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Recommended month-end procedures for Open Item customers in Receivables Management in Microsoft Dynamics GP

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This article describes the month-end procedures that are recommended for Open Item customers in Receivables Management in Microsoft Dynamics GP or in Microsoft Business Solutions - Great Plains.

Applies to:   Microsoft Dynamics GP
Original KB number:   865910

The following month-end procedures are recommended for Open Item customers in Receivables Management:

  • Post all transactions for the month.
  • Make a backup of the company database.
  • Print the Unapplied Documents report to determine whether you want to apply all the documents. To print the Unapplied Documents report, point to Reports on the Sales menu, and then click Analysis.
  • Perform the aging routine. To do this, use one of the following steps:
    • In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Sales, and then click Aging.
    • In Microsoft Dynamics GP 9.0 or in Microsoft Business Solutions - Great Plains 8.0, point to Routines on the Tools menu, point to Sales, and then click Aging.
  • Reconcile Receivables Management to the general ledger. To do this, use one of the following steps:
    • In Microsoft Dynamics GP 10.0, perform the "Reconcile to GL" process for Receivables Management. The "Reconcile to GL" process generates a Microsoft Office Excel spreadsheet that can be used to match transactions in Receivables Management that have been posted to General Ledger. To open the "Reconcile to GL" window, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Financial, and then click Reconcile to GL.
    • In Microsoft Dynamics GP 9.0 or in Microsoft Business Solutions - Great Plains 8.0, print the Historical Aged Trial Balance report. To do this, click Reports, point to Sales, and then click Trial Balance.
  • Assess finance charges. To do this, use one of the following steps:
    • In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Sales, and then click Finance Charge.
    • In Microsoft Dynamics GP 9.0 or in Microsoft Business Solutions - Great Plains 8.0, point to Routines on the Tools menu, point to Sales, and then click Finance Charge.
  • Post the finance charge batches. To do this, point to Sales on the Transactions menu, and then click Series Post.
  • Print statements. To do this, use one of the following steps:
    • In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Sales, and then click Statements.
    • In Microsoft Dynamics GP 9.0 or in Microsoft Business Solutions - Great Plains 8.0, point to Routines on the Tools menu, point to Sales, and then click Statements.
  • Transfer commissions. To do this, use one of the following steps:
    • In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Sales, and then click Transfer Commission.
    • In Microsoft Dynamics GP 9.0 or in Microsoft Business Solutions - Great Plains 8.0, point to Routines on the Tools menu, point to Sales, and then click Transfer Commission.
  • Write off any outstanding credit amount balances or any outstanding debit amount balances in the Write Off Documents window. To do this, use one of the following steps:
    • In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Sales, and then click Write Off Documents.
    • In Microsoft Dynamics GP 9.0 or in Microsoft Business Solutions - Great Plains 8.0, point to Routines on the Tools menu, point to Sales, and then click Write Off Documents.
  • In the Paid Sales Transaction Removal window, remove fully applied transactions. To do this, use one of the following steps:
    • In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Sales, and then click Paid Transaction Removal.
    • In Microsoft Dynamics GP 9.0 or in Microsoft Business Solutions - Great Plains 8.0, point to Routines on the Tools menu, point to Sales, and then click Paid Transaction Removal.
  • (Optional) Print month-end reports. Month-end reports may include the following reports:
    • Receivables Transactions
    • Period Sales Analysis
    • Tax Period
  • (Optional) In the Fiscal Period Setup window, close the fiscal periods for the Sales series. To do this, use one of the following steps:
    • In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Company, and then click Fiscal Periods.
    • In Microsoft Dynamics GP 9.0 or in Microsoft Business Solutions - Great Plains 8.0, point to Setup on the Tools menu, point to Company, and then click Fiscal Periods.

References

  • 856577 Month-end procedures for Open Item customers in Receivables Management and in Project Accounting

  • 857019 Month-end procedures for Balance Forward customers