GP year end closing

General Instructions- Consult your training manual for further details (instructions below pertain to Version 7- Dynamics):

 Post open batches that are ready to post in all modules

 Be sure to back up your data before you begin closing procedures. Keep this backup permanently.

 Close Inventory, Payables, and Receivables before closing General Ledger

 After closing the above modules, make sure General Ledger is fully posted

 Run hard copies of your reports (including, but not limited to Accounts Receivable agings, accounts Payable agings, Inventory Stock Status, General Ledger Detailed Trial Balance)

 Make another backup when you have completed all procedures and then run File Maintenance – Check Links. Further utilities may be necessary, check your manual or call us for details.

Inventory Closing:

	Be sure all Sales Order Processing/Invoicing transactions are posted before you close the year
	Under Utilities>Inventory, run reconcile inventory. Note any discrepancies in the resulting report
	Complete a physical inventory count and post any adjustment
	Print inventory reports
	Close the year (Routines>Inventory>Year End Close).
	At this point you can optionally clear Discontinued Items and Sold Receipts

Inventory- Effects of closing a year

Processing that occurs when you close a year will complete these tasks:

All summarized current-year quantities, costs, and sales information of items you’ve been keeping summarized sales history are transferred to transaction history.

The Beginning Quantity of each item is updated to be the On Hand quantity at each site. (Some reports—such as the Turnover Report—use the beginning quantity field in calculations.)

The Quantity Sold field for each item is reset to zero.

The following tasks might be accomplished, depending on the options you select when you begin processing:

Purchase receipts of items that have been completely sold are removed.

Discontinued items that have been completely sold are removed.

Lot attributes of items that are tracked by lot numbers and that have been completely sold are removed.

The standard cost of each item is updated to the current cost for items using FIFO Periodic or LIFO Periodic valuation methods

Payables Closing:

	There are two aspects of closing payables. One is based on the calendar year; the other on the fiscal year
	Print 1099 Forms by going to Routines>Purchasing>Print 1099 Forms. Be sure to check addresses, ID numbers, and balances (by running an edit list) before printing 1099's.
	The fiscal year will transfer all amounts other than the 1099 amount to last year. It will update such items as Year to Date Vendor transaction totals
	The year end close for payables can be run as follows- Routines>Purchasing>Year End Close

Receivables Closing:

	Receivables also has a fiscal and calendar year closing. Closing the calendar year will clear the calendar year-to-date finance charges and move them to the last year calendar field on the customer record.
	Closing the fiscal year will transfer all amounts other than the calendar year-to-date finance charge amounts to last year.
	Make sure you post all current year transactions before beginning this process.
	Access closing by Routines>Sales>Year End Close.

Sales Tax Close:

	Before running this procedure, be sure to run all sales tax reports and check to see if your information is complete and sufficient to prepare your sales tax reports.
	Once you run this procedure, much of your information will be inaccessible.
	As stated at the beginning of this document, be sure you have a backup before performing this procedure in the event you need to get back to this data. Access from- Routines>Company>Tax year close.

General Ledger:

You do not have to close General Ledger at the same time as you close the other modules and it does not have to be closed at year end. You may open a new fiscal year and continue for some time before actually closing the year. You may also close the year and post to the closed year at a later date if the proper options have been selected in General Ledger setup.

Steps for general ledger closing are as follows:

	Complete posting and closing for all other modules
	Complete posting for general ledger
	Print account list to verify posting type (i.e., make sure your accounts are properly classified as a balance sheet, or income statement accounts so the system can tell which accounts to close, and which accounts to roll forward to the new fiscal year.
	If you want to keep history records, make sure Maintain History for Accounts and Transactions is marked in Setup>Financial>General Ledger.
	Print a detailed trial balance and final financial statements
	Make a data backup
	Set up a new year in Fiscal Periods Setup (Setup>Company>Fiscal Periods)
	Close the fiscal year (Routines>Financial>Year end closing)
	Run Utilities>Financial>Reconcile (checking box for year and batches)
	Optionally, you may want to block posting to the previous year by adjusting the settings on Setup>Company>Fiscal Periods

CustomerSource

Great Plains customers are encouraged to use the Great Plains website to obtain general as well as technical information. If you do not know how to login to Customersource, please contact us.

Year End Consulting