This document provides guidance on year-end closing procedures for various Microsoft Dynamics GP modules. It discusses closing receivables, payables, inventory, fixed assets, analytical accounting, and the general ledger. It also addresses payroll year-end closing for US and Canadian versions. Knowledge base articles and additional resources are referenced for each module.

1. “Fixed Price, Guaranteed Results”
2016Year-End
Close Procedures

2. Introduction
Aaron Samuel
Business Consultant
Kathleen Wong

3. AboutTGO Consulting
We are proven financial systems
specialists, delivering guaranteed
solutions at a fixed price, focused
on the office of the CFO.

4. Agenda
 Current GP Version
 Receivables Management
 Payables Management
 Inventory Control
 Fixed Assets
 Analytical Accounting
 General Ledger
 Payroll
 Management Reporter

5. PlanYour Upgrades!
 Another year has passed, another version of GP has
been released!

6. When to Close?
 The most common question is when should
you close the year in GP?
1. When all Sales Invoices have been delivered
2. Product has been received
3. Payables Invoices have been entered

7. Year-End Preparations
 Preparing to close GP:
 Make sure all batches are posted in GP
 Process al sales invoices for the fiscal year
 Enter any payables invoices to be recognized in
the current fiscal
 Balance Receive any outstanding PO’s where
product has been delivered in the current fiscal

8. Receivables Management (Sales)

9. Receivables ManagementYear-
End
 What steps should I take to close the year?
 Run the unapplied Documents Report (Sales >>
Reports >> Analysis >> Unapplied Documents)
 Age your Receivables (Sales >> Routines >> Aging)
 Apply any Finance Changes (Sales >> Routines >>
Finance Charges)
 Paid Transactions Removal (Sales >> Routines >>
Paid Transactions Removal)
 Write Off Documents (Sales >> Routines >> Write Off
Documents)
 Balance Subledger to GL (Historical Aged Trial
Balance)
 Receivables Year-End Close (Sales >> Routines >>
Year-End Close)

10. Receivables ManagementYear-
End
 What are some of the related KnowledgeBase
articles that can be referenced?
 KB 857444: “Year-end closing procedures for
Receivables Management in Microsoft Dynamics GP”
 KB 856865: “Removing outdated statement runs
from the Reprint Statements Window”

11. Payables Management

12. Payables ManagementYear-End
 What steps should I take to close the year?
 Balance your Subledger to General Ledger
(Historical Aged Trial Balance)
 Close Year-End (Payables >> Routines >> Year-End
Close)

13. Payables ManagementYear-End
 What are some important points to remember?
 Follow the steps as outlined in KB 875169
 Payables Management is not fully data-sensitive, so
it is still recommended that you process your year-
end closing routines at the actual year-end
 1099 Information will not auto-populate if the
transactions were not processed as 1099
transactions at the time of the posting
 Use KB 918536 to correct this
 Use 1099 Details window to edit 1099 amounts
individually (Cards | Purchasing | 1099 Details)

14. Inventory Closing

15. Inventory ControlYear-End
 What steps should I take to close the year?
 Do a stock count and enter adjustments
 This process is quite involved (See help or Microsoft
Knowledge base to complete)
 Run any Analysis Reports
 Close the year (Inventory >> Routines >> Year-End
Close)

16. Inventory ControlYear-End
 What are some of the key points to remember?
 Make restorable backups when recommended in KB
872713
 If you are using Sales Order Processing and/or
Purchase Order Processing, reconcile these modules
in addition to the inventory module prior to closing
 Reconcile Order: SOP, POP, and then inventory

17. Fixed AssetsYear-End Close

18. Fixed AssetsYear-End Close
 When should the Fixed Assets Year-End Close
be done?
 After you close Payables Management
 Before you close the General Ledger
 You can close each book separately, but you must
close all books before you can do any processing in
Fixed Assets for the new year

19. Fixed AssetsYear-End Close
 What steps should I take to close the year?
 You must depreciate all assets through the last day
of the current FA year before you close the year
 Print all the reports that you will need for the year
you are closing
 Make a backup
 Close Fixed Assets Year-End (Financial >> Routines
>> Fixed Assets Year-End Close)

20. Analytical AccountingYear-End
Close
 Analytical Accounting data closes with General
Ledger
 Review the KB article if you encounter the
following Error Message: “You must run the
consolidate transactions and transfer detail to
history utility for closed years to recreate the
Analytical Accounting Balances Brought
Forward.”
 Follow the steps in KB 960356: “The year-end
close procedures for Analytical Accounting”

21. General LedgerYear-End Close

22. General LedgerYear-End Close
 What does the Year-End Close process do?
 The year-end close routine moves all open-year
transactions from the GL20000 table to the
GL30000 table
 Balance brought forward journal entries are
created in the GL20000
 The Fiscal Period tables are updated to mark the
year that you are closing as historical
 Inactive GL Accounts can be removed
 Unit Accounts may be cleared out to 0 for the new
year
 Moves AA data to history and creates BBF entries on
dimensions

23. General LedgerYear-End Close
 What steps should I take to close the year?
 Post All Batches
 Verify the Retained Earnings Account is set-up
correctly (Financial >> Setup >> General Ledger)
 Run SmartList of Account Type and validate
Accounts are set-up as required (Balance Sheet vs.
Profit and Loss)
 Close the Year-End (Financial >> Routines >> Year-
End Close) All users must be out of GP company
 Lock Fiscal periods (Administration >> Setup >>
Company >> Fiscal Periods)

24. Common Issues
 Review account posting types!
 Perform test-run of the GL close on a test
company first
 Allow the year-end close process to run
 Close the Close Year button only once
 You cannot reopen a year once it has been
closed, Microsoft does not support this (unless
you’re on GP2013 R2 or GP2015)
 YEC report cannot be reprinted

25. Reverse HistoricalYear
 What are some important points to remember?
 Back-up before attempting
 No users should be logged in Dynamics GP
 Reverse the most recent historical year first
 Process will delete balance brought forward
amounts in balance sheet accounts, not voided
 Historical Analytical Accounting details are deleted
from the history tables, and moved to open tables
 Account summary balances (history and open) will
be recalculated

26. General LedgerYear-End Close
 What are some of the related KnowledgeBase articles
that can be referenced?
 KB 871679: “How to set up an adjusting period”
 KB 850615: “How to use divisional retained earnings accounts”
 KB 864913: “Changing the posting type on an account after
you close the year”
 KB 850741: “ Retained Earnings account not found”
 KB 857582: “Query to clear beginning balances for unit
accounts”
 KB 856550: “General Ledger year end close still in process and
batches cannot be posted”
 KB 2452542: “Inactive GL Accounts deleted during Year-End
Close process for General Ledger”

27. US PayrollYear-End Closing
 Supported Versions
 Dynamics GP 2013
 Dynamics GP 2015
 Release Dates
 2015 Year-End Update – Released Nov. 20, 2015
 2016 Tax Update (Round 1) – Approx. Dec. 21, 2015
 2016 Tax Update (Round 2) – Mid-Jan. 2016

28. Canadian Payroll
 What steps should I take to close the year?
 Complete all pay runs for 2016
 Take a back-up
 Install the 2016 Canadian Year-End update
 Complete the “Year-End File Reset” process
 Take a back-up
 Create and print the T4, T4A, and RL-1 reports
 Verify that pay periods are set correctly in 2017

29. Management Reporter
 Management Reporter CU16
 Released May 3rd, 2016
 When did you install MR? Is it time to upgrade?
 Last update on MR
 Improved Web operations

30. Additional Resources
 Microsoft Dynamics Community Blog
https://community.dynamics.com/product/gp/gptechnic
al/b/dynamicsgp/default.aspx
 Year-End Close Blog
https://community.dynamics.com/gp/b/dynamicsgp/arch
ive/2015/10/08/dynamicsgpye2015

31. Additional Resources
 Knowledge Base
https://mbs.microsoft.com/knowledgebase/search.aspx
 Microsoft Dynamics Support
https://mbs.microsoft.com/support/newstart.aspx
 Microsoft Dynamics Community
https://community.dynamics.com/product/GP/default.as
px

32. Tools that can help

33. Additional Questions
 Dynamics Support
https://mbs2.microsoft.com/Support/newstart.aspx?r=187&l=5
 TGO Support
support@tgo.ca

34. Contact Us
Optimize your Year End Processes
and Plan for the Year Ahead
905 470 6830
1 866 239 1113
info@TGO.ca
www.TGO.ca