Dynamics GP Year-End Closing Procedures

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Dynamics GP Year-End Closing Procedures 2022 from your friends at GP Support North.

Rather than waiting till the week before your Year-End, here are some tips for mapping out the tasks and processes needed for “closing the books”.  PLEASE do a full back-up before your period-end, and even before each of the steps below.
2022 Microsoft Dynamics GP Year-End Closing Procedures (Need to be performed in the following order)

1.    Inventory Management
https://learn.microsoft.com/en-US/troubleshoot/dynamics/gp/year-end-closing-inventory-control
2.    Receivables Management
https://learn.microsoft.com/en-US/troubleshoot/dynamics/gp/year-end-closing-procedures-for-receivables-management
3.    Payables Management
https://learn.microsoft.com/en-US/troubleshoot/dynamics/gp/year-end-closing-payables-management
4.    Fixed Asset Management
https://learn.microsoft.com/en-US/troubleshoot/dynamics/gp/the-year-end-closing-procedures
5.    Analytical Accounting
https://support.microsoft.com/en-us/topic/-41f3e9d4-d3c7-95b2-e144-0e8b640ddb44
6.    General Ledger
https://learn.microsoft.com/en-US/troubleshoot/dynamics/gp/year-end-closing-procedures-gl

The above list is valid for Microsoft Dynamics GP 2010, 2013, 2015, 2016, 2018, 18.2, 18.3, 18.4 and the Latest Microsoft Dynamics GP 18.5 (GP 2023). 

Note: Until your General Ledger year-end close step is completed (last of the six steps listed above), you'll have trouble generating some of your financial statements in the New Year.  

Two handy GP functions for Year-end close
With the recent versions of Dynamics GP, there are two handy functions to assist with your year-end close.
1.    Check-box for “Maintain Inactive Accounts” in the Year-End Closing window.  If you fail to check this box, there is the potential that accounts marked inactive, or accounts with no transaction history, will not be moved over.
2.    Button named “Reverse Historical Year” on the Year-End Closing screen to allow you to ‘undo’ a Year-end close if something was missed.

Also note that Dynamics GP 2016 and earlier are no longer supported by Microsoft for year-end updates. (But our team will still provide you with support desk support). Dynamics GP 2018 R1/R2 will be off of mainstream support as of next month, January 10, 2023.  Need to upgrade?  Dynamics GP 18.xx has a roadmap to 2028+ and Beyond, #GPStrong Future.

Happy Holidays and have a great 2023!

 


www.endeavoursolutions.ca / www.gpsupportnorth.com

About GP Support North

GP Support North is a large team of Microsoft Dynamics GP (Great Plains) consultants at Endeavour Solutions, dedicated to supporting clients using Microsoft Dynamics GP (Great Plains) ERP.  We are your safe-haven for long-term GP support and consulting services.  We will not force you to change platforms, but if and when you are ready, we can help migrate you to the cloud.

2022: Our focus is on providing a "Safe-Haven" for Microsoft Dynamics GP users to gain access to expert GP support, GP training, GP upgrades, and consulting services for Microsoft Dynamics GP for the next 10+ years.

We love Dynamics GP (Great Plains) and have more than 550 active clients across North America predominately in the USA and Canada. We believe that GP has a long and prosperous future, and we are here to support you and your team.  Need a new GP partner?

 

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