By Ryan McBee
When should the Year End Close be done?
- The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transactions in the new year
- The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the new year
What does the Year End Close Process do?
- The Calendar Year End Close process transfers the 1099 Amount from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window (Cards | Purchasing | Summary | Yearly Button)
- The Fiscal Year End Close Process transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view
What steps should I take to close the year?
- Post all transactions for the current year
- Make sure transactions for the new year are saved, not posted
- Make a backup
- Follow the steps in KB875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”
What are some important points to remember?
- Follow the steps as outlined in KB875169
- As with Receivables, Payables Management is not fully date sensitive, so it is still recommended that you process your year-end closing routines at the actual year end
- 1099 Information will not auto-populate if the transactions were not processed as 1099 transactions at the time of the posting
Information in this blog post is taken from Microsoft Dynamics 2011 Year-End Webinar.