Simplifying Year-End Procedures for Microsoft Dynamics GP

Written By: Sheila Ochoa

from December 17, 2012

It’s that time of year again! It’s time to start discussing year-end closing procedures for the modules in Microsoft Dynamics GP. Although these procedures are not cumbersome, they do tend to make some people nervous just because it’s only done once a year.

Worry no more! Dynamics University is happy to announce a brand new component where information is centralized in one place to assist with the year-end close process. The Microsoft Dynamics GP Year-End Close Resource Center contains year-end close procedures, demos, and FAQs. This is the place to go for anyone looking for year-end close information! Additionally, this website contains BLOG articles about year-end close as well as many other important articles regarding the Microsoft Dynamics products. Finally, use the Microsoft Dynamics GP Year-End Close resource Center to register for one of the FREE Dynamics University webinars to review the year-end close process!

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 tenth 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 Close resource Center as soon as they are released by Microsoft in the November/December timeframe. Closing the modules could differ depending upon the fiscal year.  Some modules are date sensitive and are calendar and fiscal years, while 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 along with information on when they should be closed.

  • Inventory – Fiscal
  • Receivables – Fiscal/Calendar
  • Payables – Fiscal/Calendar
  • Fixed Assets – Fiscal
  • Analytical Accounting – Fiscal (Microsoft Dynamics GP 10.0 SP2 and higher)
  • General Ledger – Fiscal

Payroll
For customers using Microsoft Dynamics GP Payroll or Canadian Payroll, it is extremely important to complete all 2012 pay runs prior to processing payroll year-end procedures. With anticipated changes to 1099 and EFW2, there will be a year-end update in the form of a service pack, along with the payroll tax updates. Microsoft typically releases the service pack in mid to late November, and the payroll tax update is typically released in December. Microsoft will provide updates for versions Microsoft Dynamics GP 10.0, Microsoft Dynamics GP 2010 and Microsoft Dynamics GP 2013. Communication regarding year-end close and links to needed service packs and payroll tax updates will be located at the Microsoft Dynamics GP Year-End Close resource Center. remember, plan ahead! And if unsure about clos-ing procedures, do not hesitate to contact a Microsoft Dynamics Partner. Additionally, there are other resources designed to help, such as Community Forums, and don’t forget to visit and bookmark the Microsoft Dynamics GP Year-End Close resource Center. www.dynamicsuniversity.com/gp-year-end.