2024 Year-End Close Tips With Dynamics GP 18.6

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Happy New Year! For many, December 31, 2023 may be their year-end, thus our team has outlined the following 2024 Year-End Close Tips With Dynamics GP 18.6. (Great Plains 2024).  Period-end and Year-end close procedures are vital for maintaining accurate financial records, complying with regulations, and preparing for the new fiscal year.

Our GP Support North consultants are pleased to share the following year-end tips with you.

Dynamics GP Year End 2024

Tips for Year-End Procedures in Dynamics GP

  1. Double-check your Balance Sheet Accounts: Ensuring your balance sheet accounts are marked as balanced is crucial to finding an accurate snapshot of your financial position, assets, equity, and liabilities. To simplify this task, consider using Smartlist, a classic GP tool that allows you to efficiently review, filter, and analyze your accounts.
  2. Divisional Close in GP: Determine whether you need a divisional close in GP. This decision depends on your organization's structure and reporting requirements. Divisional closing can provide a more granular view of financial performance highlighting accuracy and compliance, which is essential for larger organizations with multiple subsidiaries.
  3. Provide Information on Posting History: A thorough review of your posting history is critical. This ensures that all transactions have been accurately recorded throughout the fiscal year. Any discrepancies or missing entries can be addressed before closing the year, preventing future reconciliation issues.
  4. Year-End Reversal: The year-end reversal process is critical in maintaining data integrity. It allows you to make corrections to any mistakes made during the fiscal year close. GP 18.6 offers several advantages in this regard.

Advantages of Microsoft Dynamics GP 18.6 for Year-End Procedures

With the release of the new Dynamics GP 18.6, you can look forward to several advantages that improve your year-end practices.  Be sure to stay up to date with annual upgrades to take advantage of the latest Dynamics GP capabilities.

  • Reverse Fiscal Year-End Close by Company: In previous versions of Dynamics GP, the Reverse Fiscal Year feature required all users to be out of all Dynamics GP companies. GP 18.6 simplifies this process by allowing users to perform the Reverse Fiscal Year-End Close for specific companies without disrupting operations in other companies. This enhances efficiency and minimizes downtime during the year-end process.
  • Canadian Payroll Year-Year Update: For Canadian users, Dynamics GP 18.6 brings several enhancements to payroll year-end procedures:
    • ROE (Record of Employment) serial numbers starting with "M"
    • Additions to CPP (Canada Pension Plan) and QPP (Quebec Pension Plan) contributions
    • The ability to report benefits on extra boxes of the T4 form
  • US Payroll Year-Year Update: Users dealing with US payroll will benefit from the ability to print ALL Payables 1099 forms with boxes and lines.

For more on Dynamics GP / Great Plains 18.6 and the features guide visit; https://www.gpsupportnorth.com/gp/the-new-gp/

Our team at GP Support North is pleased to be working with clients in support of their year-end close and improved compliance supported with the latest versions of Dynamics GP.  The digital transformation concept of “Going digital and Staying digital”, while staying on Microsoft Dynamics GP is one of a number of best practices outlined within our team’s White Paper on Digital Transformation While Staying on Dynamics GP,  see a video overview and download a copy at  https://www.gpsupportnorth.com/bestpractice/

Tip 6 - Top 6 Tips Dynamics GP video


Visit our teams online. Happy New Year - 2024

www.purelycrm.com   www.endeavoursolutions.com   www.gpsupportnorth.com

Fall 2023 - HSO Canada transfers its Entire Microsoft Dynamics GP and Business Central practice and clients to Endeavour Solutions Inc.

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