Get Your Guide To Year End Closing Procedures For Microsoft ...

This guide provides essential instructions for completing the year-end closing procedures in Microsoft Dynamics GP. By following the outlined steps, users can ensure a smooth transition into the new fiscal year.

Follow the steps to complete your year-end closing efficiently.

1. Press the ‘Get Form’ button to access the document and open it for editing.
2. Complete posting and closing procedures for all other modules, if applicable. Make sure to finish last transactions and any necessary adjustments in modules such as Inventory and Receivables Management.
3. Post all General Ledger transactions for the year, ensuring that any final adjusting entries have been captured correctly.
4. Print an Account List to verify the Posting Type for each account, making sure that Profit and Loss accounts are set to close to Retained Earnings.
5. Optionally, you may close the last fiscal period. Confirm that all transactions are posted before doing so to prevent any errors.
6. Perform File Maintenance on all financial files to ensure data integrity and accuracy.
7. Verify that Maintain History for Accounts and Transactions is marked to keep historical records for future reference.
8. Print a final Detailed Trial Balance reflecting the current balances of all accounts for review.
9. Print all required final financial statements, which may include the Balance Sheet and Profit and Loss Statement.
10. Set up a new fiscal year in the Fiscal Periods Setup to prepare for future transactions.
11. Make a backup of all company data to ensure records are safe and retrievable.
12. Close the fiscal year using the Year-End Closing window, reviewing all necessary settings before proceeding.
13. Optionally, close all fiscal periods for all series to prevent any future posting errors.
14. Adjust budget figures for the new year as needed and print any updated financial statements.
15. Finally, save changes, download, print, or share the final document as necessary.

Complete your year-end closing procedures online now and ensure your records are accurate and up-to-date.