Payables, Reveivables and Inventory – Year End Closing Procedures for Microsoft Dynamics GP

This post describes the recommended year-end closing procedures for Payables Management, Receivables Management and Inventory modules in Microsoft Dynamics GP.

Payables Year End Closing

Payables Management master year-end closing checklist
Payables Management calendar year-end closing checklist
Payables Management fiscal year-end closing checklist
Detailed information for each step in the year-end checklist

  1. Post all transactions for the year
  2. Print the Aged Trial Balance with Options report
  3. Print the Vendor Period Analysis report
  4. Install the Payroll year-end update (optional)
  5. Make a backup that is named “Pre-1099 Edits”
  6. Verify the 1099 information and edit it if it is required
  7. Print the 1099 statements
  8. Make a backup that is named “Pre Year-End”
  9. Close the year
  10. Close the fiscal periods
  11. Close the tax year
  12. Make a backup that is named “Post Year-End”

Receivables Year End Closing

Year-end closing checklist

  1. Post all the sales and receivables transactions for the year
  2. Make a pre-year-end closing backup
  3. Close the year
  4. Close the fiscal periods (This step is optional)
  5.  Close the tax year
  6. Make a post-year-end closing backup

Year-to-date finance charges on customer statements for December and for January

Inventory Year End Closing

  1. Post all transactions for the year
  2. Reconcile inventory quantities
  3. Complete a physical inventory count, and then post any adjustments
  4. Print additional reports
  5. Make a backup
  6. Close the year
  7. Close the fiscal periods for the Inventory series (optional)
  8. Make a final backup

Next post contains the year end closing procedures for the modules Fixed asset, Payroll and General Ledger.

Hope this helps!!!

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