Every year, TGO Consulting creates blog posts related to Year-End Closing. This is the third post in the series. We hope you find the information and tips in this series useful and that it helps your Year-End process run flawlessly!
Below is the breakdown of this series of Microsoft Dynamics GP 2016 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 (Coming soon, December 20, 2016!)
Part 6 – General Ledger (Coming soon, December 22, 2016!)
The order of the modules listed in the schedule above is in the same order that the modules should be closed – and listed at the top of the GL year-end KnowledgeBase #888003. Procedures for Payroll are separate from the other modules and are always performed at the end of each year.
Payables Management Year-End Closing:
When should the year-end close be done?
- The Calendar Year-End Close Routine should be run at the end of the Calendar year before posting transactions in the next Calendar year.
- The Fiscal Year-End Close Routine should be run at the end of the Fiscal year before posting transactions in the next Fiscal year.
Does the year-end close process affect anything? What does it do?
- The Calendar Year-End Close process transfers the 1099 Amounts from the Year to Date (YTD) column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window (Cards | Purchasing | Summary | Yearly button).
- The Fiscal Year-End Close Process transfers all other amounts from the YTD column to the Last Year column in the Amounts Since Last Close view (same as above).
What are the important steps I should take when closing the year?
- Post all transactions for the current year before closing the year – be sure to close the year before entering any transactions for the new year.
- If entering future period transactions before closing the year, save these future period transactions but do not post them until the current year has been closed.
- Back-up and store it somewhere safe so you have a record of the company’s year-end finances in case any issues occur during the closing process.
- Follow the steps in KB 875169: “Year-End Closing Procedures for for the Payables Management module in Microsoft Dynamics GP”
What are some important points to remember>
- KB 875169 is a good KB article that outlines the steps to perform Dynamics GP Year-End Close for Payables Management.
- Payables Management is not fully date-sensitive, so it is still recommended that you process your year-end closing routines at the actual year-end.
- 1099 Information will not auto-populate if the transactions were not processed as 1099 transactions at the time of the posting.
- Use KB 918536 to correct this.
- Use 1099 Details window to edit 1099 amounts individually (Cards | Purchasing | 1099 Details).
Additional Resources for Microsoft Dynamics GP Software:
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