It's that time of year! Here are two year-end close tips for you to keep in mind this year:
Be sure to close your year before the audit adjustments are in. Did you know you can always make entries to the most recently closed year in Dynamics GP? GP automatically handles the entry and updates the balance forwarded on a Balance Sheet account and updates retained earnings in the case of a Profit & Loss account. End the struggle of looking at cash balances for 2 open years and close your year.
Before closing your year in Microsoft Dynamics GP, double check your Chart of Accounts to ensure that Balance Profit and Loss accounts are marked appropriately. Throughout the year, when setting up new accounts, we often go with the default and leave the account as Balance Sheet. This selection is critical at year end.
Only Profit and Loss accounts will roll into Retained Earnings and only Balance Sheet accounts will roll their balance forward. A quick check of your Chart before closing (use Smartlist) will save you much time and frustration.
For more information on Microsoft Dynamics GP please visit www.rimrock.com. Rimrock Corporation is a Gold Certified Microsoft Partner working out of Toronto, Canada and New York, USA.
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