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This blog is intended to be a useful resource for Microsoft Dynamics GP users and professionals in the UK and the wider Microsoft Dynamics GP community as a whole.

Friday, 12 March 2010

Year End comes before 2010 (year end procedures)

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:

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 year end close for all other modules first before the GL (Once you have done the GL you cannot go back and do the others).

Complete year end for each module in the following order:


Receivables Management

Payables Management

Fixed Assets

General Ledger

4. Post your final adjusting entries for GL.

5. Print account list to verify posting type (Reports-Financial-Accounts-All Accounts). Incorrectly marked account types is one of the major causes of year end problems. You can also check the posting types using smartlists and the accounts option under Financial.

If the account's balance is brought forward at the end of year, it should be set up as a Balance Sheet Posting Type.

If the account's balance will be closed to a retained earnings account at the end of the year, it should be set up as a Profit and Loss Posting Type.

6. Close the last period of the financial year.

7. Run the file maintenance routines on financial series i.e. Check links.

8. Make sure Maintain History for Accounts and Transactions is marked in Setup>>Financial>>General Ledger . (If you want to keep history records.)

9. Do a second backup !

10. Print a final detailed Trial Balance, Reports>>Financial>>Trial Balance (I would send this one to file and keep it somewhere safe).

11. Print final Financial Statements.

12. Setup a new fiscal year (Setup>>Company>>Financial Periods)

13. Make sure the Retained earnings account is populated(Routines>>Financial>>Year end closing).

14. Using the Year-End Closing window, enter the starting journal entry number that will be used as the first journal entry number in the new year or accept the default.

15. Close the year, use the Close Year button in the Year-End Closing window .

If the progress window seems to hang at 50%, don't reboot. As long as your hard drive is processing, let it continue. Also make sure you do not click it twice, if you do it we close the next year as well.

16. Close any periods for the new year you do not want people posting to.

17. Adjust budget figures for the new year (remembering to budget for your upgrade to 2010) and print financial statements.

18. Do a third and final backup!

19. Put your feet up and have a well deserved cup of tea

And that is that

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