By Ryan McBee
When should the close be done?
- The Inventory module should be closed at the end of your Fiscal year, before any new transactions that would affect inventory quantities are posted.
What does the year end close process do and/or affect?
- Transfers all summarized current-year Quantity, Cost and Sales amounts to last-year for the Items for which you have been keeping summarized Sales History
- Updates each Item’s Beginning Quantity from the Quantity on Hand at each site
- Zeroes the Quantity Sold field in the Item Quantities Maintenance (Cards – Inventory – Quantities/Sites) for each Site
- Gives you the option to: Remove Discontinued Items, Remove Sold Receipts, Remove Sold Lot Attributes, and Update Item’s Standard Cost
What step should I take to close the year?
- Enter and post all Purchase Order Processing, Invoicing/Sales Order Processing, and Inventory transactions for the current year
- Follow the rest of the steps outlined in KB872713: “Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP”
What are some of the key points to remember?
- Make restorable backups when recommended in KB872713
- If you are using Sales Order Processing and/or Purchase Order Processing, reconcile these modules in addition to the Inventory module prior to closing
- Reconcile Order: SOP, POP, and then Inventory
- If you are using Dynamics GP 2010 or Dynamics GP 10.0 SP2 or later, year-end may be an opportune time to implement the Historical Inventory Trial Balance (HITB) report
What are some of the related KnowledgeBase articles that can be referenced?
- KB872713:“Inventory year-end closing procedures in Microsoft Great Plains Inventory Control ”
- KB864622: “Order in Which Reconcile Should be Run for the Distribution Series”
- KB855316: “Inventory Accidentally Closed Twice”
- KB872182: “Inventory year end close does not remove discontinued items”
Information in this blog post is taken from Microsoft Dynamics 2011 Year-End Webinar.