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Year End Close Procedures 2011 - SDN Computer Consultants, LLC

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1. ZI PNG ra aia ana H 27 SUMMAFY wicca cakes EU i bench ead des cag UR dak CAR LUE ean nen LEE ia oe Lo Lll ean uas 27 PEEL ons apses cee aga 27 Detailed Steps aisiara aada aaa Eanan ias En ara AAA 27 Step 1 Perform all the year end closing procedures for Payables Management in Microsoft Dynamics GD iuter ietest oie al abatincnenitnininasiecinialieeias 27 Step 2 Enter all the fixed asset transactions for the current fiscal year 27 Step 3 Depreciate all assets through the last day of the current fiscal year 27 Step 4 Perform the GL Posting GL Interface process This step is optional 28 Step 5 Run any year end reports that you want to keep as part of the year end financial FeCOLPS acidi T dea t 28 Step 6 Guarantee that the Fixed Assets calendar is built correctly This step is optional 29 Step 7 Verify that the quarters are set up correctly for all the fiscal years 29 Step G Create a BLOT enn 30 Step 9 Perform the fixed assets year end closing routine eene 30 Analytical Accounting Year End Close Procedures Dynamics GP 10 0 Service Pack 2 and later versions 125nnicci nicis cxi iba irr ia tuli e n c dd 34 Lupi TO c 34 In
2. 6 Receivables Management Year End Closing Procedures 8 iut 4p p 8 QUT y 8 liii 8 Jibi laico Pe 8 heit c PB C eee ss 9 Step 1 Post all the sales and receivables transactions for the year see 9 Step 2 Make a pre year end closing backup eese nennen tenete tenete annman nn 10 EIUS HEISE T E UU UU ni sairi anaais 11 Step 4 Close the fiscal periods This step is optional eene 12 Step 5 Close the tax yOar e 12 Step 6 Make a post year end closing backup eerte nette tenete tenete nnn 13 Year to date finance charges on customer statements for December and for Fri d 13 Payables Management Year End Closing Procedures 16 APPS Tee 16 SOU T 16 lilii 16 SUHIDIALY SUODS iii DRE I FO REN EDI MEDIE IRI M IDEE URS 16 Payables Management master year end closing checklist eee 16 Payables
3. 56 Set up fiscal periods for 2012 issued iiio iiiicicici ia edu EQ el C DE cRDR DH d Cos uA 57 Optional Close fiscal periods for the payroll series for 2011 57 Install the payroll tax update for 2012 sesenta tete 57 Inventory Year End Closing Procedures Last Modified 1 31 2011 Posted 12 16 2009 Discussed below is the steps to take on how to close your year in the Inventory Control module in Microsoft Dynamics GP Applies To The information in this article applies to Inventory Control when used with o Microsoft Dynamics GP 2010 o Microsoft Dynamics GP 10 0 o Microsoft Dynamics GP 9 0 o Microsoft Business Solutions Great Plains 8 0 Introduction This article discusses how to close the year and how to prepare your inventory records for the new fiscal year in Inventory Control in Microsoft Dynamics GP and in Microsoft Business Solutions Great Plains More Information Inventory year end closing procedures Follow these steps to close the year and to prepare your inventory records for the new fiscal year Closing a year transfers all summarized current year quantity cost and sales amounts to transaction history for the items for which you have been keeping a summarized Sales History The Quantity Sold field for each item is set to zero These steps also update the amount in each item s Beginning Quantity field to the Quantity on Hand field at each site
4. Additional Resources Refer to the Inventory Year End Closing Tips Refer to the Inventory Year End Questions and Answers Summary Steps 1 Postall transactions for the year 2 Reconcile inventory quantities 3 Complete a physical inventory count and then post any adjustments Microsoft Dynamics GP Year End Close Procedures 2011 e rne Inventory Year End Closing Procedures 4 Print additional reports 5 Make a backup 6 Close the year 7 Close the fiscal periods for the Inventory series optional 8 Make a final backup Detailed Steps 1 Postall transactions for the year Make sure that all Invoicing transactions Sales Order Processing transactions and Inventory transactions for the current year have been entered and then posted before you close the year This is true so that historical information is accurate for the year you are closing and year to date amounts are accurately stated for the new year If you want to enter future period transactions before closing the year create a new batch that has new transactions However do not post the batch until after the year has been closed 2 Reconcile inventory quantities Reconcile quantities for all items by using the Reconcile Inventory Quantities window to make sure that your Inventory Control data has not become damaged during the year To open the Reconcile Inventory Quantities window follow one of these steps In Microsoft Dynamics GP 2010 and Microsof
5. Note We recommend that you name this backup 2011 Post Year End File to differentiate it from your other backups 8 Verify W 2 and 1099 R statement information To view the W 2 information in Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click Edit W 2s In Microsoft Dynamics GP 9 0 click Tools point to Routines point to Payroll and then click Edit W 2s To view the 1099 R information in Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click Edit 1099 Rs In Microsoft Dynamics GP 9 0 click Tools point to Routines point to Payroll and then click Edit 1099 R Note If you change the W 2 or the 1099 R information we recommend that you make another backup 9 Printthe W 2 statements and the W 3 Transmittal form To print the W 2 statements follow these steps 1 In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click Print W 2s In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click Print W 2s 2 Inthe Print W 2 Forms window specify the following settings o Print W 2s for Normal Year End o Print W 2 Forms 3 Click Print Note You can print employee W 2 statements as man
6. Microsoft Dynamics GP Year End Close Procedures 2011 Prepared By Trish Mummert MCITP SDN Computer Consultants LLC Table of Contents Inventory Year End Closing Procedures eee 1 PAPO ST C 1 J EVLA 078 1 eco 0 atl Tee 1 M re pier m 1 Additonal RESOURCES auc cnvipi np Sie enee D REX E REPE V EXLAS IRE UD M IR HOCH EEUU DK 1 SUPER ERL UE STEPS met 1 Detailed Steps 2 1 Postalltransactions for the year enciiceiteoteice tense intus etie RE dennsexesesctetncosesocossostsabiniedie 2 2 R concileinventory quantties erecie seze cece chee heeescsececectectensszesietectestencataesecectvedensseieceiee 2 3 Complete a physical inventory count and then post any adjustments 2 4 Printadditional re Pores sicccsccescisssscssceccessosai ine cecesesestestecectentececestscscrcatesnaterie RE HE nS lE sna ain sannana saavia 3 LEE CUTE c M 3 OMMEOCIAdIATq IR 4 7 Close the fiscal periods for the Inventory series optional 5 8 Make afinal Dah ps 6 r 6 PAU e
7. you could transfer the year s profit or loss to accounts that contain a specific account segment This process is known as closing to a divisional retained earnings account For more information click the following article number to view the article in the Microsoft Knowledge Base 850615 https support microsoft com kb 850615 How to use divisional retained earnings accounts in General Ledger in Microsoft Dynamics GP See the Frequently asked questions section for more information about how to close to divisional retained earnings accounts b Specify the number that you want to use as the first journal entry number for the next fiscal year in the Starting Journal Entry box You can accept the default number The default number is one more than the highest journal entry number that is posted for the current year Or you can specify a new number The journal entry number that you specify is used as the journal entry number for the Year End Closing report c To start the routine click Close Year Important Click Close Year one time If you click more than one time you will close more than one year during the process Also if the progress window appears to stop at 50 percent do not restart the routine As long as the hard disk is processing let the process continue If you are maintaining the account history the year end closing routine transfers all current year information for each account in the chart of accounts to the accoun
8. Accounts check box In the Year area click to select the History check box and then select the historical year in the Year list Click Destination to specify a report destination and then click OK 6 Click Print Bump un Q14 How does Microsoft Dynamics GP determine the financial statement that is printed for the account that am adding A14 The category determines the type of financial statement that is printed when you use quick Microsoft Dynamics GP Year End Close Procedures 2011 A k hapter General Ledger Year End Closing Procedures oo financial statements for the account that you are adding The category is either the Balance Sheet category or the Profit and Loss category You must format the reports to print the accounts that you want in Advanced Financial Analysis and in Microsoft FRx The posting type is used during the year end closing routine to determine the accounts that close to the retained earnings account and to determine the account that carries a balance forward The posting type does not affect the financial statements Q15 When tried to perform the year end closing routine received an error message that stated that a single use batch or a quick journal transaction had not been posted What does this error message mean A15 When you try to perform the year end closing routine you may receive the following error message A single use batch or quick journal transaction has not been posted yet
9. Detailed Steps 53 1 Verify that you have installed the latest 2011 tax update 53 2 Complete all pay runs for the current year eese eere nnn enin tn tete tete tetas 53 3 Optional Complete all monthly and quarterly payroll month end period end or quarter end procedures for the current year esent nnt tenete teta ta tenete nn nana 53 4 Makea backup ofthe original file sees eene tenete ttn nnntntntn tentes inia tatu 53 5 Install the 2011 year end update eese tenete trntntntntn tenent iniu iate inesi teta 54 6 Create the year end file sicsccccssccecicscecscsessesscseciecsseasteassesesecosteaterectsteecocuestesscvedtecssvestnesseatsesezeessevertcove 54 7 Make a backup of the new file sccsicsecseccscccccscacscsestssscvectessceossesasestsecestenseseststtecocuescsesctesieensvestrer staan 54 8 Verify W 2 and 1099 R statement information eren nennen tnter tenete nnn 55 9 Print the W 2 statements and the W 3 Transmittal form eene 55 10 Print the 1099 R forms and the 1096 Transmittal form eene 56 11 Optional Create a W 2 Electronic File eese enne nnns 56 12 13 14 15 Optional Archive inactive employee Human Resources information
10. Fiscal 3 Click to select the Print Report check box and then click Close Year Note We recommend that you keep a paper copy of the year end report together with your permanent year end audit records To view the Vendor Yearly Summary window follow these steps 1 Onthe Cards menu point to Purchasing and then click Summary 2 Inthe Vendor ID field type a vendor ID to view and then click Yearly The calendar year details The calendar year end process in Microsoft Dynamics GP will clear the 1099 Amount Year to Date field and then transfer the amount to the 1099 Amount Last Year field for the Amounts Since Last Close view of the Vendor Yearly Summary window The fiscal year details The fiscal year end process in Microsoft Dynamics GP will clear the following fields Amount Billed YTD Amount Paid YTD Average Days To Pay Year Discount Available YTD Discount Lost YTD Discount Taken YTD Finance Charge YTD Number of Finance Charges YTD Number of Invoice YTD Number of Paid Invoice YTD Returns YTD Trade Discounts Taken YTD Withholding YTD Write Offs YTD Microsoft Dynamics GP Year End Close Procedures 2011 UJ N rer Payables Management Year End Closing Procedures The amounts in these fields will also be updated in the Amounts Since Last Close view of the Vendor Yearly Summary window e Amount Billed LYR e Amount Paid LYR Discount Available LYR Discount Lost LYR Discount Taken LYR Finance Charge LYR Number of Fina
11. If you are not running on a calendar fiscal year or if you have more than 12 periods the period that you type is different 3 Inthe Ending Period box type 2011 012 4 Inthe Transaction Date box type the last date of the current fiscal year or type the date when you need the posting to affect the general ledger 5 Click Continue 6 When you receive a message that the batch number is being created click Continue 7 Inthe Report Destination window click to select the Printer check box and then click OK Note You may want to keep this report as part of the year end financial records Step 5 Run any year end reports that you want to keep as part of the year end financial records The year to date depreciation amounts for previous fiscal years are not kept in Fixed Asset Management Therefore you must print any reports that contain this information before you close the year There are several reports available for fixed assets We recommend that you print the following reports Annual Activity To print the Annual Activity report point to Fixed Assets on the Reports menu and then click Activity Additions To print the Additions report point to Fixed Assets on the Reports menu and then click Transaction Microsoft Dynamics GP Year End Close Procedures 2011 CO N rer Fixed Asset Management Year End Closing Procedures Retirements To print the Retirements report point to Fixed Assets on the Reports menu click Transacti
12. In the Type list click Modified Reports In the Series list click Sales d In the Access List box double click the statement form and then click OK An asterisk appears next to the report name o January statements To add the year to date finance charges to the January statements follow these steps 1 Follow steps 1 through 11 in the December statements section 2 Inthe field list drag Finance Charges LYR Calendar to the layout of the report You can position this field in any section of the report 3 Follow steps 13 and 14 in the December statements section Microsoft Dynamics GP Year End Close Procedures 2011 Ul HP rer Receivables Management Year End Closing Procedures Payables Management Year End Closing Procedures Note Before you follow the instructions in this article make sure that you have a complete backup copy of the database that you can restore if a problem occurs Applies To e Microsoft Dynamics GP 2010 e Microsoft Dynamics GP 10 0 e Microsoft Dynamics GP 9 0 No updates available for yearend 1099 s when used with o Payables Management Summary This article describes the recommended year end closing procedures for the Payables Management module in Microsoft Dynamics GP The More Information section contains the following information e A checklist of the steps that you must follow to complete the calendar year end closing procedures e A checklist of the steps that you must follow to compl
13. Microsoft Dynamics GP 2010 point to Maintenance on the Microsoft Dynamics GP menu and then click Backup o In Microsoft Dynamics GP 9 0 click Backup on the File menu 2 Inthe Company Name list click your company name 3 Change the path of the backup file if it is required and then click OK Note We recommend that you name this backup Pre 1099 Edits to differentiate it from your other backups To print the 1099 edit list follow these steps 1 Use the appropriate step o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Purchasing and then click Print 1099 o In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Purchasing and then click Print 1099 2 On the File menu click Print To edit the 1099 information for a vendor follow these steps Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 To open the 1099 Details window use one of the following methods Method 1 1 Onthe Cards menu point to Purchasing and then click 1099 Details 2 Inthe Vendor ID list click a vendor ID 3 Inthe Tax Type list select one of the following o Dividend o Interest o Miscellaneous 4 Inthe Display area click Month or Year and then type 2011 in the Year field Microsoft Dynamics GP Year End Close Procedures 2011 O N rer Payables Management Year End Closing Procedures 5 Inthe Amount column type the correc
14. Setup window If you want to keep historical records you must click to select the Accounts check box and the Transactions check box in the Maintain History area of the General Ledger Setup window The account history lets you print financial statements and calculated budgets from historical information The transaction history lets you print detailed historical trial balances The transaction history also lets you view the transaction details If these check boxes are selected both the account history and the transaction history are updated during the year end closing routine Make a backup Make a backup of all company data and then put the backup in safe permanent storage The backup gives you a permanent record of the company s financial position at the end of the year The backup can then be restored later if it is required Print a final Detailed Trial Balance report Use the Trial Balance Report window to print a year end Detailed Trial Balance report Note We recommend that you post all transactions for the period and for the year for all modules before you print the Detailed Trial Balance report If you post additional transactions later we recommend that you print a new Detailed Trial Balance report Print the year end financial statements Print any year end financial statements that are required The most common financial statements include the following statements o Balance Sheet o Profit and Loss Statement o Statemen
15. This report lists the accounts that were closed and the transactions that were created to close those accounts The Year End Closing report is part of the audit trail Save this report for the company s permanent records The Year End Closing report cannot be reprinted Note If you use Microsoft SQL Server and if database maintenance is not automated we recommend that you perform database maintenance after you close the year For more information about recommended database maintenance procedures click the following article number to view the article in the Microsoft Knowledge Base 866439 https support microsoft com kb 866439 Recommended maintenance with SQL Server for Microsoft Dynamics GP databases Close all the fiscal periods for all the series This step is optional After you complete the closing procedures for all the modules use the Fiscal Periods Setup window to mark all the periods for all the series as closed We recommend that you do this to prevent transactions from being posted from any module to any period that you closed After a period is marked as closed transactions cannot be posted to the period unless you reopen the period Later if you must post a transaction to a closed period return to the Fiscal Periods Setup window to reopen the period Adjust the budget figures for the new year and then print the financial statements Adjust the budget figures by using one of the following windows o Excel Based Budgetin
16. To Pay Year Discount Available LYR Discount Available YTD Discount Lost LYR Discount Lost YTD Discount Taken LYR Discount Taken YTD Finance Charge LYR Finance Chare YTD Number of Finance Charges LYR Number of Finance Charges YTD Number of Invoice LYR O t E t 0000000000000 0 Microsoft Dynamics GP Year End Close Procedures 2011 HB rer Payables Management Year End Closing Procedures oo Number of Invoice YTD Number of Paid Invoice YTD Returns LYR Returns YTD Trade Discounts Taken LYR Trade Discounts Taken YTD Withholding LYR Withholding YTD Write Offs LYR Write Offs YTD 6 Click OK 7 Click OK Oo 00000 000 O To view the Vendor Summary reports follow these steps 1 Onthe Reports menu point to Purchasing and then click Analysis In the Reports list click Calendar Year 3 Inthe Options list click an option and then click Print N Step 2 Print the Aged Trial Balance with Options report We recommend that you print a paper copy of the Aged Trial Balance with Options report to keep with your year end permanent financial records To do this follow these steps 1 Onthe Reports menu point to Purchasing and then click Trial Balance 2 Inthe Reports list click Aged Trial Balance with Options Step 3 Print the Vendor Period Analysis report We recommend that you print a paper copy of the Vendor Period Analysis report to keep with your year end permanent financial records To do this follow these ste
17. and then click Print The following table provides additional information about the fields on the 1099 form and where this information can be located in Microsoft Dynamics GP Microsoft Dynamics GP Year End Close Procedures 2011 e N rer Payables Management Year End Closing Procedures Field window where data is located Payers name street address city state and ZIP Print 1099 window Code Postal Code Payers Federal Identification number Print 1099 window Primary Address of the Vendor Recipients name address and Zip Code Postal Code Maintenance window ne 1 TN Tax ID field of the Vendor Maintenance Recipients identification number i Options window Amounts for boxes 1 9 on the Dividend Form or 1 16 on the 1099 Amount field in the Vendor Yearly Miscellaneous Form Summary window Currently Microsoft Dynamics GP does not handle magnetic media filing of state 1099s The following Microsoft Dynamics Partner does offer compatible State W 2 and 1099 magnetic media products For more information contact Greenshades Accounting Software Inc 7800 Belfort Parkway Suite 220 Jacksonville FL 32207 General 1 800 209 9793 Toll Free Sales 1 800 209 9793x2 Toll Free sales greenshades com http www greenshades com http www greenshades com Step 8 Make a backup that is named Pre Year End Create a backup and then put the backup in safe permanent storage A backup gives you a permanent record of the comp
18. are treated as balance sheet accounts Unit accounts have a balance that is brought forward when the year is closed For more information about how to clear the beginning balances for unit accounts click the following article number to view the article in the Microsoft Knowledge Base 857582 https support microsoft com kb 857582 How to clear beginning balances for unit accounts in General Ledger in Microsoft Dynamics GP Q6 am preparing to close the year in General Ledger Must everyone exit Microsoft Dynamics GP before perform the year end routine A6 We recommend that client computer users stop working in Microsoft Dynamics GP while the year end closing routine is processing If users continue to work in the program their work may be lost if you have problems with the year end closing routine and need to restore to the last backup Q7 want to allocate the net profit to the retained earnings account or to the capital accounts each month Also net profit is supposed to be allocated to three retained earnings accounts or capital accounts Can I do this A7 No you cannot do this However you can specify a non financial account in the Account Maintenance window Use a number that is not in your current account numbering scheme This account acts as a suspense account for the net income or for the net loss Every month you can post an adjusting entry to the three capital accounts that you want to adjust For the offset account use
19. contain the correct information Post all the sales and receivables transactions for the year Make a pre year end closing backup Close the year Close the fiscal periods This step is optional Close the tax year uBR OMDP Microsoft Dynamics GP Year End Close Procedures 2011 OO rne Receivables Management Year End Closing Procedures 6 Make a post year end closing backup Detailed Steps Step 1 Post all the sales and receivables transactions for the year Post all the sales and receivables transactions for the year before you close the year If you want to enter any sales and receivables transactions for a future period before you close the year create a batch that contains the transactions Next save the batch Then post the batch after you close the year You must close the year because some areas of Microsoft Dynamics GP are not date sensitive If you do not close the year after you enter all the 2011 transactions and before you enter all the 2012 transactions these areas will contain incorrect information However if you have to change the information you can change the information in the Amounts Since Last Close view in the Customer Summary window and in the Customer Finance Charge Summary window The following areas are the areas of Microsoft Dynamics GP that are not date sensitive e The Amounts Since Last Close view in the Customer Summary window To open the Amounts Since Last Close view in the Customer Summ
20. out Therefore these amounts will be incorrectly included in the reports for the new year Back to the top Microsoft Dynamics GP Year End Close Procedures 2011 UJ UJ rer Fixed Asset Management Year End Closing Procedures Analytical Accounting Year End Close Procedures Dynamics GP 10 0 Service Pack 2 and later versions Applies To e Microsoft Dynamics GP 2010 e Microsoft Dynamics GP 10 0 SP2 or later Introduction This article describes the recommended year end close procedures for Analytical Accounting in Microsoft Dynamics GP 10 0 Service Pack 2 and in later versions The year end close procedures for Analytical Accounting are not available in versions earlier than Microsoft Dynamics GP 10 0 Service Pack 2 More Information When the year end close process is run for General Ledger in Microsoft Dynamics GP it automatically moves the Analytical Accounting transactions from the AAG30000 historical tables to the AAG40000 series tables There is no separate closing procedure that must be run in Analytical Accounting You may select which dimensions that you want to be consolidated during the year end process In General Ledger balance sheet dimensions will roll forward and P amp L dimensions will close to Retained Earnings In Analytical Accounting Balance Brought Forward entries are created in the AAG30000 tables for those dimensions that were marked to be included in the year end process and then the detail is moved to the A
21. quickly recover if a power fluctuation or other problem occurs during the year end closing procedures To create a backup in Microsoft Dynamics GP follow these steps 1 Use the appropriate method o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Maintenance on the Microsoft Dynamics GP menu and then click Backup o In Microsoft Dynamics GP 9 0 click Backup on the File menu 2 Inthe Company Name list click the company name 3 Change the path of the backup if you must and then click OK Step 9 Perform the fixed assets year end closing routine 1 Use the appropriate method o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Fixed Assets and then click Year End o In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Fixed Assets and then click Year End 2 Verify that the fiscal year that is displayed for each book is the current fiscal year The current fiscal year is the year that you are closing Note If the fiscal year that is displayed for a book is not the current fiscal year see question 1 in the Frequently asked questions FAQ section 3 Click a book that you want to close and then click Insert Repeat this step until all the books that you want to close have been inserted Note Microsoft Dynamics performs the following procedures during the year end closing routine Microsoft Dyna
22. the Microsoft Dynamics GP Year End Close Procedures 2011 o k hapter General Ledger Year End Closing Procedures suspense account When the year end closing routine is finished use the suspense account as the retained earnings account This offsets all the manual adjustments that you made to the suspense account during the year Make sure that the suspense account does not appear on reports If you are using Advanced Financial Analysis for financial statements when you format the balance sheet put the NP line as the last line on the Advanced Financial Analysis statement Then put a page break before the NP line The balance sheet must have an NP line However this line makes the net income or the net loss appear two times Therefore format the NP line so that it is off the financial statement You can also use a report type of Other Q8 Why is the status of some of my financial reports set to Invalid A8 If a report is configured to use the accelerator file any changes that are made to accounts in any one of the following windows causes the status of the financial report printing options to change to Invalid e Account Maintenance e Unit Account Maintenance e Mass Modify Chart of Accounts e Year End Closing Before you print financial statements you must update the accelerator file To do this follow these steps a On the Reports menu point to Financial and then click Update Financial Accelerator b Click Update an
23. AG40000 series tables Note If you use FRx reporting you must apply hotfix 962862 for Microsoft FRx to be able to read Analytical Accounting detail in the AAG40000 series tables Detailed Steps STEP 1 Review BBF Information Before consolidating balances download the zip file from the link below and extract the script Run this script against the company database in a query window in SQL Server Management Studio This script will give a snapshot of the fiscal year and BBF information for the company against which it is run Please review more notes at the top of the script If the script returns any problem records as listed in the top of the script you may need to open a support case with Microsoft Dynamics GP Support if additional assistance is needed These records should be cleaned up before balances are consolidated Microsoft Dynamics GP Year End Close Procedures 2011 gt UJ ner Analytical Accounting Year End Close Procedures Dynamics GP 10 0 Service Pack 2 and later versions https mbs2 microsoft com fileexchange filelD285707f43 c535 4191 9c22 3f34aaedb925 https mbs2 microsoft com fileexchange fileID285707f43 c535 4191 9c22 3f34aaedb925 STEP Z Setup steps needed to consolidate balances in Analytical Accounting during the General Ledger year end close process If you have not closed General Ledger yet follow these steps to make sure the dimension is marked correctly to be included in the close process 1 Ma
24. Close fiscal periods for the payroll series for 2011 Install the payroll tax update for 2012 iD oo pog Ur de UY mp Bububpbbmnmnu U1 amp U0PKHN DO Alternative payroll year end checklist If you must process 2012 pay runs before you complete the 2011 year end closing procedures follow the steps in this alternative checklist Verify that you have installed the latest 2011 payroll tax update Complete all pay runs for the current year Optional Complete all month end period end or quarter end procedures for the current year Make a backup of the original file Install the Year End Update Create the year end file Make a backup of the new file Verify W 2 and 1099 R statement information Optional Archive inactive employee Human Resources information Set up Fiscal Periods for 2012 Optional Close the fiscal periods for the Payroll series for 2011 Install the payroll tax update for 2012 Process the 2012 pay runs The user date must occur in 2012 Print the W 2 statements and the W 3 Transmittal form Print the 1099 R forms and the 1096 Transmittal form Optional Create the W 2 Electronic file 10 09 ILU poc pra H DH BBbmpbmpbmmwui NUuUBWNF O Microsoft Dynamics GP Year End Close Procedures 2011 N Ul rer Payroll Year End Closing Procedures Detailed Steps 1 Verify that you have installed the latest 2011 tax update Download the latest tax table updates and installation instructions depending on wheth
25. Do you want to continue closing You receive this error message if an unposted single use batch or an unposted quick journal transaction exists in General Ledger This error message does not prevent you from continuing with the year end closing routine If you do not want to post the single use batch or the quick journal transaction continue with the year end closing routine Q16 When I try to perform the year end closing routine in General Ledger why do receive the following error message Microsoft ODBC SQL Server Driver SQL Server Violation of PRIMARY KEY constraint PK 0671112 Cannot insert duplicate key in object 0671112 A16 The year end closing transactions contain a currency that is not assigned to an account For more information about how to resolve this issue click the following article number to view the article in the Microsoft Knowledge Base 950019 https support microsoft com kb 950019 Error message when you try to perform the year end closing routine in General Ledger in Microsoft Dynamics GP Violation of PRIMARY KEY constraint PK 0671112 Q17 Why did the year end closing process delete some GL accounts that may be tied to budgets A17 The year end closing process will delete GL accounts that are marked as inactive and have no activity in the current year Microsoft Dynamics GP Year End Close Procedures 2011 A k hapter General Ledger Year End Closing Procedures co For more informati
26. Financial series group of modules Verify the settings in the General Ledger Setup window Make a backup Print a final Detailed Trial Balance report Print the year end financial statements WO 04m Microsoft Dynamics GP Year End Close Procedures 2011 UJ pner General Ledger Year End Closing Procedures 10 Set up a new fiscal year 11 Close the fiscal year 12 Close all the fiscal periods for all the series Note This step is optional 13 Adjust the budget figures for the new year and then print the financial statements 14 Make a backup Detailed Steps 1 Complete the posting procedures and the closing procedures for other modules Only follow this step if General Ledger is integrated with other modules If General Ledger is not integrated with other modules skip this step a Post final transactions in all the modules except in General Ledger b Complete the month end procedure and the quarter end procedure for all the modules except for General Ledger c Complete the year end closing procedures for each module in the following order 1 Inventory For more information click the following article number to view the article in the Microsoft Knowledge Base 872713 https support microsoft com kb 872713 Inventory year end closing procedures in Inventory Control in Microsoft Dynamics GP 2 Receivables Management For more information click the following article number to view the article in the Microsoft
27. GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Setup point to Company and then click Fiscal Periods In Microsoft Dynamics GP 9 0 point to Setup on the Tools menu point to Company and then click Fiscal Periods 2 Click to select the Payroll check box for each Period that you close 15 Install the payroll tax update for 2012 Note Do not install the payroll tax update for 2012 until the year end file has been created for 2011 To install the payroll tax update for 2012 follow these steps 1 In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Maintenance on the Microsoft Dynamics GP menu point to U S Payroll Updates and then click Check for Tax Updates In Microsoft Dynamics GP 9 0 point to Products and Services on the Help menu and then click Check for Payroll Tax Updates 2 Inthe Tax Update Method window click Automatic and then click Next In the Authorization Number field type your authorization number and then click Log in 4 Click Finish w Microsoft Dynamics GP Year End Close Procedures 2011 an mer Payroll Year End Closing Procedures
28. Knowledge Base 857444 https support microsoft com kb 857444 Year end closing procedures for Receivables Management in Microsoft Dynamics GP 3 Payables Management For more information click the following article number to view the article in the Microsoft Knowledge Base 875169 https support microsoft com kb 875169 Year end closing procedures for the Payables Management module in Microsoft Dynamics GP 4 Fixed Asset Management For more information click the following article number to view the article in the Microsoft Knowledge Base Microsoft Dynamics GP Year End Close Procedures 2011 CO w rer General Ledger Year End Closing Procedures 865653 https support microsoft com kb 865653 The year end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP 5 Analytical Accounting 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 For more informatio
29. Management calendar year end closing checklist 17 Payables Management fiscal year end closing checklist sees 17 Detailed SEO DS auae cescraoiaxiabidsi quc icvid MM Send HG DEP Ma RC CIL RR 17 Step 1 Post all transactions for the year eeeeeeeeeeeeieienetetetntntn tnnt ta teta ta tate nena nn nana 17 Step 2 Print the Aged Trial Balance with Options report eene 19 Step 3 Print the Vendor Period Analysis report eeeeeeeeeeerenetntntntnntntn tenete tete tetas 19 Step 4 Install the Payroll year end update optional eee 19 Step 5 Make a backup that is named Pre 1099 Edits sese 20 Step 6 Verify the 1099 information and edit it if it is required 20 Step 8 Make a backup that is named Pre Year End esent nnns 227 Step 9 Close the Vear nouns aa spi LI I Aem eee 23 Step 10 Close the fiscal periods issiria saeara anai ere H Prasiaul aaan 24 Step 11 Close the ELA rr H 24 Step 12 Make a backup that is named Post Year End s ssssssssssssssuussnnsnununnnunnnannnnnunnnnnnnnnnnnnnnnnan 25 BA 25 Fixed Asset Management Year End Closing Procedures
30. Microsoft Dynamics GP In the Type list click Reports Expand Sales and then expand the node of the modified form Click Microsoft Dynamics GP Modified hoang Microsoft Dynamics GP 9 0 Use one of the following methods o Use the Advanced Security tool To do this follow these steps a On the Tools menu point to Setup point to System and then click Advanced Security If you are prompted type the system password b Click View and then click by Alternate Modified and Custom c Expand Microsoft Dynamics GP expand Reports expand Sales and then expand the statement form d Click Microsoft Dynamics GP Modified e Click Apply and then click OK Note By default the current user and the current company are selected when you start the Advanced Security tool Any changes that you make are for the current user and the current company However you can select additional users in the User area of the Advanced Security window You can select additional companies in the Company area of the Advanced Security window Microsoft Dynamics GP Year End Close Procedures 2011 B rer Receivables Management Year End Closing Procedures I o Use standard Microsoft Dynamics GP security To do this follow these steps On the Tools menu point to Setup point to System and then click Security If you are prompted type the system password a In the User ID list click the user ID of the user who you want to access the report b
31. and then click OK 3 Click Reports Microsoft Dynamics GP Year End Close Procedures 2011 UJ H rer Receivables Management Year End Closing Procedures Use the appropriate method o If you have not previously modified the statement form click the statement form that you print in the Original Reports list click Insert and then click the statement form in the Modified Reports list o Ifyou previously modified the statement form click the statement form in the Modified Reports list Click Open In the Report Definition window click Tables In the Report Table Relationships window click RM Customer MSTR and then click New In the Related Tables window click Customer Master Summary and then click OK Click Close Click Layout In the resource list in the Toolbox box click Customer Master Summary In the field list drag Finance Charges CYTD to the layout of the report You can position this field in any section of the report On the File menu click Microsoft Dynamics GP When you are prompted to save the changes click Save If you have not previously modified this report you must grant security to the report To do this use the appropriate method Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 a Onthe Microsoft Dynamics GP menu point to Tools point to Setup point to Systems and then click Alternate Modified Forms and Reports In the ID box enter the user ID In the Product list click
32. any s financial position at the end of the year and this backup can be restored later if it is required A backup lets you recover data quickly if a power fluctuation or other problem occurs during the year end closing procedure To create a backup in Microsoft Dynamics GP follow these steps 1 Use the appropriate step o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Maintenance on the Microsoft Dynamics GP menu and then click Backup o In Microsoft Dynamics GP 9 0 click Backup on the File menu 2 Inthe Company Name list click your company name Microsoft Dynamics GP Year End Close Procedures 2011 N N ner Payables Management Year End Closing Procedures 3 Change the path of the backup file if it is required and then click OK Note We recommend that you name this backup Pre Year End to differentiate it from your other backups Step 9 Close the year To close the year follow these steps 1 Use the appropriate step o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Purchasing and then click Year End Close o In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Purchasing and then click Year End Close 2 If you are closing both your fiscal and calendar year at the same time click All If you are just closing your calendar year click Calendar If you are just closing your fiscal year click
33. ar Number of NSF Checks YTD Total FC LYR Total FC YTD Total Invoices LYR Total Invoices YTD Total Amount of NSF Check YTD Total Bad Debt LYR Total Bad Debt YTD Total Cash Received LYR Total Cash Received YTD Total Discounts Available YTD Total Discounts Taken LYR Total Discounts Taken YTD Total Finance Charges LYR Total Finance Charges YTD Total Returns LYR Total Returns YTD Total Sales LYR Total Sales YTD Total Waived FC LYR Total Waived FC YTD Total Writeoffs LYR Total Writeoffs YTD Unpaid Finance Charges YTD Write Offs LYR Write Offs YTD 3 Click OK 4 Click OK Step 2 Make a pre year end closing backup Create a backup before you close the year Put the backup in safe permanent storage This backup makes sure that you have a permanent record of the company s financial position at the end of the year You can restore information from this backup if you have to For example this backup would let you quickly recover if a power fluctuation or another problem occurred during the year end close procedure To create a backup in Microsoft Dynamics GP follow these steps 1 Usethe appropriate method o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Maintenance on the Microsoft Dynamics GP menu and then click Backup o In Microsoft Dynamics GP 9 0 click Backup on the File menu 2 Inthe Back Up Company window select the company name in
34. ary window follow these steps 1 Onthe Cards menu point to Sales and then click Summary 2 Inthe Customer Summary window type a customer ID in the Customer ID box 3 Inthe Summary View list click Amounts Since Last Close e The Customer Finance Charge Summary window To open the Customer Finance Charge Summary window follow these steps 1 Onthe Cards menu point to Sales and then click Summary 2 Inthe Customer Summary window type a customer ID in the Customer ID field 3 Click Finance Charges e TheSmartList objects To view the SmartList columns that are affected follow these steps 1 Use the appropriate method n Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 click Columns on the Microsoft Dynamics GP menu click SmartList expand Sales expand Customers and then click Add n Microsoft Dynamics GP 9 0 click SmartList on the View menu expand Customers click Columns and then click Add 2 Selectthe following items in the Available Columns list Note The items that are flagged with an asterisk are affected by the calendar year end close All the other items are affected by the fiscal year end close Average Days to Pay Year Finance Charges CYTD Finance Charges LYR Calendar High Balance LYR Microsoft Dynamics GP Year End Close Procedures 2011 WO freer Receivables Management Year End Closing Procedures High Balance YTD Number of ADTP Documents LYR Number of ADTP Documents Ye
35. ates 6 Create the year end file To create the year end file follow these steps 1 In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamic GP menu point to Routines point to Payroll and then click Year End Closing In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click Year End Closing 2 Inthe Year field type 2011 and then click Process Note You can install the payroll tax update for 2012 any time after the year end file for 2011 has been created 7 Make a backup ofthe new file Create a backup and then put this backup into safe permanent storage By creating a backup you make sure that you have a permanent record of the company s financial position at the end of the year You can restore the backup to quickly recover data if a power fluctuation or other problem occurs during the year end closing procedure To create a backup in Microsoft Dynamics GP follow these steps Microsoft Dynamics GP Year End Close Procedures 2011 gt uU rer Payroll Year End Closing Procedures 1 In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Maintenance on the Microsoft Dynamics GP menu and then click Backup In Microsoft Dynamics GP 9 0 on the File menu click Backup The Back Up Company window opens 2 In the Company Name list click your company name 3 Change the path of the backup file if it is required and then click OK
36. cess in Microsoft Dynamics GP clears the following fields in the Customer Summary window Average Days to Pay Year High Balance YTD Number of ADTP Documents Year Number of NSF Checks YTD Total Invoices YTD Total Amount of NSF Check YTD Microsoft Dynamics GP Year End Close Procedures 2011 B rer Receivables Management Year End Closing Procedures I Total Bad Debt YTD Total Cash Received YTD Total Discounts Available YTD Total Discounts Taken YTD Total Returns YTD Total Sales YTD Total Writeoffs YTD Write Offs YTD The fiscal year end process updates the amounts in the following fields e High Balance LYR e Number of ADTP Documents LYR e Total Invoices LYR e Total Bad Debt LYR e Total Cash Received LYR e Total Discounts Taken LYR Total Returns LYR Total Sales LYR Total Writeoffs LYR Write Offs LYR Step 4 Close the fiscal periods This step is optional To prevent users from accidentally posting transactions to the wrong period or to the wrong year use the Fiscal Periods Setup window to close all fiscal periods that are still open for the year Before you close fiscal periods verify that you have posted all the transactions for the period and for the year for all modules If you must later post transactions to a fiscal period that you already closed you can return to the Fiscal Periods Setup window to reopen the period so that you can post the transactions To close a fiscal period follow the
37. cial series group of modules 41 6 Verify the settings in the General Ledger Setup window ee 41 7 Makea DaCKU pe 41 8 Print a final Detailed Trial Balance report eese nennen tete tenete nnn 41 9 Print the year end financial statements eeeeeeeeseseseseeetnn nnt tnter teta tata tanen nnn 41 10 Set up a new fiscal YOaMe aiccsscsccsssssacsticcesecesesssesececostcsceoscvestncscvesisasssanseaeststsecesesssesertstvecocuestscscvesis 41 I1 Close the fiscal year iiid ien ied deceret 41 12 Close all the fiscal periods for all the series esent 43 13 Adjustthe budget figures for the new year and then print the financial SS Ue US m e nis cinia nimius eiie lins Fo lia c a ERE XT o ira aeai Bod Lar CE EP SHE EEUU LER UU 43 14 Make abpack p 44 PA 44 Payroll Year End Closing Procedures 4 255 cnrii rr reri a rm cras 51 Pu plgtcd eet 51 jjj 51 Wo 600 Per 51 Summary Steps Me 52 Alternative payroll year end checklist eese eene ener enntntntntntn tnnt 52
38. crosoft Dynamics and related products Detailed information about each step in the payroll year end closing routine is included in the Payroll Web services Before you complete the steps in this article look for updated year end information by visiting one of the following Microsoft Web sites depending on whether you are a partner ora customer Partners https mbs microsoft com partnersource support selfsupport taxupdates https mbs microsoft com partnersource support selfsupport taxupdates Customers https mbs microsoft com customersource downloads taxupdates https mbs microsoft com customersource downloads taxupdates Microsoft Dynamics GP Year End Close Procedures 2011 e ul rer Payroll Year End Closing Procedures Summary Steps To perform the year end closing procedures follow these steps Verify that you have installed the latest 2011 payroll tax update Complete all pay runs for the current year Complete all month end period end or quarter end procedures for the current year Make a backup of the original file Install the Year End Update Create the Year End file Make a backup of the new file Verify W 2 and 1099 R statement information Print the W 2 statements and the W 3 Transmittal form Print the 1099 R forms and the 1096 Transmittal form Optional Create the W 2 Electronic file Optional Archive inactive employee Human Resources information Set up fiscal periods for 2012 Optional
39. d asset transactions for the current fiscal year Post all the additions the changes the transfers and the retirements for the current fiscal year Note Transfers and undo retirement transactions should never be performed in a historical year Step 3 Depreciate all assets through the last day of the current fiscal year 1 Use the appropriate method Microsoft Dynamics GP Year End Close Procedures 2011 N N rer Fixed Asset Management Year End Closing Procedures o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Fixed Assets and then click Depreciate o In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Fixed Assets and then click Depreciate 2 Inthe Depreciation Target Date box type the last date of the current fiscal year 3 To insert all the fixed asset books click All 4 Click Depreciate Step 4 Perform the GL Posting GL Interface process This step is optional 1 Use the appropriate method o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Fixed Assets and then click GL Posting o In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Fixed Assets and then click GL Posting 2 Inthe Beginning Period box type 2011 012 Note The 2011 012 placeholder represents period 12 of the fiscal year 2011
40. d then click Continue c Close the Update Financial Accelerator Information window Q9 How are non financial accounts closed during the year end closing routine A9 If the non financial account is configured to use the Balance Sheet posting type the account balance is brought forward during the year end closing routine If the non financial account is configured to use the Profit and Loss posting type the account balance is closed to the retained earnings account during the year end closing routine Q10 When I try to post a batch in the General Ledger module receive the following message Batches cannot be posted while the Year End Close is in progress The year end closing routine is not being run in General Ledger What should I do A10 To resolve this issue have all users close all transaction entry windows Then delete the SYOO800 file if you are running a Microsoft SOL Server database To do this run the following statement on the DYNAMICS database Microsoft Dynamics GP Year End Close Procedures 2011 4 k hapter General Ledger Year End Closing Procedures delete SY00800 where BACHNUMB GL Close For more information click the following article number to view the article in the Microsoft Knowledge Base 856550 https support microsoft com kb 856550 Error message when you try to post a transaction in General Ledger in Microsoft Dynamics GP after the year is closed Year End Close is still in process and batc
41. e a permanent record of the company s financial position at the end of the year You can restore information from this backup if you have to For example this backup would let you quickly recover if a power fluctuation or another problem occurred during the year end close procedure To create a backup in Microsoft Dynamics GP follow these steps 1 Use the appropriate method o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Maintenance on the Microsoft Dynamics GP menu and then click Backup o In Microsoft Dynamics GP 9 0 click Backup on the File menu 2 Inthe Back Up Company window click the company name in the Company Name list 3 Change the path of the backup file if it is required and then click OK Note We recommend that you name this backup PostYearEndClosingBackup2011 Year to date finance charges on customer statements for December and for January Year to date finance charges are not automatically printed on customer statements for December and for January December statements To add the year to date finance charges to the December statements follow these steps 1 Usethe appropriate method o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Customize and then click Report Writer o In Microsoft Dynamics GP 9 0 point to Customize on the Tools menu and then click Report Writer 2 Inthe Product list click Microsoft Dynamics GP
42. ear end closing for this module is optional In summary the fields that are updated during year end closing are mainly used in reports for quantity summaries If these fields are not important you may decide not to run year end closing The inventory year end close moves the summary history information from the current year to last year as seen under Cards Inventory History and zeroes out the current year information We do not recommended that you close the inventory module before you post sales and purchase transactions in the new year because if you do this the item s history numbers will not be accurate as seen under Cards Inventory History Also the Inventory Turnover Report may not be accurate because the item s beginning quantities for the year will not be accurate To illustrate say you sold 100 items in 2009 Then you sold 10 additional items in 2010 You posted these 2010 inventory transactions Before doing 2009 year end close for inventory you will have a quantity sold of 110 in 2010 After the 2009 year end close you will have a value of 0 instead of 10 for your 2010 Current Year Sales Quantity and 110 for your 2009 Last Year Sales Quantity The summary windows in inventory with the specific views of calendar or fiscal year are date sensitive The inventory year end close process is not date sensitive Microsoft Dynamics GP Year End Close Procedures 2011 Sy hapter Inventory Year End Closing Procedures R
43. eceivables Management Year End Closing Procedures Note Before you follow the instructions in this article make sure that you have a complete backup copy of the database that you can restore if a problem occurs Applies To e Microsoft Dynamics GP 2010 e Microsoft Dynamics GP 10 0 e Microsoft Dynamics GP 9 0 when used with o Receivables Management Summary This article contains checklists for the year end closing process in Receivables Management in Microsoft Dynamics GP This article also contains detailed information for each step in the year end closing process And this article describes how to add the year to date finance charge information to customer statements for December and for January Introduction This article describes the recommended year end closing procedures for Receivables Management in Microsoft Dynamics GP Read this article before you perform one or more of the procedures Summary Steps You can use this checklist for the end of the fiscal year and for the end of the calendar year Note Although Receivables Management is date sensitive the following items are updated based on the closing of Receivables Management e The SmartList objects e The Receivables Management summary reports e The Amounts Since Last Close view in the Customer Summary window Therefore we recommend that you follow these steps so that the SmartList objects the Receivables Management summary reports and the Amounts Since Last Close view
44. er Year End Closing Procedures Applies To e Microsoft Dynamics GP 2010 e Microsoft Dynamics GP 10 0 e Microsoft Dynamics GP 9 0 Summary This article outlines the recommended year end closing procedures for Microsoft Dynamics GP This article contains a checklist of the steps in the procedure detailed information for each step and a series of frequently asked questions Introduction Read this article before you follow any steps During the year end closing routine all the records that will be moved are put in a temporary table before they are moved to the GL30000 table You must have free disk space that is equal to the size of the GL20000 table to perform the routine An Automated Solution script may be available to perform this task For more information about the year end close Automated Solution visit the following Microsoft Dynamics Web site https mbs microsoft com customersource support selfsupport AutomatedSolutions htm https mbs microsoft com customersource support selfsupport AutomatedSolutions htm Summary Steps 1 Complete the posting procedures and the closing procedures for other modules Note This step is only required if General Ledger is integrated with other modules 2 Post the final adjusting entries in General Ledger Print an account list to verify the posting type of each account Close the last period of the fiscal year Bw Note This step is optional Optional Perform file maintenance on the
45. er you are a partner or a customer Partners https mbs microsoft com partnersource downloads taxupdates https mbs microsoft com partnersource downloads taxupdates Customers https mbs microsoft com customersource support downloads taxupdates https mbs microsoft com customersource support downloads taxupdates Note The latest tax tables will ensure that the FICA wage limit is correct To check your tax table update date click on Microsoft Dynamics GP point to Tools point to System and click on Payroll Tax The Last Tax Update should be 12 17 2010 or later which is the date of the Round 1 Tax Update for 2011 to ensure you have the updated FICA wage limit for the 2011 year 2 Complete all pay runs for the current year 3 Optional Complete all monthly and quarterly payroll month end period end or quarter end procedures for the current year For more information about period end procedures for payroll view Chapter 21 Payroll Company Routines in the Microsoft Dynamics GP user s manual You can find this user manual in Dynamics GP by clicking on the Help icon click on Printable Manuals click on Human Resources Payroll and then click on Payroll USA with Direct Deposit 4 Make a backup of the original file Create a backup and then put this backup into safe permanent storage By creating a backup you make sure that you have a permanent record of the company s financial position at the end of the year You can
46. ete the fiscal year end closing procedures e Detailed information about each step in the checklists e Alist of frequently asked questions Introduction Read this whole article before you perform the steps Summary Steps Payables Management master year end closing checklist Note Use this checklist if you are closing your fiscal year and your calendar year at the same time Post all transactions for the year Print the Aged Trial Balance with Options report Print the Vendor Period Analysis Report Install the Payroll year end update optional Make a backup that is named Pre 1099 Edits Print the 1099 statements Make a backup that is named Pre Year End Close the year 10 Close the fiscal periods 11 Close the tax year 12 Make a backup that is named Post Year End WONAMARWNPR Microsoft Dynamics GP Year End Close Procedures 2011 B rer Payables Management Year End Closing Procedures o Payables Management calendar year end closing checklist Note Although the Payables Management module is date sensitive the SmartList objects the Payables Management summary reports and the Amounts Since Last Close view of the Vendor Yearly Summary window are updated based on the closing of the Payables Management module Therefore we recommend that you follow these steps so that the SmartList objects the Payables Management summary reports and the Amounts Since Last Close view of the Vendor Yearly Summary window are c
47. f the next fiscal year A1 The year end closing routine does not have to be completed before you start the next fiscal year However we recommend that you close the year as soon as possible For more information about how to print a balance sheet if you have two open years click the following article number to view the article in the Microsoft Knowledge Base 866371 https support microsoft com kb 866371 How to print a Balance Sheet for the year if the prior year is not a closed year using Microsoft FRx Q2 Can I make adjusting entries after close the year A2 You can post an entry to the most recent historical year if the Posting to History check box is selected in the General Ledger Setup window If you post an entry to a closed year a second entry is automatically made that updates the beginning balances for the current fiscal year The following tables show an adjusting entry and the way the entry appears in the posting journal Adjusting entry Microsoft Dynamics GP Year End Close Procedures 2011 A rer General Ledger Year End Closing Procedures IA Collapse this tableExpand this table 12 25 2011 Administration Expenses 500 Cash 500 Posting journal Collapse this tableExpand this table 12 25 2011 Administration Expenses 500 Cash 500 12 31 2011 etained Earnings 500 Cash 500 Q3 After performed the year end closing routine beginning balances were brought forward for some of my sales and expense account
48. fter the year is closed For more information about how to create auditing periods click the following article number to view the article in the Microsoft Knowledge Base 871679 https support microsoft com kb 871679 How to set up an adjusting period in General Ledger in Microsoft Dynamics GP Microsoft Dynamics GP Year End Close Procedures 2011 WO w mer General Ledger Year End Closing Procedures Note If you are using closing periods and you reconcile the transactions all move to the first period with the start date Print an account list to verify the posting type of each account The posting type determines whether an account is closed to the retained earnings account or whether an account brings a balance forward to the next fiscal year If the account balance will be brought forward at the end of the year the posting type must be set to Balance Sheet If the account balance will be closed to a retained earnings account at the end of the year the posting type must be set to Profit and Loss Use the Account Maintenance window if you must change the posting type for an account Follow these steps to print an account list On the Reports menu point to Financial and then click Account a Inthe Reports list select All Accounts and then click New b Inthe Option box type all accounts c Click to select the Inactive Accounts check box Note The year end close process is designed to delete inactive General Ledger accounts
49. g o Budget Maintenance Microsoft Dynamics GP Year End Close Procedures 2011 A rer General Ledger Year End Closing Procedures UJ o Single Account Budget Maintenance Print the Profit and Loss statement to verify that profit and loss accounts were closed to the retained earnings account Print the balance sheet to verify that the balance sheet accounts indicate that the balances were brought forward If you are using Advanced Financial Analysis to print the financial statements you must update the report layout to reflect the current fiscal year To do this follow these steps c Onthe Reports menu point to Financial and then click Advanced Financial d Inthe Reports list select the financial statement click Open and then click Layout e Double click each column button to verify the Column Definition for the column For example double click the C1 button or the C2 button f Ifthe column type is set to Period Range to Year to Date or to Variable Year to Date select the current fiscal year in the Year list and then click OK g Repeatsteps 13a through 13d for each column of each report 14 Make a backup Make a backup of all the company data and then put the backup in safe permanent storage The backup gives you a permanent record of the company s financial position at the start of the new year This backup can be restored later if it is required FAQ Q1 Do I have to close the fiscal year before the first day o
50. g so much depreciation A3 This problem occurs if the following conditions are true e The year was closed e The assets were not depreciated through the last day of the fiscal year Consider the following example e The fiscal year is a calendar year January 1 through December 31 e The assets were depreciated through December 28 when the year was closed In this example depreciation will be incorrect the next time that depreciation is run The system does not recalculate the yearly rate when the year end closing routine is performed Therefore fixed assets take a full year of depreciation in the last few days that remain in the previous year December 29 through December 31 The rate of depreciation is the yearly rate currently on each asset Additionally if there are assets that are near the end of their original life the Net Book Value field may become negative There are two workarounds for this problem e Recommended workaround Restore the data from a backup run depreciation through the last day of the year and then perform the year end closing procedures e Alternative workaround Reset life on all the assets Note If amounts on the assets have ever been entered for the YTD Depreciation field or for the LTD Depreciation field resetting life on the assets will change these amounts and the result may be different If you change the YTD Depreciation field or the LTD Depreciation field by resetting life on the asset you wi
51. he Transactions menu and then click Stock Count Entry Instead of following step 3 you can manually create your adjusting entries To do this print a Physical Inventory Checklist by using the Inventory Activity Reports window and then perform a physical count of your Inventory Items to verify that quantity on hand amounts are accurate for all Items To open the Inventory Activity Reports window point to Inventory on the Reports menu and then click Activity 4 Printadditional reports Print any additional reports that you will need for planning or for your permanent records The suggested reports are as follows a Stock Status Report b Purchase Receipts Report c Turnover Report d Transaction History Report e Serial Number List f LotNumber List To access the Reports palette point to Inventory on the Reports menu Use selections from the Inventory Reports palette to print these reports If you plan to remove sold purchase receipts during the year end closing process we recommend that you print the Purchase Receipts Report to review the receipts that will be removed 5 Make a backup Microsoft Dynamics GP Year End Close Procedures 2011 UJ rne Inventory Year End Closing Procedures Make a backup of all company data This is true so that you will be able to recover quickly should a power fluctuation or other problem occur during the year end closing procedure 6 Close the year Closing a year performs the fol
52. hes cannot be posted Q11 receive the following message when try to close the year in General Ledger Sorry another user is closing the year No one else is trying to close the year What should do A11 To resolve this issue delete the SY00800 file if you are using a Microsoft SQL Server database To do this run the following statement in SQL Query Analyzer on the DYNAMICS database delete SY00800 where BACHNUMB GL Close Q12 am performing the year end closing routine in General Ledger and it appears to be stopped at 50 percent My workstation seems to have stopped responding What should I do A12 If the year to date transaction open file GL20000 is large it may take a long time for the year end closing routine to finish If the hard disk is still processing the year end closing routine has not stopped responding We recommend that you let the routine run If the hard disk is not processing we recommend that you restore from a backup Then follow the steps in this article again starting at step 5 Q13 If an adjusting entry has been posted to a year that is closed can I print a corrected Trial Balance report for that year A13 Yes you can print a corrected Trial Balance report for the year that is closed To do this follow these steps On the Reports menu point to Financial click Trial Balance and then click New In the Option field type With Adjustments In the Include area click to select the Posting
53. ick Move Data to History 2 Click the appropriate option o To move Analytical Accounting data to the history tables for the years that you already closed in General Ledger click Transfer transaction detail to history o Toconsolidate the balances of all the transaction dimension codes in the closed year and to transfer the analysis information to the history tables click Consolidate transactions and transfer detail to history Note The consolidated balances are brought forward to the new year Microsoft Dynamics GP Year End Close Procedures 2011 Ul UJ rer Analytical Accounting Year End Close Procedures Dynamics GP 10 0 Service Pack 2 and later versions o To printa preview report that displays the consolidations that will be made click Print transfer preview report only Note This option does not change data 3 Click OK STEP 4 Run GL year end close process to move AA balances and create BBF s Proceed to run the GL Year end Close process for the balances in AA to update Refer to the process outlined in KB 888003 For more information click the following article number to view the article in the Microsoft Knowledge Base 888003 https support microsoft com kb 888003 Year End Closing procedures for General Ledger in Microsoft Dynamics GP Microsoft Dynamics GP Year End Close Procedures 2011 OQ UJ ner Analytical Accounting Year End Close Procedures Dynamics GP 10 0 Service Pack 2 and later versions General Ledg
54. ions from accidentally being posted to the wrong period or year Make sure that you have posted all transactions for the period and year for all modules before closing fiscal periods If you later have to post transactions to a fiscal period you have already closed you must return to the Fiscal Periods Setup window to reopen the period before you can post the transaction 8 Make a final backup Make a final backup of the company data files and keep it in safe permanent storage This gives you a permanent record of the company s financial position at the time that you closed the year Tips The year end close must be done before any transactions for the new year have been posted You have the option to select the Discontinued Items check box the Sold Receipts check box or the Sold Lot Attributes check box If you select these check boxes all items sold receipts and sold lot attributes that have a zero balance will be removed during the year end closing process If you select the Update Item s Standard Cost check box the standard cost for any items that have been assigned the FIFO periodic valuation method or the LIFO periodic valuation method will be adjusted automatically to reflect each item s current cost The current cost is the amount that you most recently paid for the Item There is no Year End Closing report for Inventory FAQ Q1 How is the average cost of an item updated throughout the year and during the year end clo
55. k Print 1099 Rs In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click Print 1099 Rs 2 Inthe Print 1099 R Forms window click 1096 Transmittal Form and then click Print Note You can print the 1096 Transmittal form as many times as you have to 11 Optional Create a W 2 Electronic File To create a W 2 Electronic File follow these steps 1 In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click W 2 Electronic File In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click W 2 Electronic File 2 Inthe W 2 Electronic File window click to select the check box that is next to each company that you want to include in your W 2 Electronic File 3 Inthe User ID Number field enter the user ID number formerly called a PIN 4 Click Submitter The Electronic Filer Submitter Information window opens Enter the submission information 5 Change the file destination information in the File Name field if it is required 6 Click Create File or Save to store the information to create the file later 12 Optional Archive inactive employee Human Resources information To archive inactive employee Human Resources information in Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Utilities p
56. ll cause inconsistencies between Fixed Asset Management and General Ledger These inconsistencies must be explained Q4 Instead of completing the year end routine for Fixed Asset Management manually changed the Current Fiscal Year field in the Book Setup window to the next year Do have to go back and run the year end closing routine or can continue to process activity in Fixed Asset Management for the new year A4 If no activity such as additions changes transfers retirements or depreciation has been run for Microsoft Dynamics GP Year End Close Procedures 2011 N w rer Fixed Asset Management Year End Closing Procedures the new year the Current Fiscal Year field in the Book Setup window can be changed back to the previous year and then the year end closing routine can be processed If any activity such as additions changes transfers retirements or depreciation has been run for the new year restore the data from a backup and then continue with the year end closing routine In either situation the year end closing routine must be run If the year end closing routine is not completed the amount in the YTD Depreciation field will be overstated on any report that includes assets that were retired or that were fully depreciated in the previous year If the year end closing routine is not performed the amounts in the YTD Depreciation field will not be cleared The amounts in the YTD Depreciation field will not be zeroed
57. lowing tasks Transfers all summarized current year quantity cost and sales amounts to transaction history for the Items for which you have been keeping summarized sales history a Updates the amount in the item s Beginning Quantity field to the Quantity on Hand field at each site Certain reports such as the Turnover Report use the amount in the Beginning Quantity field for report calculations Zeros the Quantity Sold field in Item Quantities Maintenance window for each site Removes purchase receipts and cost change history for items that have been completely sold Removes any discontinued items from the Item records that have been completely sold Removes any lot attributes from the records of lot numbered items if they have been completely sold Updates the standard cost of each item to the current cost if you use either the FIFO periodic method or the LIFO periodic valuation method Uses the Inventory Year End Closing window to close the year The following options are available 1 Remove discontinued items If you click to select the Discontinued Items check box all discontinued Items that have a zero balance will be removed during the year end closing process Items can be designated as discontinued by using the Item Maintenance window Discontinued Items that have a quantity on hand of zero except for kit components and have no unposted transactions will be completely removed from the Inventory module If you use the Se
58. mics GP Year End Close Procedures 2011 O Ww rer Fixed Asset Management Year End Closing Procedures e Inthe Asset General Information window the Quantity field is copied to the Begin Quantity field of the Expand Quantity window e Inthe Expand Last Maintenance window the YTD Maintenance amount is cleared e Inthe Asset Book window the YTD Depreciation Amount is cleared e The following procedures are performed o The Cost Basis field is copied to the Begin Year Cost field o The LTD Depreciation field is copied to the Begin Reserve field o The Salvage Value field is copied to the Begin Salvage field e Inthe Book Setup window the Current Fiscal Year field is increased by one Note A report is not generated during the fixed assets year end closing routine FAQ Q1 The fiscal year that is displayed for my book in the Asset Year End window is not 2011 I closed 2010 last year and have not yet closed 2011 What should I do A1 See the answer for question 4 Q2 I have closed General Ledger in Microsoft Dynamics GP and I now realize that I have not yet closed Fixed Asset Management Can perform the fixed assets year end closing routine at this point A2 We recommend that you close General Ledger last after all the subsidiary modules have been closed However Fixed Asset Management can be closed after General Ledger is closed The GL Posting GL Interface process can be performed and then the transaction or transactions can be pos
59. n click the following article number to view the article in the Microsoft Knowledge Base 960356 https support microsoft com kb 960356 The year end close procedures for Analytical Accounting in Microsoft Dynamics GP 10 0 Service Pack 2 and in later versions Note Year end procedures for Payroll are independent of the procedures in other modules These procedures are always performed at the end of the calendar year For more information click the following article number to view the article in the Microsoft Knowledge Base 850663 https support microsoft com kb 850663 Year end closing procedures for Microsoft Dynamics GP Payroll 2 Post the final adjusting entries in General Ledger The adjusting entries include all the entries that correct errors that were made when transactions were recorded The adjusting entries also include journal entries that are used to assign revenues or expenses to the period in which the revenues were earned or in which the expenses were incurred If you must make any adjusting entries to allocate revenue expenses or depreciation to the year that you are closing use the Transaction Entry window or the Quick Journal Entry window to make adjusting entries in General Ledger If you have to track initial adjusting entries or postaudit entries separate from other fiscal periods auditing periods can be set up in General Ledger This feature enables separate tracking of the adjusting entries that are made a
60. nce Charges LYR Number of Invoice LYR e Returns LYR e Trade Discounts Taken LYR e Withholding LYR e Write Offs LYR Step 10 Close the fiscal periods You can use the Fiscal Periods Setup window to close any fiscal periods that are still open for the year This prevents users from accidentally posting transactions to the wrong period or year Verify that you have posted all transactions for the period and the year for all modules before closing fiscal periods If you must later post transactions to a fiscal period that you have already closed you can return to the Fiscal Periods Setup window to reopen the period before you can post a transaction To close a fiscal period follow these steps 1 Use the appropriate step o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Setup point to Company and then click Fiscal Periods o In Microsoft Dynamics GP 9 0 point to Setup on the Tools menu point to Company and then click Fiscal Periods 2 Click to select the Purchasing check box for the Period that you must close Step 11 Close the tax year Note This procedure should only be completed after you have completed the year end closing procedures for all sales and purchasing modules To close the tax year follow these steps 1 Use the appropriate step o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu poi
61. ng Procedures n Microsoft Dynamics GP 2010 and Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Setup point to Inventory and then click Stock Calendar n Microsoft Dynamics GP 9 0 and in earlier versions point to Setup on the Tools menu point to Inventory and then click Stock Calendar o The Stock Count Cycle Assignment window can be used if you want to assign one stock count frequency to many items To open the Stock Count Cycle Assignment window point to Inventory on the Cards menu and then click Count Cycle Assignment o Create a Stock Count Schedule A Stock Count Schedule is a list of the specific items at a specific site that will be counted during a specific count When you start a stock count schedule the quantity on hand for each line in the stock count schedule is captured Later the actual count number quantities will be compared to the captured values to create default variance transactions Stock Count Forms can be printed during this process To open the Stock Count Schedule window point to Inventory on the Transactions menu and then click Stock Count Schedule o Usethe Stock Count Entry window to enter information about the results of your stock counts When you process a stock count variance transactions are created If the Autopost Stock Count Variances check box is selected the transactions will also be posted To open the Stock Count Entry window point to Inventory on t
62. nt to Routines point to Company and then click Tax Year End Close o In Microsoft Dynamic GP 9 0 point to Routines on the Tools menu point to Company and then click Tax Year End Close Microsoft Dynamics GP Year End Close Procedures 2011 A N rer Payables Management Year End Closing Procedures 2 Click to select the Close Year check box and the Print Report check box 3 Click Process When you are prompted to continue with the year end close Click Yes Note We recommend that you keep a paper copy of the year end report together with your permanent year end audit records Step 12 Make a backup that is named Post Year End Create a backup and then put the backup in safe permanent storage A backup gives you a permanent record of the company s financial position at the end of the year and this backup can be restored later if it is required A backup lets you recover data quickly if a power fluctuation or other problem occurs during the year end closing procedure To create a backup in Microsoft Dynamics GP follow these steps 1 Use the appropriate step o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Maintenance on the Microsoft Dynamics GP menu and then click Backup o In Microsoft Dynamics GP 9 0 click Backup on the File menu 2 Inthe Company Name list click your company name 3 Change the path of the backup file if it is required and then click OK Note We recommend that you name this backup Pos
63. odic valuation method will be adjusted automatically to reflect each item s current cost or the amount you most recently paid for the item If you are registered for the Manufacturing module you will be unable to select the Item s Standard Cost check box For more information click the following article number to view the article in the Microsoft Knowledge Base 930998 Error message when you perform the Inventory Year end Closing routine in Microsoft Dynamics GP Update standard costs in the Standard Cost Rollup window When you have selected all the options that you want click Process to start the year end closing process When the year is being closed you will be unable to post reconcile quantities change valuation methods or change decimal places for items 7 Close the fiscal periods for the Inventory series optional You can use the Fiscal Periods Setup window to close fiscal periods that are still open for the year To open the Fiscal Periods Setup window follow one of these steps a In Microsoft Dynamics GP 2010 and Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Setup point to Company and then click Fiscal Periods Microsoft Dynamics GP Year End Close Procedures 2011 Uu rne Inventory Year End Closing Procedures b In Microsoft Dynamics GP 9 0 and in earlier versions point to Setup on the Tools menu point to Company and then click Fiscal Periods This keeps transact
64. oint to Human Resources and then click Archive Employee In Microsoft Dynamics GP 9 0 click Tools point to Utilities point to Human Resources and then click Archive Employee Microsoft Dynamics GP Year End Close Procedures 2011 o ul rer Payroll Year End Closing Procedures 13 Set up fiscal periods for 2012 To set up fiscal periods for 2012 follow these steps 1 In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Setup on the Microsoft Dynamics GP menu point to Company and then click Fiscal Periods In Microsoft Dynamics GP 9 0 point to Setup on the Tools menu point to Company and then click Fiscal Periods 2 Inthe Year field type 2012 and then click Calculate Note You may want to close all periods except period 1 to prevent users from posting to future periods 3 Click OK 14 Optional Close fiscal periods for the payroll series for 2011 You can use the Fiscal Periods Setup window to close all fiscal periods that are still open for the year By closing fiscal periods you prevent users from accidentally posting transactions to the wrong period or to the wrong year Before you close a fiscal period verify that you have posted all transactions for the period and for the year for all modules To later post a transaction to a fiscal period that you have closed you must first reopen the period in the Fiscal Periods Setup window To close a fiscal period follow these steps 1 In Microsoft Dynamics
65. on and then click Retirements in the Reports list Transfers To print the Transfers report point to Fixed Assets on the Reports menu click Transaction and then click Transfers in the Reports list Depreciation Ledger To print the Depreciation Ledger report point to Fixed Assets on the Reports menu click Depreciation and then click Depreciation Ledger in the Reports list Property Ledger To print the Property Ledger report point to Fixed Assets on the Reports menu click Inventory and then click Property Ledger in the Reports list Fixed Assets to General Ledger Reconciliation To print the Fixed Assets to General Ledger Reconciliation report point to Fixed Assets on the Reports menu click Activity and then click Fixed Assets to General Ledger Reconciliation in the Reports list If you have more than one fixed asset book we recommend that you also print the following reports Step 6 Step 7 Book to Book Reconciliation To print the Book to Book Reconciliation report point to Fixed Assets on the Reports menu and then click Comparison Book to Book YTD Depreciation Comparison To print the Book to Book YTD Comparison report point to Fixed Assets on the Reports menu click Comparison and then click Book to Book YTD Depreciation Comparison in the Reports list Guarantee that the Fixed Assets calendar is built correctly This step is optional Use the appropriate method o In Microsoft Dynamics GP 10 0
66. on about inactive GL accounts and the year end close process click the following article number to view the article in the Microsoft Knowledge Base 2452542 https support microsoft com kb 2452542 Inactive GL accounts deleting during the Year End Close process for General Ledger in Microsoft Dynamics GP Microsoft Dynamics GP Year End Close Procedures 2011 O ui rer General Ledger Year End Closing Procedures Payroll Year End Closing Procedures Applies To e Microsoft Dynamics GP 2010 e Microsoft Dynamics GP 10 0 Summary This document outlines the recommended year end closing procedures for Microsoft Dynamics GP Payroll The More Information section contains the following e A detailed checklist of the steps that you must follow to complete the year end closing procedures e An alternative checklist to use instead of the standard checklist if you must process 2012 pay runs before you complete the year end closing procedures for 2011 Note Before you follow the instructions in this article make sure that you have a complete backup copy of the database that you can restore if a problem occurs Note The 2011 Payroll Year End Update file and the 2012 Payroll Tax Update file will be available for Microsoft Dynamics GP 10 0 and GP 2010 Please note that Microsoft Dynamics GP 9 0 and earlier Introduction Read this whole article before you perform any one of the steps If you have any questions contact Technical Support for Mi
67. onstration company A k hapter General Ledger Year End Closing Procedures Microsoft Dynamics GP Year End Close Procedures 2011 ul uses an account format of nnn nnnn nn The first segment represents the department A retained earnings account must exist for each department that has a profit and loss account For example if sales account 400 4100 00 exists but no 400 nnnn nn retained earnings account exists you receive this error message For more information about how to close to divisional retained earnings accounts click the following article numbers to view the articles in the Microsoft Knowledge Base 850615 https support microsoft com kb 850615 How to use divisional retained earnings accounts in General Ledger in Microsoft Dynamics GP 850741 https support microsoft com kb 850741 Error message when you try to perform the year end closing process in General Ledger in Microsoft Dynamics GP Retained Earnings account not found An Automated Solution script may be available to perform this task as well as other basic checks on your accounting data to help you prepare to close your fiscal year For more information visit the following Microsoft Dynamics Web site https mbs microsoft com customersource support selfsupport AutomatedSolutions htm https mbs microsoft com customersource support selfsupport AutomatedSolutions htm Q5 What happens to unit accounts during the year end closing routine A5 Unit accounts
68. or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Utilities point to Fixed Assets and then click Build Calendar o n Microsoft Dynamics GP 9 0 point to Utilities on the Tools menu point to Fixed Assets and then click Build Calendar Click Inquire and then click Verify When you are prompted to verify the periods click OK In the Report Destination window click Screen and then click OK Verify that the quarters are set up correctly for all the fiscal years Use the appropriate method Microsoft Dynamics GP Year End Close Procedures 2011 O N rer Fixed Asset Management Year End Closing Procedures o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Setup point to Fixed Assets and then click Quarter o In Microsoft Dynamics GP 9 0 point to Setup on the Tools menu point to Fixed Assets and then click Quarter 2 Make sure that the following boxes are not empty o Start Date o Mid Date o End Date Note These boxes must exist for each quarter If any box is empty type the appropriate date in that box Step 8 Create a backup This backup should be stored off site together with the rest of the year end documentation This backup gives you a permanent record of the company s financial position at the end of the year Additionally this backup can be restored later if it is required Making a backup guarantees that you can
69. orrect Post all transactions for the calendar year Print the Aged Trial Balance with Options report Make a backup that is named Pre 1099 Edits Print the 1099 statements Make a backup that is named Pre Year End Close the calendar year Close the fiscal periods Close the tax year 10 Make a backup that is named Post Year End WOON ANARWNE Payables Management fiscal year end closing checklist Post all transactions for the fiscal year Print the Vendor Period Analysis Report Make a backup that is named Pre Year End Close the fiscal year Close the fiscal periods Make a backup that is named Post Year End eig pw Detailed Steps Step 1 Post all transactions for the year Post all transactions for the year before you close the year If you want to enter future period transactions before you close the year create a new batch for the future period transactions Save the future period transactions in the new batch but do not post the new batch until after the year has been closed The following areas of Microsoft Dynamics GP are not date sensitive e The Amounts Since Last Close view of the Vendor Yearly Summary window e SmartList objects e Vendor Summary reports Microsoft Dynamics GP Year End Close Procedures 2011 HB rer Payables Management Year End Closing Procedures N These areas of Microsoft Dynamics GP will be incorrect if you do not close the payables year after you enter all 2011 t
70. ps 1 Onthe Reports menu point to Purchasing and then click Analysis 2 Inthe Reports list click Period Step 4 Install the Payroll year end update optional If there are compliance changes for Payables Management such as 1099 form changes install the Payroll year end update If there are no changes or compliance issues for the tax year for Payables Management you may skip this step Review the changes that are included in the Payroll year end update To do this visit the appropriate Microsoft Web site Customers https mbs microsoft com customersource downloads taxupdates https mbs microsoft com customersource downloads taxupdates Microsoft Dynamics GP Year End Close Procedures 2011 B rer Payables Management Year End Closing Procedures co Partners https mbs microsoft com partnersource support selfsupport taxupdates https mbs microsoft com partnersource support selfsupport taxupdates Step 5 Make a backup that is named Pre 1099 Edits Create a backup and then put the backup in safe permanent storage A backup gives you a permanent record of the company s financial position at the end of the year and this backup can be restored later if it is required A backup lets you recover data quickly if a power fluctuation or other problem occurs during the year end closing procedure To create a backup in Microsoft Dynamics GP follow these steps 1 Use the appropriate step o In Microsoft Dynamics GP 10 0 or
71. ransactions and before you enter all 2012 transactions However the Amounts Since Last Close view of the Vendor Yearly Summary window is editable Therefore you can update the information in the Amounts Since Last Close view of the Vendor Yearly Summary window if it is required To access the Amounts Since Last Close view of the Vendor Yearly Summary window follow these steps On the Cards menu point to Purchasing and then click Summary In the Vendor Credit Summary window type a vendor ID in the Vendor ID field and then click Yearly In the Summary View list click Amounts Since Last Close To view the SmartList columns that are affected follow these steps 1 gt Open SmartList To do this use the appropriate step o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 click SmartList on the Microsoft Dynamics GP menu o In Microsoft Dynamics GP 9 0 click SmartList on the View menu Use the appropriate step o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 expand the Purchasing node and then click Vendors o In Microsoft Dynamics GP 9 0 click Vendors Click Columns Click Add Click the following fields in the Available Columns list Note The items flagged with an asterisk are affected by the calendar year end close All other items are affected by the fiscal year end close o 1099 Amount YTD 1099 Amount LYR Amount Billed YTD Amount Billed LYR Amount Paid YTD Amount Paid LYR Average Days
72. restore the backup to quickly recover data if a power fluctuation or other problem occurs during the year end closing procedure To create a backup in Microsoft Dynamics GP follow these steps 1 In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Maintenance on the Microsoft Dynamics GP menu and then click Backup In Microsoft Dynamics GP 9 0 click Backup on the File menu Note The Back Up Company window opens 2 In the Company Name list click your company name 3 Change the path of the backup file if it is required and then click OK Microsoft Dynamics GP Year End Close Procedures 2011 UJ Un rer Payroll Year End Closing Procedures Note We recommend that you name this backup 2011 Pre Year End Update to differentiate it from your other backups 5 Install the 2011 year end update To install the payroll year end update you must follow the steps in the Microsoft Dynamics GP U S 2011 Year end document The install must be performed on each computer that has Microsoft Dynamics GP installed When the update is released install the update from one of the following locations depending on whether you are a partner or a customer Partners https mbs microsoft com partnersource downloads taxupdates https mbs microsoft com partnersource downloads taxupdates Customers https mbs microsoft com customersource support downloads taxupdates https mbs microsoft com customersource support downloads taxupd
73. rkthe setup option to include Analytical Accounting in the year end close as follows a Onthe Microsoft Dynamics GP menu point to Tools point to Setup point to Company point to Analytical Accounting and then click Options b Click to select the Include in Year End Close check box and then click OK Note This option is just to enable the functionality to create Balance Brought Forward entries on the dimensions The Analytical Accounting data will still move to the AAGA0000 series tables when General Ledger is closed regardless of whether this option is marked 2 Individually mark the dimensions to be included in year end as follows On the Cards menu point to Financial point to Analytical Accounting and then click Transaction Dimension a Inthe Trx Dimension list click the dimension that you want to include in the year end close process b In the Year End Close area click to select the Include in Year End Close check box and then click Save c Repeatsteps b and c for each dimension that you want to include in the year end close process STEP 3 Move data to history for the earlier closed years if applicable If you have Analytical Accounting data from earlier years in your AAG30000 history table that you need to move to the AAG40000 historical table follow these steps to consolidate those years 1 Onthe Microsoft Dynamics GP menu point to Tools point to Utilities point to Financial point to Analytical Accounting and then cl
74. rvice Call Management module determine whether any discontinued items exist on any unposted service documents If discontinued items exist on any unposted service documents the documents must be posted before you continue The Sales Order Processing report the Invoicing report or the Purchase Order Processing report and inquiries will still be able to display information about these discontinued items However you will be unable to perform a lookup on the Item Number because it has been removed from the Item Master table If you want to print a report or inquire on the discontinued Item you must include the item within the Item Number range Note If you select this option you will remove the discontinued items Additionally you will remove all inventory history for the items You will be unable to drill back on the inventory history for these items 2 Remove sold receipts If you click to select the Sold Receipts check box all sold receipts whose quantity received amounts and quantity sold amounts are equal will be removed This is an optional step and it may not be a procedure that is performed every year end These values may help Microsoft Dynamics GP Year End Close Procedures 2011 A hapter Inventory Year End Closing Procedures when items are returned through Invoicing Therefore you may not want to remove the purchase receipts from the file In Microsoft Dynamics GP 2010 Microsoft Dynamics GP 10 0 or in Microsoft D
75. s Some of my asset accounts also closed to the retained earnings account Why did this problem occur and what can I do to correct it A3 The posting type that is specified in the Account Maintenance window for the account determines whether a balance is brought forward for the account or whether the account is closed to the retained earnings account Accounts that use the Balance Sheet posting type carry a balance forward Accounts that use a Profit and Loss posting type close to the retained earnings account To resolve this problem restore from a backup correct the posting type and then run the year end closing routine again For more information about how to correct accounts that have an incorrect posting type without restoring from a backup click the following article number to view the article in the Microsoft Knowledge Base 864913 https support microsoft com kb 864913 How to correct accounts that were set up to use the wrong posting type after you close the year in General Ledger in Microsoft Dynamics GP QA I tried to run the year end closing routine by using a divisional retained earnings account but I received the following error message Retained Earnings account not found What can I do to resolve the problem that causes this error message A4 Before the routine can continue the year end closing routine must validate that all the required divisional retained earnings accounts exist For example the Fabrikam Inc dem
76. se Procedures 2011 O N rer Payables Management Year End Closing Procedures Fixed Asset Management Year End Closing Procedures Note Before you follow the instructions in this article make sure that you have a complete backup copy of the database that you can restore if a problem occurs Applies To e Microsoft Dynamics GP 2010 e Microsoft Dynamics GP 10 0 e Microsoft Dynamics GP 9 0 when used with o Fixed Asset Management Summary This document outlines the recommended year end closing procedures for Fixed Asset Management in Microsoft Dynamics This article includes a checklist of the steps that you must follow to complete these procedures The More information section contains detailed information about each step A series of frequently asked questions FAQ follows the description of the procedures Introductions Read this document before you perform any of the following procedures Detailed Steps Step 1 Perform all the year end closing procedures for Payables Management in Microsoft Dynamics GP Close Payables Management first This action guarantees that all the outstanding fixed asset transactions are capitalized For more information about closing Payables Management click the following article number to view the article in the Microsoft Knowledge Base 875169 https support microsoft com kb 875169 Year end closing procedures for the Payables Management module in Microsoft Dynamics GP Step 2 Enter all the fixe
77. se steps 1 Use the appropriate method o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Setup point to Company and then click Fiscal Periods o In Microsoft Dynamics GP 9 0 point to Setup on the Tools menu point to Company and then click Fiscal Periods 2 Click to select the Sales check box for the period that you want to close Step 5 Close the tax year Note Follow these steps only after you complete the year end closing procedures for all the sales and purchasing modules To close the tax year follow these steps Microsoft Dynamics GP Year End Close Procedures 2011 N HB rer Receivables Management Year End Closing Procedures 1 Use the appropriate method o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Company and then click Tax Year End Close o In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Company and then click Tax Year End Close 2 Click to select the Close Year check box and then click to select the Print Report check box 3 Click Process Note We recommend that you keep a paper copy of the year end report together with the permanent year end audit records Step 6 Make a post year end closing backup Create a backup after you close the year Put the backup in safe permanent storage This backup makes sure that you hav
78. sing process when you use the Average Perpetual valuation method Al If you are using the Average Perpetual valuation method all receipts for each item will be averaged to determine the average cost The year end closing process does not change the average cost However it will remove the purchase receipts that have been completely sold The next time that a receipt is entered the average cost will be revalued with the receipts that remain in the Inventory Purchase Receipts file Note In Microsoft Dynamics GP 9 0 enhancements were made to the calculation of the average cost For more information about the calculation of average costs click the following article number to view the article in the Microsoft Knowledge Base 923960 Enhancements made to the calculation of average cost in Microsoft Dynamics GP 9 0 Microsoft Dynamics GP Year End Close Procedures 2011 o ner Inventory Year End Closing Procedures Q2 Can the Inventory Year End Closing window be used throughout the year to update the standard cost of items if you use the Periodic valuation method A2 We do not recommend this because the Beginning Quantity field is updated during the year end closing process This would make that field incorrect on reports such as the Turnover report In addition all summary sales history information would be incorrectly moved to the following year Q3 What is the effect of doing a late inventory year end close in Great Plains A3 Y
79. t 1099 amount 6 Click Save Method 2 1 On the Cards menu point to Purchasing and then click Summary 2 Inthe Vendor ID list click a vendor ID and then click Period 3 Inthe Year field type 2011 4 Inthe Month Period field select the appropriate month or period 5 Click the 1099 Details button that appears next to the 1099 Amount field 6 Inthe Amount column type the correct 1099 amount Microsoft Dynamics GP 9 0 1 On the Cards menu point to Purchasing and then click Summary n In the Vendor ID field type the ID of the vendor whose 1099 amounts you must edit and then click Period In the Year field type 2011 In the Month Period field type the number of the period that you must edit In the 1099 Amount field type the correct 1099 amount Click Save OY Ut uou Step 7 Print the 1099 statements Note You can do this at any time To print the 1099 statements follow these steps 1 Use the appropriate step o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Purchasing and then click Print 1099 o n Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Purchasing and then click Print 1099 2 Inthe 1099 Year field type 2011 3 Each of your 1099 report types must be printed separately In the Print 1099 window click the options that you want in the 1099 Type field and in the 1099 Box Number field
80. t Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Utilities point to Inventory and then click Reconcile In Microsoft Dynamics GP 9 0 and in earlier versions point to Inventory on the Utilities menu and then click Reconcile If any differences are found during the reconcile process the quantities will be adjusted If adjustments are made they will be reflected on the Reconcile Report Additionally any serial numbers and lot numbers that were added for the adjusted items are included If you want to change these serial numbers and lot numbers you can use the Item Transaction Entry window Enter decrease adjustment transactions to remove the existing serial numbers and the existing lot numbers Then enter increase adjustment transactions to enter the correct serial numbers and the correct lot numbers To open the Item Transaction Entry window point to Inventory on the Transactions menu and then click Transaction Entry 3 Complete a physical inventory count and then post any adjustments o Usethe Stock Calendar Maintenance window to set up and then maintain information about when stock counts can be performed and about which days will be counted when the system calculates suggested dates for the next stock count for a specific item site combination To open the Stock Calendar Maintenance window follow one of these steps Microsoft Dynamics GP Year End Close Procedures 2011 N rne Inventory Year End Closi
81. t Year End to differentiate it from your other backups FAQ Q1 Are inactive vendor records cleared during year end closing If not how can inactive vendor records be removed A1 No inactive vendor records are not automatically removed To remove an inactive vendor record the following conditions must be true e No current year 1099 amounts exist for the vendor e The vendor has no documents in work or history To delete all inactive vendor records that fit these criteria follow these steps 1 Use the appropriate step o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Utilities point to Purchasing and then click Mass Vendor Delete o In Microsoft Dynamics GP 9 0 point to Utilities on the Tools menu point to Purchasing and then click Mass Vendor Delete 2 Inthe Range list click by Vendor Status 3 Inthe From list click Inactive 4 Inthe To list click Inactive Microsoft Dynamics GP Year End Close Procedures 2011 U1 N rer Payables Management Year End Closing Procedures 5 Click Process Q2 What should I do if must issue a check on January 2 2012 but am not ready to close 2011 yet A2 Print the checks but post them after you process your year end closing If you must post the checks immediately change the Amount Paid fields in the Amounts Since Last Close view of the Vendor Yearly Summary window Microsoft Dynamics GP Year End Clo
82. t history If you are maintaining the transaction history the year end closing routine also transfers all current year information for each account in the chart of accounts to the transaction history The process Microsoft Dynamics GP Year End Close Procedures 2011 N 4a k hapter General Ledger Year End Closing Procedures 12 13 then prepares the accounting system for a new fiscal year In addition to transferring current year figures to the transaction history and to the account history the year end closing routine does the following o The year end closing routine reconciles and summarizes the general ledger balances that accumulated throughout the year o The year end closing routine removes accounts that are marked as inactive if the accounts match the criteria for deleting a posting account Inactive accounts that have been set up as budget accounts can also be deleted if they have no activity for the year These accounts can be deleted even if budget amounts from past years are associated with these accounts o The year end closing routine moves all profit and loss account balances to the retained earnings account o The year end closing routine summarizes balance sheet accounts and brings the balances forward as the beginning balances of the account in the new fiscal year o The year end closing routine prints the Year End Closing report When the year end closing routine is complete the Year End Closing report is printed
83. t of Cash Flows o Statement of Retained Earnings Set up a new fiscal year Before you can perform the year end closing routine you must set up a new fiscal year by using the Fiscal Periods Setup window Close the fiscal year To close the fiscal year follow these steps Use the appropriate step Microsoft Dynamics GP Year End Close Procedures 2011 A pre General Ledger Year End Closing Procedures I n Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Financial and then click Year End Closing Jn Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Financial and then click Year End Closing a Specify an account in the Retained Earnings Account box The account that you specify in the Retained Earnings Account box is the account to which the year s profit and loss accounts are closed The default account is the account that you specified in the General Ledger Setup window All current year earnings or current year losses are transferred to the account that you specify in the Retained Earnings Account box If you want to distribute the retained earnings for the year to more than one account you can specify an allocation account to distribute the retained earnings amount to the appropriate accounts For example you could set up an allocation account to divide the earnings between several departments in the business Or
84. ted to the closed year or to the historical year in the general ledger For more information about the GL Posting GL Interface process see step 4 in the Year end checklist section To post transactions to the historical year in the general ledger make sure that the following options are selected in the General Ledger Setup window e Allow Posting to History e Maintain History Accounts e Maintain History Transactions e To access the General Ledger Setup window in Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Setup point to Financial and then click General Ledger e To access the General Ledger Setup window in Microsoft Dynamics GP 9 0 point to Setup on the Tools menu point to Financial and then click General Ledger The posted transaction will update the historical year and it will roll forward as a beginning balance to the open year If any expense accounts or any revenue accounts were included in the transaction they Microsoft Dynamics GP Year End Close Procedures 2011 e UJ pure Fixed Asset Management Year End Closing Procedures will automatically close out to the Retained Earnings account or accounts Q3 I ran the year end routine in Fixed Asset Management and then I ran depreciation in the new year I see that the depreciation is highly overstated and that some assets have a negative number in the Net Book Value field Why is the system calculatin
85. that have no current year activity For more information see Q17 in the Frequently Asked Questions section d Click Destination to specify a report destination and then click OK e Click Print Close the last period of the fiscal year This step is optional You can use the Fiscal Periods Setup window to close all fiscal periods that are still open for the year This prevents transactions from being posted to the wrong period or to the wrong year Notes o Make sure that you post all the transactions for the period and for the year for all modules before you close the fiscal periods Later if you have to post transactions to a fiscal period that you already closed you must return to the Fiscal Periods Setup window to reopen the period o If you use Microsoft FRx keep one period in the most recent historical year open to prevent the following error message FRX Print Engine Failed to Load the Company Calendar For more information click the following article number to view the article in the Microsoft Knowledge Base Microsoft Dynamics GP Year End Close Procedures 2011 A rer General Ledger Year End Closing Procedures 10 11 874932 https support microsoft com kb 874932 Failed to Load Company Calendar checklist for FRx Optional Perform file maintenance on the Financial series group of modules Run the check links procedure on the Financial series group of modules Verify the settings in the General Ledger
86. the Company Name list Microsoft Dynamics GP Year End Close Procedures 2011 B rer Receivables Management Year End Closing Procedures O Step 3 Change the path of the backup file if it is required and then click OK Note We recommend that you name this backup PreYearEndClosingBackup2011 Close the year Use the appropriate method o In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Sales and then click Year End Close o In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Sales and then click Year End Close If you are closing both the fiscal year and the calendar year at the same time click All If you are closing only the calendar year click Calendar If you are closing only the fiscal year click Fiscal Click to select the Print Report check box and then click Close Year Note We recommend that you keep a paper copy of the year end report together with the permanent year end audit records Calendar year details The calendar year end process in Microsoft Dynamics GP clears the following fields in the Customer Summary window Finance Charges CYTD Total FC YTD Total Finance Charges YTD Total Waived FC YTD Unpaid Finance Charges YTD The calendar year end process updates the amounts in the following fields Finance Charges LYR Calendar Total FC LYR Fiscal year details The fiscal year end pro
87. troduction etc 34 ligi ctii me 34 STEP 1 Review BBF Inforniatloh rte aa 34 STEP 2 Setup steps needed to consolidate balances in Analytical Accounting during the General Ledger year end close process eee eeeeeeeiesenetetntntntn D STEP 3 Move data to history for the earlier closed years if applicable 35 STEP 4 Run GL year end close process to move AA balances and create BBF s 36 General Ledger Year End Closing Procedures ess 37 PRPS Mg T 37 SUMMA Y 37 Introd cti N C OEO 0O0O 37 Summary SEeps scstistscsstciccccecsiniastaaiiessceasncsctenaccadccainedsteaiadsacesinasacdaistess aisadisenaiasidtasnaasaeasaess 37 Detailed Steps TE a 38 1 Complete the posting procedures and the closing procedures for other modules 38 2 Post the final adjusting entries in General Ledger eene 39 3 Print an account list to verify the posting type of each account 40 4 Close the last period of the fiscal Year scsssssssscsssssssssssesseecseeneeeeeseeeeeseeeeseseseeeseenssesesesenanas 40 5 Optional Perform file maintenance on the Finan
88. y times as you have to To print the W 3 Transmittal Form follow these steps 1 In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click Print W 3s In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click Print W 3s 2 Inthe Print W 2 Forms window specify the following settings o Print W 2s for Normal Year End o Print W 3 Transmittal Form 3 Click Print Microsoft Dynamics GP Year End Close Procedures 2011 mw mer Payroll Year End Closing Procedures Note You can print the W 3 Transmittal Form as many times as you have to 10 Print the 1099 R forms and the 1096 Transmittal form To print the 1099 forms follow these steps 1 In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click Print 1099 Rs In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click Print 1099 Rs 2 Inthe Print 1099 R Forms window click 1099 R Forms and then click Print Note You can print employee 1099 R forms as many times as you have to To print the 1096 Transmittal form follow these steps 1 In Microsoft Dynamics GP 10 0 or Microsoft Dynamics GP 2010 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then clic
89. ynamics GP 9 0 Remove Sold Receipts and Cost Change History Prior To You click to select the Sold Receipts and Cost Change History Prior To check box to remove all sold purchase receipts and historical cost changes for items that use Average Perpetual Last In First Out LIFO Perpetual or the First In First Out FIFO Periodic valuation method and then you enter a date The sold receipts quantity sold details and historical cost changes with dates that come before the date that you entered will be removed In Microsoft Business Solutions Great Plains 8 0 Remove Sold Receipts If you click to select the Sold Receipts check box all sold receipts whose quantity received amount and quantity sold amount are equal will be removed This is an optional step and it may not be a procedure that is performed every year end These values may help when items are returned through Invoicing Therefore you may not want to remove the purchase receipts from the file 3 Remove sold lot attributes If you click to select the Sold Lot Attributes check box values for completely sold lot numbers will be removed For example you can remove the value red for the lot attribute Color if you have sold all lot numbered items that have been assigned the value red 4 Update an item s standard cost If you click to select the Item s Standard Cost check box the Standard Cost for any items that have been assigned the FIFO periodic valuation method or the LIFO peri

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