Posts Tagged ‘Closing’
So just like every year we go thru similar steps, I am providing some help along the way, many of the processes described here belong to a published KB from Microsoft as well links to posts from other resources but I wanted you to have them all in one place.
Please note that some of the links require you to have access to Customersource/Partnersource.
Difference between Year End Update and Payroll Tax Table Updates
The Year End Update download contains software changes to allow you to comply with 2012 filing requirements as well as the most recent fixes for your Dynamics application.
The 2013 Payroll Tax Table Updates contains updated rates and tax changes as well it might contain FICA/Medicare changes to be applied when processing 2013 payrolls.
Here is the link for the 2012 US Payroll Year End Update: Click Here
Here is the link for the US Payroll Tax Updates: Click Here
It is important to mention that you can install the Year end update prior to your last payroll for 2012, however do not install the Tax table updates before your last 2012 payroll as you might end up with a wrong calculation.
Always backup your data, your .DIC files as well.
Setting up / Adjusting Fiscal Periods in GL
Microsoft provides a KB article number 871679 KB871679
Closing Dynamics GP GL
STEP 1: CLOSE ALL OTHER MODULES
Complete the posting/closing procedures for the modules in the suggested order prior to closing GL, please note that if you are not using a particular module, just skip it:
Follow the instructions provided in each KB
Inventory: KB 872713
Receivables Management: KB 857444
Payables Management: KB 875169
Fixed Asset Management: KB 865653
For Microsoft Dynamics GP 10.0 Service Pack 2 and greater, functionality was added to consolidate balances for dimensions in Analytical Accounting. Please review KB 960356 to make sure you have properly marked the dimensions that you want to be consolidated during the year-end process. Please note that there is no separate year-end process that needs to be run in the Analytical Accounting module. When the year-end close process is run for General Ledger, it will automatically consolidate the balances and move the transactions in Analytical Accounting for dimensions that were properly marked.
PAYROLL year end procedures are independent of the procedures in other modules and are usually performed at the end of the calendar year. Please see this KB 850663
STEP 2: POST FINAL ADJUSTING ENTRIES
Adjusting entries are considered most of the time as entries that allow you to correct errors that were made when transactions were recorded as well they might be utilized to assign revenues or expenses to period or periods in which revenues were earned or expenses incurred.
If you need to in setup or adjust your fiscal periods in GP, please review the section “Setting up / Adjusting Fiscal Periods in GL” at the beginning of this article.
STEP 3: VERIFY ACCOUNTS POSTING TYPE
The posting type helps Dynamics GP determine whether an account will be closed to the retained earnings account or if the account balance will be brought forward to the next fiscal year.
Follow these steps to print an account list:
- On the Reports menu, point to Financial, and then click Account.
- In the Reports list, select All Accounts, and then click New.
- In the Option box, type all accounts.
- Click to select the Inactive Accounts check box. (if you want to delete inactive accounts)
- Click Destination to specify a report destination, and then click OK.
- Click Print.
STEP 4: CLOSE FISCAL PERIODS FOR 2012 (OPTIONAL)
Use the fiscal periods setup window to close all fiscal periods open for the 2012 year. This will prevent transactions from posting to the wrong period or the wrong year.
NOTE: If you still use Microsoft FRx, keep one period in the most recent historical year open to prevent the error: “FRX Print Engine Failed to Load the Company Calendar” see this KB 874932
STEP 5: PERFORM MAINTENANCE ON FINANCIAL SERIES (OPTIONAL)
Run the check links procedure on the financial series group of modules.
Make sure that you always have a backup and that you can confirm you can restore from it.
STEP 6: VERIFY SETTINGS IN GL SETUP WINDOW
If you are like me and always want to keep historical records, you must enable the checkbox next to Accounts and Transactions in the Maintain History area of the General Ledger Setup Window.
NOTE: If for some reason you have the checkbox enabled for “Close to Divisional Segments” and you are no longer closing to Divisional Segments or by mistake someone else enabled it and not using it pay attention:
I have discovered in the past a BUG in dynamics GP that is still there as I reported in this blog in August 14, 2012, if you would like to read more about this important step please click here: YEAR END CLOSE BUG 64711
STEP 7: MAKE ANOTHER BACKUP (OR BACKUP IF YOU HAVE NOT)
Make sure all users are out of the system
Remove stranded user sessions, you can follow this post Removing Stranded Sessions
Backup DYNAMICS database
Backup all company databases if you are unsure which databases to backup you can query the company master table (SY01500) and retrieve the names, the following script can help you determine that information.
select INTERID, CMPNYNAM from dynamics..sy01500
Make sure to backup as well the Dynamics GP code folder
STEP 8: PRINT A TRIAL BALANCE REPORT (OPTIONAL)
Use the Trial Balance report window to print a year end detailed trial balance report. Even when this step is optional it is highly recommended to be followed.
STEP 9: PRINT YEAR END FINANCIAL STATEMENTS (MR, FRx, Other)
Print any year end financial statements that are required. The most common are:
- Balance Sheet
- Profit and Loss Statement
- Statement of Cash Flows
- Statement of Retained Earnings
STEP 10: SETUP A NEW FISCAL YEAR
Before you can perform the year end closing routine, you must setup a new fiscal year, please follow the instructions on the section at the top of this article to Setup or Adjust Fiscal Periods.
STEP 11: CLOSE THE YEAR
- Click on the Microsoft Dynamics GP Menu > Tools > Routines > Financial > Year End Closing.
- If its not specified, you can key in the Retained Earnings Account.
- Optional: Specify the Starting Journal Entry
- Click on Close Year
STEP 12: BACKUP YOUR SYSTEM
Make another backup of the Dynamics DB and all the company Databases.
Thank you for reading I would like to mention that this post enhances Microsoft KB 888003
Until my next post
Francisco G. Hillyer