It is the end of 2020! Regardless of your company’s actual year end, fiscal or calendar, Year End ‘to-do’ tasks are on many minds.
Time-sensitive year end closes are Payroll and Inventory related; the Year End close for your General Ledger is less so. The Year End process for the General Ledger updates the Beginning Balances for the new year and can be run at any time. If you need to make an adjustment to the most recently closed year, you can do so, and GP will update those Beginning Balances. A year end close for the Sales and Purchasing modules is optional.
Microsoft has published clear and detailed Year End instructions for each module in GP. Below is a summary of those instructions as well as the link to Microsoft’s go-to Knowledge Base article on Year End.
Post final transactions in all the modules except in General Ledger.
Complete the month-end procedure and the quarter-end procedure for all the modules except for General Ledger.
Complete the year-end closing procedures for each module in the following order:
1. Inventory -872713 Year-End Closing procedures in Inventory Control in Microsoft Dynamics GP.
2. Receivables Management -857444 Year-end closing procedures for Receivables Management in Microsoft Dynamics GP.
3. Payables Management- 875169 Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP.
4. Fixed Asset Management- 865653 The year-end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP.
5. Analytical Accounting- Please review KB 960356 to make sure you have properly marked the dimensions that you want to be consolidated during the year-end process. Please note that there is no separate year-end process that needs to be run in the Analytical Accounting module. When the year-end close process is run for General Ledger, it will automatically consolidate the balances and move the transactions in Analytical Accounting for dimensions that were properly marked. We encourage you to ensure your AA data matches GL data by executing the scripts in KB 2910626 before closing the GL year. 960356 The year-end close procedures for Analytical Accounting in Microsoft Dynamics GP.
**IMPORTANT NOTE: If using AA with Microsoft Dynamics GP 2016, you should be 16.00.0675 or higher before closing the GL year!!!! See Step 9 in KB 960356 for further details.
6. Payroll– US and Canada- Year-end procedures for Payroll are independent of the procedures in other modules. These procedures are always performed at the end of the calendar year.
US Payroll Year End US 2020 - Year-end closing procedures for Microsoft Dynamics GP Payroll.
Canadian Payroll Year End– The Canadian Year End Closing Procedures will be updated by Microsoft soon, please continue to check the web page noted. Microsoft has posted the following information:
Changes will be made to allow users to key in amounts in the T4 Other window for the following COVID-19 information: Code 57, Code 58, Code 59 and Code 60 Microsoft Dynamics GP will not calculate these amounts, just allow users to enter them in the Payroll Other T4 Information. Once populated they will be included in the XML.
Target release mid-December 2020
In addition to the above knowledge base articles, the GP community has an excellent Year End blog full of tips and other resource links. GP 2020 Year End Blog series Please be sure to visit the Blog.
For all your GP 2019 year-end questions, contact one of our expert consultants today.