating a series of blog posts related to 2014 Year-End Closing. We hope you find the information and tips in this series useful and it helps your Year-End process run effortlessly!
Below is the list of the entire series of Microsoft Dynamics GP 2014 Year-End Closing Blog Posts:
The order of these modules listed in the schedule above is the same order that the modules should be closed – and listed at the top of the GL year-end KnowledgeBase #888003. Please note that year-end procedures for Payroll are independent from other modules and are always performed at the end of each calendar year.
Dynamics GP General Ledger Year-End Closing:
1. When should the year end close be done?
- The General Ledger Year End Close should be done after you have completed the Year End close for all other modules
- Other modules should be closed in the following order:
- Fixed Assets
2. What does the year end close process do?
- The year-end close process closes all Profit and Loss accounts out to Retained Earnings, leaving the P&L accounts with a zero balance at the beginning of the new year
- All Balance Sheet accounts are updated with the beginning balance in the new year which will be the same as the ending balance from the year you are closing
- The Retained Earnings account(s) are updated with the amount from all P&L accounts if you close to one Retained Earnings account, or with the amount from the P&L accounts in that division if you close to divisional Retained Earnings
- The Retained Earnings accounts are the only Balance Sheet accounts that should have a different beginning balance than the ending balance from the year that you are closing
- The year-end close routine moves all open year transactions from the GL20000 table to the GL30000 table
- Balance brought forward journal entries are created in the GL20000
- The Fiscal Period tables are updated to mark the year that you are closing as historical
- Inactive GL Accounts removed
- Moves AA data to history and creates BBF entries on dimensions
3. What steps should I take to close the year?
- Follow the steps in KB 888003: “Year-end closing procedures for General Ledger in Microsoft Dynamics GP”
- FAQ section covers most common YEC Issues
4. What are some important points to remember?
- Remember to make restorable backups as needed and follow ALL the steps in KB 888003
- Review all Account Posting Types!!!
- Make sure that you have enough free space on the server to allow for the GL20000 table to double in size
- Perform the Year End Close at the server
- Have all other users out of Dynamics GP when you perform the year end close
- If the year-end close routine does appears to hang at 50%, it is still processing, so let it run
- You cannot reopen a year once it has been closed, Microsoft does not support this
- Year End Close report cannot be reprinted so be sure to print it at time of generation if required
5. What are some of the related KnowledgeBase articles that can be referenced?
- KB 871679: “How to set up an adjusting period”
- KB 850615: “How to use divisional retained earnings accounts”
- KB 864913: “Changing the posting type on an account after you close the year”
- KB 850741: “ Retained Earnings account not found”
- KB 857582: “Query to clear beginning balances for unit accounts”
- KB 856550: “General Ledger year end close still in process and batches cannot be posted”
- KB 2452542: “Inactive GL Accounts deleted during Year-End Close process for General Ledger”