TGO Consulting will be creating a series of blog posts related to 2014 Year-End Closing. We hope you find the information and tips in this series useful and it helps your Year-End process run effortlessly!
Below is the list of the entire series of Microsoft Dynamics GP 2014 Year-End Closing Blog Posts:
Part 1 – Inventory Control
Part 2 – Receivables Management
Part 3 – Payables Management
Part 4 – Fixed Assets
Part 5 – Analytical Accounting
Part 6 – General Ledger
The order of these modules listed in the schedule above is the same order that the modules should be closed – and listed at the top of the GL year-end KnowledgeBase #888003. Please note that year-end procedures for Payroll are independent from other modules and are always performed at the end of each calendar year.
Inventory Control Year-End Close:
When should the year-end close be done?
Closing the Inventory module should be done at the end of your Fiscal year, before any new transactions affecting inventory quantities are posted
What does the year-end close process affect and/or do?
- Transfers all summarized current-year Quantity, Cost and Sales amounts to last-year for the Items for which you have kept summarized Sales History (Cards >> Inventory >> Item >> Click GoTo Button and select History)
- Updates each Item’s Beginning Quantity from the Quantity on Hand at every site
- Zeros the Quantity Sold field in the Item Quantities Maintenance (Cards – Inventory – Quantities/Sites) for every Site
- Gives you the option to: Update Item’s Standard Cost, Remove Discontinued Items, Remove Sold Receipts, and Remove Sold Lot Attributes
What steps should I take when closing the year?
- Enter and post all Purchase Order Processing, Invoicing/Sales Order Processing, and Inventory transactions for the current year
- Follow the rest of the steps which are outlined in KB 872713: “Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP”
What are some key points to remember?
- Make restorable backups – recommended in KB 872713
- If you are using Sales Order Processing and/or Purchase Order Processing, reconcile these modules in addition to the Inventory module prior to closing
- Reconcile Order: SOP, POP, and then Inventory
Are there some related KnowledgeBase articles that can be referenced?
- KB 872713: “Year-End Closing procedures in Inventory Control in Microsoft Dynamics GP”
- KB 864622: “Information about the order in which the reconcile procedures should be run in Microsoft Dynamics GP”
- KB 855316: “Inventory Accidentally Closed Twice”
- KB 872182: “Inventory year end close does not remove discontinued items”
Part 2 of the Microsoft Dynamics GP 2014 Year End Series can be found here:
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