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This blog is part 1 of 2 where we will walk through a step-by-step of how to complete the prep for Year-End closings for companies using Calendar Year-end. There are four modules that come into effect during the year end process.

1. Inventory (INV)
2. Receivables Management (RM)
3. Payables Management (PM)
4. Finance

Year-ends can get very tricky however, there are no financial impacts for three of the modules listed above- RM, PM and INV as they only provide statistical figures and reset the statistical counters. Therefore, in the case of any errors, you are able to complete a database refresh to go back. The module that has statistical updates and financial impact is the Financial module, this is the module you must be most careful with prior to completing.

Prior to beginning the process ensure these steps are taken:

• Complete a backup
• All users should be out of the system
• Batches should be closed and completed (Best Practice)
• Close Fiscal Periods (GP >>Tools >>Setup >>Company >>Fiscal Periods)
• Print Control Reports (AR and AP Trial Balance, Current Inventory Report, Reconcile (Chequebook, Inventory, AP and AR subledgers to GL) (GP >>Tools >>Routines >>Financials >>Reconcile)

Once all the steps above are completed you are ready to begin Year-end Closing. Since the Financial module has the highest impact it must be closed last. For best practices, close in the following order INV, RM, PM and Financials.

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It's that time of the year again, when you have to close your books and start fresh in 2015. It is a stressful period and you can easily forget all the steps that you have to follow and the order you need to do them.

So, what better time to watch our Year – End Closing in Dynamics GP webinar? This webinar will teach you the year – end closing procedures for Accounts Payable, Accounts Receivable and Financials in Microsoft Dynamics GP.

Along with the webinar, you should keep these tips in mind:

• Always, make a backup of your data before and after every module closing and make sure you know how to restore it.

As 2013 comes to a close, we are all considering our New Year’s Resolutions to make 2014 the best year ever. This is a great opportunity to consider last minute adjustments for fine-tuning your business. Remember to follow all the recommended year-end procedures so that all associated systems are ready for the challenges of the New Year.

• Reconcile all your books - Prepare your Balance Sheet, Profit and Loss Statement, Statement of Cash Flows and Statement of Retained Earnings.
• Complete the posting procedures and the closing procedures for all relevant modules.
• Post the final adjusting entries in General Ledger.
• Make a backup.
• Print any year-end financial statements that are required.
• Set up a new fiscal year.
• Close the fiscal year.

Another thing to verify as part of the year-end closing process is the company’s backup procedures. Many organizations have poor or non-existent backup procedures. If there is a hardware failure, the organization may not have a secure offsite copy of its business data to ensure things can pick back up quickly. WebSan provides top cloud security with our Hosted Dynamics GP solution, maintained in our state-of-the-art SAS 70 certified data centre located in Toronto

If you want to learn more about year-end procedures in Microsoft Dynamics GP, join our webinar on Thursday, December 19^th, at 11:00 am EST and learn how to successfully close your books.

We help you make it a success every year!

Doriana Kote, Marketing Assistant, WebSan Solutions Inc., a Channel Elite Awards Winner for 2013