Information about performing the year-end closing procedure in Receivables Management in Microsoft Dynamics GP after December 31

Applies to: Dynamics GP 2010Dynamics GP 2013Microsoft Dynamics GP 2015

INTRODUCTION

This article describes the effects of performing the year-end closing procedure in Receivables Management in Microsoft Dynamics GP after December 31.

MORE INFORMATION

When you post transactions in Microsoft Dynamics GP, the system automatically posts to the correct fiscal year and calendar year according to the dates of the transactions. You can view the amounts of the transactions in the Customer Summary window. To do this, follow these steps:
1. On the Cards menu, click Sales , and then click Summary .
2. Click a customer.
3. Click either Fiscal Year or Calendar Year , and then type the appropriate year or period in the field.
4. Click Calculate .

Notice that the year-end closing routine has not changed because of the Date Sensitive enhancement. Closing the Fiscal Year will affect the Amounts Since Last Close view within the Customer Summary window. To open this window, click Sales on the Cards menu, and then click Summary .

The Date Sensitive enhancement provides the following new options for viewing the data by date:

Three summary views in the Customer Summary window:

• Amounts Since Last Close

• Fiscal Year

• Calendar Year

 

• Viewing enhancements in the RM Sales Analysis window.

• Viewing enhancements in the RM Period Sales Analysis window.

• The Customer Period Summary window. To open this window, click Sales on the Cards menu, click Summary , and then click History .

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EXAMPLE: The following example shows how the year-end closing routine handles a specific transaction dated in the following year if the prior year had not yet been closed:

Note  This sample procedure uses Fabrikam, Inc., the sample company for Microsoft Dynamics GP. This sample assumes that the current open 2019 calendar year has not yet been closed in Receivables Management.

1.

Set the user date in the new year(for testing in Fabrikam). To do this, follow the below step:

• In Microsoft Dynamics GP. click  Microsoft Dynamics GP , and then click User Date .

2. Type 01/01/2020 , and then click OK .
3. Click Transactions , point to Sales , and then click Transaction Entry to open the Receivables Transaction Entry window.
4. Create and then post an invoice. To do this, follow these steps:
a. Under Document Type , click Sales / Invoice .
b. Accept the default value in the Number box.
c. Leave the Batch ID box blank.
d. In the Document Date box, type 01/10/2020 .
e. Click the lookup button next to the Document Date box, and then type 01/10/2020 in the Posting Date box.
f. Click OK .
g. In the Customer ID list, click SINCLAIR0001 .

Note SINCLAIR0001 is a customer in Fabrikam, Inc. that has no posted transactions. If SINCLAIR0001 has posted transactions, click another Customer ID that has no posted transactions.
h. In the Sales box, type $100.00 .
i. Click Post to post the document.
5. On the Cards menu, point to Sales , and then click Summary .
6. In the Customer ID list, click SINCLAIR0001 , and then click Amount Since Last Close in the Summary View list.

Note The $100.00 Sales amount appears in the Year to Date column.
7. Click Close .
8. Close the Sales year: In Microsoft Dynamics GP, point to  Tools on the Microsoft Dynamics GP menu, point to Routines , point to Sales , and then click Year-End Close .
9. Click Process to close the year.
10. On the  Cards menu, point to Sales , and then click Summary to open the Customer Summary window. In the Customer ID list, click SINCLAIR0001 , and then click Amount Since Last Close in the Summary View list.

Note The $100.00 Sales amount now appears in the Last Year  column even though the amount was typed on a document that has a document date and a posting date that are both in the new year. This view is reset at the time you performed the actual close.
11. In the Summary View list, click Calendar View , and then click Calculate . The $100.00 Sales amount appears in the Year-to-Date  column since this view is date-sensitive.

For more information about how to perform the year-end closing routine, click the following article number to view the article in the Microsoft Knowledge Base:

 

857444 Year-end closing procedures for Receivables Management in Microsoft Dynamics GP

 

This article was TechKnowledge document 20542.