Microsoft Dynamics GP | Year End Closing Procedures for General Ledger

In order to ensure you have followed the correct closing procedures please read this article from Microsoft with the steps of each procedure, detailed information on each step, and also some frequently asked questions about Year End Closing Procedures.

KB -Year-end closing procedures for General Ledger in Microsoft Dynamics GP

At a glance, this checklist will help you keep on track your closing progress and each step is a link to a more detailed description directly from Microsoft.

  1. Complete the posting procedures and the closing procedures for other modules.
    Note: This step is only required if General Ledger is integrated with other modules.
  2. Post the final adjusting entries in General Ledger.
  3. Print an account list to verify the posting type of each account.
  4. Close the last period of the fiscal year. 
    Note: This step is optional.
  5. Optional: Perform file maintenance on the Financial series group of modules.
  6. Verify the settings in the General Ledger Setup window.
  7. Make a backup.
  8. Print a final Detailed Trial Balance report.
  9. Print the year-end financial statements.
  10. Set up a new fiscal year.
  11. Close the fiscal year.
  12. Close all the fiscal periods for all the series.
    Note: This step is optional.
  13. Adjust the budget figures for the new year, and then print the financial statements.
  14. Make a backup.

After completion of this checklist you should be all set for the new fiscal year.

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