Close 2023 Stress Free in GP!
Posted on: December 21, 2023 | By: Page Wildridge | Microsoft Dynamics GP
It’s everyone’s favorite time of year! No, not time for holiday cheer and excitement about the new year. It’s time to close out your General Ledger in Microsoft Dynamics GP! If you are a GP user, the popular on-premise business management tool, the end of 2023 means it’s time to start your closing procedures. In the following blog, we will outline the most important steps to help you remain error free and stress free!
1. The most important step: make a backup!
Before you modify anything, make sure to make a backup! This can help you avoid a lot of stress and worry. If possible, you can even make a test system to help you test your production in the copy before you modify your real, year-end close. Backing up your work ensures you will not mess up your year- end close! Now onto the other (slightly less important) steps:
2. Complete the closing procedures for your other modules
This step is only required if your General Ledger is integrated into your other modules. If it isn’t, move onto step #3. If it is integrated, start by posting your final transactions in every other module except General Ledger. Next, complete the quarter-end and month-end procedures for every other module. Then, finish the year-end procedures in all of the other modules.
3. Post your final adjusting entries in your General Ledger
Your final adjusting entries include the corrections of errors that were made when the transactions were recorded. If you need to adjusting entries to expenses, revenue, or depreciation to the past year, you can use the Quick Journal Entry window or the Transaction Entry window.
4. Verify the settings in the General Ledger Setup window
To maintain your historical records, select the Account and Transactions check boxes under General Ledger Setup. This enables printing financial statements, budgets, detailed trail balanced, and viewing transaction details. Checking these two boxes will update the account and translation history during the year end closing routine.
5. Print your year end financial statements and set up a new fiscal year
Now it is time to print out your financial statements that you need. The most common financial statements include the balance sheet, profit and loss statement, statement of cash flows, and statement of retained earnings. Then go to Dynamics GP→ Tools→ Setup→ Company→ Fiscal Periods to set up the new fiscal year.
6. Close the year!
It’s time to close the year out! Click here for an in-depth list of every step you should follow to close out your ledger.
Next Steps
Logan Consulting is here to help with all of your end of year needs, from consultant help to our year end checklist. Contact us today to speak to an expert.