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Year End Closing Checklist for Microsoft Dynamics GP

Year End closing checklist for Microsoft Dynamics- GP
16 Dec

Year End Closing Checklist for Microsoft Dynamics GP

by SMB Suite
in Dynamics GP Long Term Strategy, GP Year End, SMB Blog, Support
Comments

We often get asked about year end closing procedures in Microsoft Dynamics GP (Great Plains), so we’ve put together a check list on the recommended actions and the order to do them in:

 

Close Modules in the following order

 

  1. Payroll (can be closed any time before General Ledger)
  2. Inventory
  3. Receivables Management
  4. Payables Management
  5. Fixed Assets
  6. General Ledger

 

Payroll checklist available separately.

 

Inventory

 

Recommended to close before posting any transactions for the new year.

 

☑ Post all transactions for the current year (year being closed)

☑ Reconcile Inventory quantities

☑ Complete a physical inventory count and post adjustments

☑ Print any additional Reports

☑ Make a backup

☑ Run the Inventory Year End Process

 

For additional information on the steps listed above, please see Year-End Closing in Inventory Control – Dynamics GP | Microsoft Learn

 

Receivables Management

 

Recommended to close before posting any transactions for the new year. This process rolls the Year-to-Date Totals to Last Year Totals.

 

☑ If Inventory is used, perform Inventory Year End Process

☑ Post all transactions for the current year (year being closed)

☑ Make a backup

☑ Run the Receivables Management Year End Process

 

For additional information on the steps listed above, please see Year-end closing procedures for Receivables Management – Dynamics GP | Microsoft Learn

 

Payables Management

Recommended to close before posting any transactions for the new year, especially checks/payments for the new year.

 

☑ If Inventory is used, perform Inventory Year End Process

☑ Post all transactions for the current year (year being closed)

☑ Verify 1099 Amounts and update as necessary

☑ Make a backup

☑ Run the Payables Management Year End Process

 

For additional information on the steps listed above, please see Year-end closing for Payables Management – Dynamics GP | Microsoft Learn

 

Fixed Assets

 

Cannot begin depreciating in new year until current year is closed.

 

☑ Perform Payables Year End Process

☑ Enter all fixed asset transactions for the current fiscal year (year being closed)

☑ Depreciate all assets through the last day of the current fiscal year (year being closed)

☑ Perform the GL Posting

☑ Print any year end reports

☑ Make a backup

☑ Run the Fixed Assets Year End Process

 

For additional information on the steps listed above, please see The year-end closing procedures – Dynamics GP | Microsoft Learn

 

General Ledger

 

☑ Adjusting entries can only be back dated to the first date of the prior fiscal year

☑ Perform Year End Process for all other modules

☑ Post all entries for current year (year being closed)

☑ Verify the posting type of each account (Balance Sheet vs Profit and Loss)

☑ Verify settings in the General Ledger Setup window

☑ Run a Trial Balance for the current year (year being closed)

☑ Make a backup

☑ Set up a new fiscal year

☑ Run the General Ledger Year End Process

☑ Run a Trial Balance for the new year and confirm Beginning Balances.

 

For additional information on the steps listed above, please see Year-end closing procedures for GL – Dynamics GP | Microsoft Learn

 

If you need additional assistance, then get in touch with our support team!

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Steve’s been with SMB Suite since 1998 and has been involved with nearly every aspects of the Company’s business as a strategist, professional services executive, cloud solutions architect, and senior consultant. In his current role, Steve is responsible for SMB Suite’s revenue and oversees the execution of ERP, CRM and BI projects for customers across a broad range of industries. Steve combines his expertise in MS Dynamics GP, CRM and other Microsoft products with a strong foundation in accounting and business to identify gaps and streamline customers’ processes. Prior to co-founding SMB Suite, Steve was previously Corporate Controller for MEHLE Behr and, prior to that, Audit Senior for Ernst & Young. Steve holds a Bachelor of Business Administration degree from the University of Texas at Arlington.

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David is a proven financial and information technology professional with expertise in providing business accounting software and computing solutions. He began his career by starting and managing a successful independent consulting practice for several years. He then launched the local systems consulting unit of Ernst & Young’s Entrepreneurial Services Group, leading the office into the hi-tech consulting arena. After successfully developing the unit for Ernst & Young, David founded NextCorp (which became SMB Suite in 2013) to serve the business software needs of clients throughout the US. David has made SMB Suite one of the best cloud ERP providers in the industry. In addition to being a successful entrepreneur and leader, he is a software and technology specialist, holding certifications in various Microsoft and other technologies.