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Philadelphia, Wilmington,
Baltimore, Washington D.C.
and surrounding areas
 
Products.
Certified Microsoft Dynamics Consultants

Microsoft Dynamics GP

 

Dynamics GP Year End Closing Steps

 

  • Calendar YE Close
        • (Routines >> Financial >> YE Closing)
        • Reconciles and Summarizes GL Balances
        • Transfers P&L amounts to Retained Earnings
        • Zeros P&L amounts closing to Retained Earnings
        • Balance Sheet and Unit Account balances brought forward
        • Removes inactive accounts with zero balances
        • Updates 1099 and Finance Charge YTD balances
        • Prints the YE Closing Report

  • Inventory Module
        • Make a backup
        • Post all transactions for the period/year
        • Reconcile inventory quantities
        • Complete a physical inventory count
        • Post adjustments
        • Print Status Reports, etc.
        • Make a backup
        • Close the period/year
        • Make a backup

       

  • Receivables Module
        • Make a backup
        • Post all transactions for the period/year
        • Reconcile receivables amounts
        • Post period/year end adjustments as required
        • Print Trial Balance Reports, etc.
        • Make a backup
        • Run the fiscal/year end closing routine
        • Close the fiscal period/year
        • Make a backup

         

  • Payables Module
    • Make a backup
    • Post all transactions for the period/year
    • Reconcile payables and purchasing amounts
    • Post period/year end adjustments as required
    • Print Trial Balance Reports, etc.
    • 1099 processing….
    •  Pre-1099 Backup
    •  Review/Update 1099 Vendors
    •  Review 1099’s ( www.GreenShades.com for electronic solutions)
    •  Adjust as required
    •  Post-1099 Backup
    • Run the fiscal/year end closing routine
    • Close the fiscal period/year
    • Close the tax year after AR and AP are closed
    • Make a backup

  • Fixed Asset Module
    • Insure AP module is closed first!
    • (Records any potential Fixed Asset Purchases)
    • Confirm the calendar and quarterly setups are correct
    • Make a backup
    • Depreciate all assets through last period
    • Complete the GL Posting Process
    • Produce and Review Year End Reports
    • Create a backup
    • Close the year for your tax book(s)
    • Create a backup

  • General Ledger Module
    • Complete closing procedures for all other modules FIRST.
    • Avoid prior period adjustments!
    • Make a backup
    • Print Trial Balances/Financials for review
    • Close the other modules to prevent posting
    • Post the current period’s final adjusting entries
    • Confirm the account types now! …an account type?
    • Reconcile and Check Links
    • Verify GL Settings
    • Make a backup
    • Print final Detailed Trial Balances and Financials
    • Verify Financial Reports for current year
    • Make a Backup
    • Create the next fiscal/calendar year
    • Check the print settings, paper, pdf writer, etc.
    • Perform the Year End Close
    •  Verify the status of the YE close window
    • Review the YE closing report
    • Check the status of the YE close window
    • Run a Summary Trial Balance to confirm YE close
    • Housekeeping, updates
    •  Budgets
    •  Financial Reports
    •  Statistical Accounts
    •  GL Accounts
    •  Close all modules and GL for prior periods

 

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