Receive valuable tips and learn about resources to help get your Microsoft Dynamics GP year-end processes done quickly & painlessly.

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Year-End Close Process for GP
Bryan Smith

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Overview
• The best practice is to complete close processes
prior to starting the next reporting period
• The processes are usually located under the
“Routines” menu group in each functional area
• Always make a backup (or verify the backups with
your IT department) prior to closing and
immediately after closing
• If you need assistance with any of these steps,
please let us know. Microsoft also has good
documentation on all of these processes.

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Dynamics GP
• Must close all sub-ledgers prior to closing
General Ledger (In following order)
– Inventory
– Receivables
– Payables
– Fixed Assets
– Analytical Accounting (if on an older version - GP
10.0 SP2 and before)
– Payroll

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Inventory
• The close transfers all summarized current-year quantity (cost and sales
amounts) to history for items for which you have been keeping a
summarized Sales History. The Quantity Sold field for each item is set to
zero. The close also updates the amount in each item's Beginning Quantity
field to the Quantity on Hand field at each site.
• It optionally cleans up discontinued items and lot attributes for items that
have been completely sold.
• Must be done before any Transactions in the new year have been posted
• Year-End Close is Optional for this module
• Before closing the year in Inventory, be sure that all Invoicing, Sales Order
Processing and Inventory transactions for the current year have been
posted.
• No Year-End Closing Report
• Close the Fiscal Periods for Inventory to ensure transactions are not
posted to prior periods

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Receivables
• Items Updated by Close
– Smartlist Objects
– Summary Reports
– Amounts Since Last Close View
• Recommended to close year before posting
transactions in the new year (Not Possible all the time)
• Be sure you have posted all sales and receivables
transactions for the current year
• Be sure your customer trial balance reconciles
• Once Closed also close the Fiscal Periods for Sales to
ensure transactions are not posted to prior periods

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Payables
• Similar to Receivables
– Amounts Since Last Close
– Smartlist Objects
– Vendor Summary Reports
• Recommended to close prior to entering transactions
(Not always possible)
• Be sure to post all transactions for the current year
before you close.
• Be sure your vendor trial balance reconciles
• Once Closed also close the Fiscal Periods for Purchasing
to ensure transactions are not posted to prior periods

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Payables – 1099s
• 1099s can be printed manually or filed
through Greenshades
• Be sure vendor setup is done correctly prior to
first invoice/check (Always get a W-9)
• You can manually edit 1099 amounts if
needed (Purchasing->Cards->1099 Details)
• Print option is under Routines

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Fixed Assets
• Must Close Payables First
• Post any additions, changes, transfers,
retirements and all depreciation for the
current year
• Complete any GL Posting prior to closing
• Run Year End Reports prior to closing and be
sure they reconcile to GL

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Analytical Accounting
• There is no separate Year-End Process for AA
for versions later than GP 10 SP 2
• The first time you close GL on a version higher
than GP 10.0 SP2 or higher, you will be
prompted to move AA data to history before
the system will allow you to close the year.
• If this is your first time closing with AA, verify
the settings in the AA Options window.

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Payroll
• Payroll Update needs to be run before running
first payroll of the new year
– This can be done prior to closing General Ledger
– Similar to applying a service pack
– Close will create a Year-End File. This is used to
create W-2’s. These can be run manually or filed
through Greenshades
• Allow extra time to test first payroll of year

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Payroll – W2s
• Be sure you have installed the latest 2016 Payroll
Tax Update
• Complete all pay runs and postings for the
current year
• Complete all month, period and quarter-end
procedures for the current year
• Install the Year-End Update
• Create and Verify the Year-End file
• Install any Payroll Tax updates for 2017
• Close fiscal periods for the payroll series

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General Ledger
• Close Process rolls Balance Sheet balances forward and
moves Income Statement to Retained Earnings
• Make sure accounts are setup correctly prior to
running
• Be sure to verify the settings in the GL Setup window
• Be careful of deleting inactive accounts if the client
uses Payroll
• Make sure to save the year-end close report
• Close the Fiscal Periods to ensure transactions are not
posted to prior periods

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Questions
Bryan Smith
bsmith@trinsoft.com
859.252.6225 X1005
Tara Cox
tcox@trinsoft.com
859.252.6225 X1017