Welcome to the GP Year End General Ledger Page

Welcome to the Year-End Close page for Microsoft Dynamics GP General Ledger.  Below you will find resources to assist you in performing the year-end close for General Ledger.  Please see the FAQ section below for steps related to Analytical Accounting.  Please review the demo, the detailed instructions along with the FAQ.  For your convenience, there are links to step by step instructions from Microsoft as well as other resources to assist you.

 

General Ledger Year End Video

 

FAQs

Do I have to close the fiscal year before the first day of the next fiscal year?

The year-end closing routine does not have to be completed before you start the next fiscal year. However, we recommend that you close the year as soon as possible.

Can I make adjusting entries after I close the year?

You can post an entry to the most recent historical year if the Posting to History check box is selected in the General Ledger Setup window. If you post an entry to a closed year, a second entry is automatically made that updates the beginning balances for the current fiscal year.

After I performed the year-end closing routine, beginning balances were brought forward for some of my sales and expense accounts. Some of my asset accounts also closed to the retained earnings account. Why did this problem occur, and what can I do to correct it?

The posting type that is specified in the Account Maintenance window for the account determines whether a balance is brought forward for the account or whether the account is closed to the retained earnings account. Accounts that use the Balance Sheet posting type carry a balance forward. Accounts that use a Profit and Loss posting type close to the retained earnings account. To resolve this problem, restore from a backup, correct the posting type, and then run the year-end closing routine again.
For more information about how to correct accounts that have an incorrect posting type without restoring from a backup, click the following article number to view the article in the Microsoft Knowledge Base:

864913 How to correct accounts that were set up to use the wrong posting type after you close the year in General Ledger in Microsoft Dynamics GP

I tried to run the year-end closing routine by using a divisional retained earnings account, but I received the following error message “Retained Earnings account not found”. What do I resolve this issue?

Before the routine can continue, the year-end closing routine must validate that all the required divisional retained earnings accounts exist. For example, the Fabrikam, Inc. demonstration company uses an account format of nnn-nnnn-nn. The first segment represents the department. A retained earnings account must exist for each department that has a profit and loss account. For example, if sales account 400-4100-00 exists, but no 400-nnnn-nn retained earnings account exists, you receive this error message. For more information about how to close to divisional retained earnings accounts, click the following article numbers to view the articles in the Microsoft Knowledge Base:

850615 How to use divisional retained earnings accounts in General Ledger in Microsoft Dynamics GP

850741 Error message when you try to perform the year-end closing process in General Ledger in Microsoft Dynamics GP: “Retained Earnings account not found”

What happens to unit accounts during the year-end closing routine?

Unit accounts are treated as balance sheet accounts. The balance is brought forward on unit accounts when the year-end close is done. Refer to the KB 857582 for more information.

857582 How to clear beginning balances for unit accounts in General Ledger in Microsoft Dynamics GP

Does everyone have to be out of Microsoft Dynamics GP before I perform the year-end close?

We recommend everyone is out of GP while the year-end close is processing.

I want to allocate the net profit to the retained earnings account or to the capital accounts each month. Also, net profit is supposed to be allocated to three retained earnings accounts or capital accounts. Can I do this?

No, you cannot do this. However, you can specify a non-financial account in the Account Maintenance window. Use a number that is not in your current account numbering scheme. This account acts as a suspense account for the net income or for the net loss. Every month, you can post an adjusting entry to the three capital accounts that you want to adjust. For the offset account, use the suspense account. When the year-end closing routine is finished, use the suspense account as the retained earnings account. This offsets all the manual adjustments that you made to the suspense account during the year. Make sure that the suspense account does not appear on reports.
If you are using Advanced Financial Analysis for financial statements, when you format the balance sheet, put the NP line as the last line on the Advanced Financial Analysis statement. Then, put a page break before the NP line. The balance sheet must have an NP line. However, this line makes the net income or the net loss appear two times. Therefore, format the NP line so that it is off the financial statement. You can also use a report type of Other.

Why is the status of some of my financial reports set to Invalid?

If a report is configured to use the accelerator file, any changes that are made to accounts in any one of the following windows causes the status of the financial report printing options to change to Invalid:

Account Maintenance
Unit Account Maintenance
Mass Modify Chart of Accounts
Year-End Closing

Before you print financial statements, you must update the accelerator file. To do this, follow these steps:

On the Reports menu, point to Financial, and then click Update Financial Accelerator.
Click Update, and then click Continue.
Close the Update Financial Accelerator Information window.

How are non-financial accounts closed during the year-end closing routine?

If the non-financial account is configured to use the Balance Sheet posting type, the account balance is brought forward during the year-end closing routine. If the non-financial account is configured to use the Profit and Loss posting type, the account balance is closed to the retained earnings account during the year-end closing routine.

When I try to post a batch in the General Ledger module, I receive the following message: Batches cannot be posted while the Year-End Close is in progress.

To resolve this issue, have all users close all transaction entry windows. Then, delete the SY00800 file if you are running a Microsoft SQL Server database. To do this, run the following statement on the DYNAMICS database.Delete SY00800 where BACHNUMB = ‘GL_Close’

856550 Error message when you try to post a transaction in General Ledger in Microsoft Dynamics GP after the year is closed: “Year End Close is still in process and batches cannot be posted”

I receive the following message when I try to close the year in General Ledger: Sorry, another user is closing the year. No one else is trying to close the year. What should I do?

To resolve this issue, delete the SY00800 file if you are using a Microsoft SQL Server database. To do this, run the following statement in SQL Query Analyzer on the DYNAMICS database.

Delete SY00800 where BACHNUMB = ‘GL_Close’

I am performing the year-end closing routine in General Ledger and it appears to be stopped at 50 percent. My workstation seems to have stopped responding. What should I do?

If the year-to-date transaction open file (GL20000) is large, it may take a long time for the year-end closing routine to finish. If the hard disk is still processing, the year-end closing routine has not stopped responding. We recommend that you let the routine run. If the hard disk is not processing, we recommend that you restore from a backup. Then, follow the steps in this article again, starting at step 5.

If an adjusting entry has been posted to a year that is closed, can I print a corrected Trial Balance report for that year?

Yes, you can print a corrected Trial Balance report for the year that is closed. To do this, follow these steps:

On the Reports menu, point to Financial, click Trial Balance, and then click New.
In the Option field, type With Adjustments.
In the Include area, click to select the Posting Accounts check box.
In the Year area, click to select the History check box, and then select the historical year in the Year list.
Click Destination to specify a report destination, and then click OK.

Click Print.

How does Microsoft Dynamics GP determine the financial statement that is printed for the account that I am adding?

The category determines the type of financial statement that is printed when you use quick financial statements for the account that you are adding. The category is either the Balance Sheet category or the “Profit and Loss” category. You must format the reports to print the accounts that you want in Advanced Financial Analysis and in Microsoft FRx. The posting type is used during the year-end closing routine to determine the accounts that close to the retained earnings account and to determine the account that carries a balance forward. The posting type does not affect the financial statements.

When I tried to perform the year-end closing routine, I received an error message that stated that a single-use batch or a quick journal transaction had not been posted. What does this error message mean?

When you try to perform the year-end closing routine, you may receive the following error message:

A single use batch or quick journal transaction has not been posted yet. Do you want to continue closing?

You receive this error message if an unposted single-use batch or an unposted quick journal transaction exists in General Ledger. This error message does not prevent you from continuing with the year-end closing routine. If you do not want to post the single-use batch or the quick journal transaction, continue with the year-end closing routine.

Why did the year-end closing process delete some GL accounts that may be tied t

The year-end closing process will delete GL accounts that are marked as inactive and have no activity in the current year.

Do I close the last period of the fiscal year?

This is optional; you can use the Fiscal Periods Setup window to close all fiscal periods that are still open, preventing transactions from being posted to the wrong period and year. Keep in mind though, that if you are using Microsoft FRX, you need to keep one period in the most recent historical year open to prevent an error occurring. This message is: FRX Print Engine Failed to load the Company Calendar.

If you receive this, see KB 874932 “Failed to Load Company Calendar” checklist for FRx.

How do i close Analytical Accounting?

For the detailed module close procedures for Analytical Accounting in Microsoft Dynamics GP visit https://support.microsoft.com/en-us/kb/960356.