Three Year-End Close Process Enhancements in Dynamics GP 2013

By Ryan McBeeGeneral Ledger, With 0 comments

1.  The first change is that the Unit Account window under Cards>>Financial now has a new checkbox, “Clear Balance During Year-End Close.”  The user now has control of how the unit accounts are treated during the Year-End Close. You can decide whether or not you want the beginning balance brought forward during the Year-End Close.

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2.   The second new changes allows you to control how the Unit Accounts are treated during closing process.  In previous versions of GP the beginning balances were always brought forward for all Unit Accounts during the Year-End Close process.  By checking the box it will not bring the balance forward but clear it.  Leaving the box unmarked will allow for the beginning balance to be brought forward.

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3.  Lastly, a progress bar has also been added to the Year-End Close to show you the stage you are in during the Year-End Close process.

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The seven steps of the year-end close process within Dynamics GP are the following;

Step 1 – Transactions and the retained earnings account are verified.

Step 2 – Account balances are verified.

Step 3 – Fiscal year information is verified. Posting numbers and transactions are reconciled.

Step 4 – Beginning balances brought forward and retaining earnings are created and distributions are moved to history.

Step 5 – The divisional retained earnings account is closed.

Step 6 – Posting numbers used during the year-end close are updated.

Step 7 – The previous year is removed from the account summary.