Year End Procedures

Year End Procedures

Written By: Janelle Montplaisir

from July 8, 2014

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Where has the year gone? It is once again time to discuss year-end closing procedures and updates for modules in Microsoft Dynamics GP. Now is the perfect time to start reviewing this information to ensure you are prepared for any procedures and changes that affect your business for 2014 and 2015. Planning ahead is very important!

Year-End Closing Procedures

First and foremost, the number one action item is to make a backup of the databases BEFORE doing the year-end close. The second action item is to review the closing procedures for each module being closed. Whether this is the first time closing or the 10th time closing, review the procedures; make a checklist of the steps to follow and close the modules in the correct order. The closing procedures are created by Microsoft and provided for each module. Module close instructions will be published at the Microsoft Dynamics GP Year-End Resource Center once they are released by Microsoft (November/December timeframe).

Closing the modules could differ depending upon the organization’s fiscal year. Some modules are date-sensitive and are for calendar and fiscal years; others are just for fiscal years. To ensure accuracy in summary windows and reports, modules should be closed as Microsoft recommends.

Close Order

Below is a list of modules in the order they should be closed and when:

  • Inventory – Fiscal
  • Receivables – Fiscal/Calendar
  • Payables – Fiscal/Calendar
  • Fixed Assets – Fiscal
  • Analytical Accounting – Fiscal
  • General Ledger – Fiscal

Payroll

For customers who use Microsoft Dynamics GP Payroll or Canadian Payroll, it is extremely important to complete all 2014 pay runs prior to processing payroll year-end procedures. Microsoft is scheduled to release the Year-End Update at the end of November 2014, and the payroll tax update is typically released in December. Microsoft will provide updates for the following versions: Microsoft Dynamics GP 2010 and Microsoft Dynamics GP 2013. Information regarding year-end close, the Affordable Care Act (ACA), links to needed service packs, and payroll tax updates will be located at the Microsoft Dynamics GP Year-End Resource Center.

Make sure to bookmark additional resources, such as the Dynamics University website, where information is centralized in one place to assist with the year-end close process. For organizations looking for year-end close information, dynamicsuniversity.com/microsoft-dynamics-gp-year-end is the place to go! Additionally, the Microsoft Dynamics GP Year-End Close Resource Center contains year-end close procedures, demos, FAQs, and blog articles. Now is the time to be proactive and get time scheduled with your Microsoft Dynamics Partner if your organization needs assistance with the Year-End Update.