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How to set up an adjusting period in General Ledger in Microsoft Dynamics GP

 This article describes how to set up an adjusting period to record adjustments that are posted to the general ledger after the year-end close process has been performed. This article describes how to do this in General Ledger in Microsoft Dynamics GP. 

The adjusting period that you set up should meet the following conditions:
  • The adjusting period should start on the last day of the fiscal year.
  • The adjusting period should not overlap any other period dates.
More information
To set up an adjusting period in General Ledger in Microsoft Dynamics GP, follow these steps.

Note Historical periods cannot be changed.
  1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Company, and then click Fiscal Periods.
  2. Set up each fiscal period. To do this, see the steps in the following example.

    Note This example assumes that the fiscal year starts on January 1 and ends on December 31 and that the fiscal year has a 13th adjusting period.
    1. In the Year list, click a year. For example, click 2013.
    2. In the First Day field, type a first day for the fiscal period. For example, type 01/01/2013.
    3. In the Last Day field, type a last day for the fiscal period. For example, type 12/31/2013.
    4. In the Number of Periods field, type the number of periods for the fiscal year. For example, type 13.
    5. Click Calculate.
    6. If it is necessary, adjust the start dates of the periods. In this example, type dates in the Date column beside the corresponding entry in the Period Name column as indicated in the following list:
      • Period 1: 01/01/2013
      • Period 2: 02/01/2013
      • Period 3: 03/01/2013
      • Period 4: 04/01/2013
      • Period 5: 05/01/2013
      • Period 6: 06/01/2013
      • Period 7: 07/01/2013
      • Period 8: 08/01/2013
      • Period 9: 09/01/2013
      • Period 10: 10/01/2013
      • Period 11: 11/01/2013
      • Period 12: 12/01/2013
      • Period 13: 12/31/2013
  3. Click OK.
  4. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Utilities, point to Financial, and then click Reconcile.
  5. Click to select the Year check box.
  6. Click Reconcile. Microsoft Dynamics GP reconciles the account summary data to the account detail data for all general ledger accounts.
year-end GL YE

Article ID: 871679 - Last Review: 10/28/2013 18:39:00 - Revision: 5.0

  • Microsoft Dynamics GP 2013
  • Microsoft Dynamics GP 2010
  • Microsoft Dynamics GP 10.0
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