Microsoft Dynamics GP General Ledger ~ What you need to know before year end 2011

By Tracey BrinkmanGeneral Ledger, Microsoft Dynamics GP, , With 0 comments

By Ryan McBee
When should the Year End Close be done?

  • The General Ledger Year End Close should be done after you have completed your Year End closings for all other modules
  • Those other modules should be closed in the following order:
  • Inventory
  • Receivables
  • Payables
  • Fixed Assets

 

What does the Year End Close process do?

  • The year-end close process closes all Profit and Loss accounts out to Retained Earnings, leaving the P&L accounts with a zero balance at the beginning of the new year
  • All Balance Sheet accounts are updated with the beginning balance in the new year which will be the same as the ending balance from the year you are closing
  • The Retained earnings account(s) are updated with the amount from all P&L accounts if you close to one Retained Earnings account, or with the amount from the P&L accounts in that division if you close to divisional Retained      Earnings

What does the Year End Close process do?

  • The Retained Earnings accounts are the only Balance Sheet accounts that should have a different beginning      balance than the ending balance from the year that you are closing
  • The year-end close routine moves all open year transactions from the GL20000 table to the GL30000 table
  • The Fiscal Period tables are updated to mark the year that you are closing as historical

What steps should I take to close the year?

  • Follow the steps in KB888003: “Year-end closing procedures for General Ledger in Microsoft Dynamics GP”
  • FAQ section covers most common YEC Issues
  • Non-Multicurrency YEC report may have issue

What are some important points to remember?

  • Remember to make restorable backups as needed and follow ALL the steps in KB888003 
  • Make sure that you have enough free space on the server to allow for the GL20000 table to double in size
  • Perform the Year End Close at the server
  • Have all other users out of  Dynamics GP when you perform the year end close
  • The year-end close routine does appear to hang at 50%, but it is still processing, so let it run

What are some of the related KnowledgeBase articles that can be referenced?

  • KB871679: “How to set up an adjusting period”
  • KB850615: “How to use divisional retained earnings accounts”
  • KB864913: “Changing the posting type on an account after you      close the year”
  • KB850741: “ Retained Earnings account not found”
  • KB857582: “Query to clear beginning balances for unit      accounts”
  • KB856550: “General Ledger year end close still in process and      batches cannot be posted”

Information in this blog post is taken from Microsoft Dynamics 2011 Year-End Webinar.