Closing current month, current year modules before closing Prior Year

Closing current month, current year modules before closing Prior YearFollow
Andrew Clifton
Andrew CliftonMar 24, 2023 11:31 AM
Greetings! My company is currently held up closing FY 2022, but we still want to make progress in 2023. …
1. Closing current month, current year modules before closing Prior Year

Andrew Clifton
Posted Mar 24, 2023 11:31 AM
Greetings!

My company is currently held up closing FY 2022, but we still want to make progress in 2023. Are there any potential setbacks if we proceed with running certain functions in 2023? A couple specific areas include bank reconciliations and running depreciation of fixed assets.

Thanks,

Andrew Clifton

KSE

Denver, CO

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Andrew Clifton
Kroenke Sports & Entertainment
Denver CO
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2. RE: Closing current month, current year modules before closing Prior Year

GOLD CONTRIBUTOR
Kerry Hataley
Posted Mar 27, 2023 08:43 AM
Edited by Kerry Hataley Mar 27, 2023 08:46 AM
Remember to use the NEW DCI Dynamics GP site.

Effective April, this site will no longer be functional…

https://dynamicscommunities.com/community/groups/dynamicsgp/forum/dynamicsgp/

Thank You — Kerry Hataley

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Kerry Hataley
Nanook Software, Inc

DCI Dynamics GP Community Manager

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3. RE: Closing current month, current year modules before closing Prior Year

TOP CONTRIBUTOR
Nancy Edwards
Posted Mar 27, 2023 09:23 AM
Hi Andrew,

Not an expert here, so might be stating the obvious when you need expert help, but here goes anyway (plus I just needed to help one last person on this amazing website)

We wrap everything up except for the accountant’s journal entries-which can be March before we receive them. Before we run the year end closing process in the financial model (which has to be the last module we close), we go into GP/Tools/Setup/Financials/General Ledger and ensure the Allow Posting to History Box is checked.

This allows us to close the module but allows the accountant’s journal entries to be entered and GP will automatically update the Retained Earnings account when those entries are made.

Then we can proceed with January and February entries, bank recs, fixed assets, etc. and just know that once the prior year is completely closed we will need to re-run our monthly balance sheets again.

If you are being held up for more than the accountant adjustments, I’m not sure what the answer is but hope an expert is able to help.

Good luck!

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Nancy Edwards
Director of Operations
H&W Computer Systems, Inc
Boise ID
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4. RE: Closing current month, current year modules before closing Prior Year

TOP CONTRIBUTOR
Nancy Edwards
Posted Mar 28, 2023 10:16 AM | view attached
Hi Andrew, responding to your email here since the link to respond to you is not working.

I don’t know the answer to your question but I searched this site and found @ShawnMDorward’s Don’t let Year End be a Pain in your Rear End! Year End Prep and Closing presentation. I hope it will answer a lot of your questions.

I think this link will work, but if not I also uploaded the file to this post (hope one of them works).

Don’t let Year End be a Pain in your Rear End! Year End Prep and Closing (higherlogicdownload.s3-external-1.amazonaws.com)

Shawn’s contact information is also in the slides and he has an amazing wealth of information and a teacher’s heart, so he might be able to help you or direct you to someone who can.

I don’t think I will be very much more help for you, but I’m willing to try. nedwards@hwcs.com

Good luck!

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Nancy Edwards
Director of Operations
H&W Computer Systems, Inc
Boise ID
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Attachment(s)

pdfYear End Processing 2018 – Publish.pdf