How to close the fiscal year in Microsoft Dynamics GP

1. Complete the posting procedures and the closing procedures for all registered modules.
   
   1. Close the year in your Payables Management

1. Post all transactions for the fiscal year
   
2. Print the Vendor Period Analysis Report
   
3. Make a backup that is named “Pre Year End”
   
4. Close the Fiscal year
   
5. Close the Fiscal Periods (Optional).
   

The report that prints will be a list of the vendors and the balances that are being transferred from the current year to a historical year.
Under last closing date the data you do this will appear on the Fiscal line.

A.     Close the year in Receivables Management

When you close the fiscal year in Receivables Management even thou the module is date sensitive the summary reports and the Amount Since last close view under the Customer Summary are updated as well as the SmartList Objects.  Before you close the year the below steps are recommended that you follow:

1. Post all the Sales and receivables Transactions for the year.
   
2. Make a pre-year-ending closing backup.
   
3. Close the year
   
4. Close the fiscal periods (this is optional)
   

To close the year you go to: Tools / Routines / Sales / Year End Closing

1. Select Year to Close: Fiscal
   1. Print report
   2. Process.
   3. This will close your Fiscal year for Receivable Management.
2. Post the final adjusting entries in General Ledger.
3. Print an account list to verify the posting type of each account
4. Close the last period of the fiscal year. (this is optional)
5. Perform file maintenance on the Financial series group of modules (optional)
6. Verify the settings in the General Ledger Setup window.
7. Make a backup
8. Print a final detailed trial balance report
9. Print the year-end financial statements
10. Set up a new fiscal year
11. Close the fiscal year.
12. Close the fiscal periods for all the series.(optional)
13. These are the steps provided by Microsoft for closing a Fiscal year in Microsoft Dynamics GP.

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Colleen graduated with a Bachelors of Science Degree in Accounting from California State University San Bernardino.  She has extensive accounting experience over the past years working as staff accounting and controller.   Colleen has over 10 years Great Plains experience which includes many implementations for private companies.  She also has extensive experience with Business Intelligence, budgeting and report writing while working on BI360, QuickBooks, Oracle, PeopleSoft, Timberline and Solomon.  Colleen has worked in various industries that include: real estate, property management, timeshare sales, publishing and insurance.  These various industries have given her the necessary experience to handle large company consolidations and report writing, budgeting and forecasting, project accounting, sales invoice processing, and fixed assets.