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Microsoft Dynamics GP Year End Release 2011 – Payables Management Year End Close

  • Articolo

Below you will find some tips to help ensure that your Payables Management Year End Close process goes smoothly for you!

When should the Year End Close for Payables Management be done?

1. If you are using Calendar year, the year end process should be done at the end of the Calendar year prior to posting any transactions in the new Calendar year.

2. For users on a Fiscal year, the year end process should be done at the end of the Fiscal year prior to posting any transactions in the new Fiscal year.

 

What does the Year End Close Process do and /or affect?

1. The Calendar year end close process transfers the 1099 Amount from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window, found under (Cards – Purchasing – Summary – Yearly Button).

2. The Fiscal year end close process transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view, also found under (Cards – Purchasing – Summary – Yearly Button).

 

What steps should I take to close the year?

Post all transactions for the current year and make sure that transactions for the new year are saved, not posted.  After verifying those steps, make a backup of your company database and follow the steps in KB875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”.

 

Key points to remember:

1. Follow the steps outlined in KB875169 and always make a restorable backup when it is recommended.

2. As with Receivables Management, Payables Management is not fully date sensitive, so it is still recommended that you process your year end closing routines at the actual year end, otherwise some areas in GP will contain incorrect information.

3. 1099 Information will not auto-populate if the transactions were not processed as 1099 transactions at the time of the posting.

 

Assistance for Payables Management Year End Close

Microsoft Dynamics GP Blog - blogs.msdn.com/b/dynamicsgp/
Microsoft Dynamics Community - https://community.dynamics.com/product/GP/default.aspx
Microsoft Dynamics Support - https://mbs.microsoft.com/support/newstart.aspx

If you are creating a case with the Technical Support Team, please refer to the routing below to ensure you are routed to the correct Professional for assistance.

Assistance with the Payables Management Year End Close
--Support Topic Selection: Financial - Payables Management
---Sub-topic Selection: Period / Year End Close

 

Resources

Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP
https://mbs.microsoft.com/knowledgebase/KBDisplay.aspx?scid=kb;EN-US;875169

****New for the 2011 year, there is a Year-End Video!!!!****
Check it out....SO COOL!
www.microsoft.com/showcase/en/us/details/91697dc7-4926-4144-8626-ca0eb8e284da

Be sure to check back to the Year-End Schedule post for current posted blogs and upcoming blog posts related to Year-End Closing for Dynamics GP.

Good luck and have a great Year-End!

Brian W.

Comments

  • Anonymous
    December 05, 2011
    See the following post for a list of all the related Year End articles: blogs.msdn.com/.../2011-us-payroll-year-end-updates-for-gp-10-and-gp-2010-are-now-available.aspx

  • Anonymous
    December 13, 2011
    I notice that in microsoft's instructions for closing receivables management(KB857444) and payables management (KB875169) - both instructions say to 'Close the tax year' by going to MS Dynamics-->Routines-->Company-->Tax Year-End Close.  Do I actually do this twice? once during the receivables management close and then again during the payables management close?

  • Anonymous
    December 13, 2011
    Hi Joe, Great Question.  You only need to run the Tax Year-End Close routine once, but only after you have completed both the Receivables & Payables Management Year End closing procedures.  So, complete both the RM & PM Year End Close procedures, then proceed with the Tax Year-End Close rountine.  Thanks.

  • Anonymous
    December 30, 2011
    Help! I need to issue checks dated January 2, 2012 but not ready to close 2011 yet. Is it ok to change the system date to 1/2/2012 and print checks - processing later - when I'm getting an error message that says, "fiscal period for the posting date does not exist?"

  • Anonymous
    January 02, 2012
    Hi Katherine, We do ask that you only post comments relating to the topic of this page and not requests for technical assistance. You issue appears to be more of a technical support break/fix issue. If you wish to ask a technical question, please submit your inquiry to the Community Forums. If you ask on the Community Forums (community.dynamics.com/.../default.aspx), others in the community can respond and the answers are available for everyone in the future. Your other option for technical support questions is to enter a support request. Thank you for understanding.