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.
To set up an adjusting period in General Ledger in Microsoft Dynamics GP, follow these steps.
Note Historical periods cannot be changed.
In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Company, and then click Fiscal Periods.
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.
In the Year list, click a year. For example, click 2013.
In the First Day field, type a first day for the fiscal period. For example, type 01/01/2013.
In the Last Day field, type a last day for the fiscal period. For example, type 12/31/2013.
In the Number of Periods field, type the number of periods for the fiscal year. For example, type 13.
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
In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Utilities, point to Financial, and then click Reconcile.
Click to select the Year check box.
Click Reconcile. Microsoft Dynamics GP reconciles the account summary data to the account detail data for all general ledger accounts.