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Tips from a Consultant:
End of Financial Year
With the End of Financial Year drawing ever closer, our Microsoft Dynamics GP consultants wanted to give you some quick tips to help make the process easier, as well as answering some of your frequently asked questions.
Dynamics GP End of Financial Year preparation:
- Post any transactions and batches relating to the year that will be closed.
- Print an account list to verify the posting type of each account, i.e. Balance Sheet or Loss. The incorrect posting type affects value of the retained earnings.
- Verify the settings, particularly the retained earnings account in the GL setup window.
- Print key financial reports.
- Setup a new fiscal year.
- Close all the fiscal periods for all the series (Inventory, Sale, Purchasing). Optional.
- Make a full Dynamics GP database backup.
Dynamics GP End of Financial Year process sequence:
- Inventory EOFY is to be run first.
- Receivables and then Payables to follow.
- Fixed Asset (FA) module is recommended to run after Payables module.
- GL must be the last module to run EOFY process.
- Note: if you are not using Inventory, Receivables, Payables, or Fixed Assets, you do not need to run the EOFY process on them.
Frequently Asked Questions:
Is Year End per company, or done once for all databases?
Year End is per company database.
Do users need to be out of the company database during the Year End close?
No. Users can remain in the company database, but it is recommended that no transactions are posted during the process, especially if they relate to the year that is being closed.
How long does Year End take?
This all depends on volume of data and modules used. It can range from 5 minutes for a database with 1,000 transactions per year, to 8 hours for a database with millions of transactions per year.
Can Year End be reversed?
For Inventory, Payables, Receivables, and Fixed Assets: no. GL Year End can be reversed for anyone on GP2013 R2 or higher.
Who can perform the Year End?
It is recommended that a user who is assigned a POWERUSER security role in Dynamics GP performs the Year End to prevent errors with printing reports or accessing required windows.
Can I run Year End myself or do I need PA’s assistance?
You can be self-sufficient on Year End if you have the availability to complete the task, and have the means to request or run backups and restore them. We recommend you enlist PA’s assistance if you are using Analytical Accounting.
Do I need to do anything after the Year End?
No compulsory steps. We recommend you run your financial reports to confirm retained earnings and balance sheet balance brought forward amounts are updated.