2009 Year End Close Webinar
by: Kris Sundberg
Please email questions to
dfrost@dynamicmethods.com
Presentation will be posted on our blog at
http://dynamicmethods.com/blog/gpblog/
Agenda
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Overview
Module Closing Order
Sales Order and Purchase Order Processing
Inventory
Accounts Receivable
Accounts Payable
Fixed Assets
General Ledger
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Effects of Closing each Module
Year end Closing Checklist
Tips and Reminders
 Post Closing Adjustments
 Q&A
Module Closing Order
 1. SOP and POP
 2. Inventory
 3. Receivables
 4. Payables
 5. Fixed Assets
 6. GL
Sales Order
Processing
Inventory
Purchase Order
Processing
Fixed Assets
Receivables
GL
Chart of Accounts
Payables
SOP and POP -Year End Procedure Effect
 None!
SOP - Year End Closing Steps
 This is optional
 Make backup
 Reconcile and Remove Sales Documents to history
 (Sales > Utilities > Reconcile – Remove Sales Documents)
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Moves any remaining completely shipped and voided Orders to
History
POP - Year End Closing Steps
 These are Optional
 Make Backup
 Close any PO’s that can be closed or canceled
 (Purchasing > Transactions > Edit Purchase Orders)
 Print Received-Not Invoiced Report and reconcile to
the accrued purchases account in the GL

Purchasing > Reports > Analysis > Received/Not Invoiced
 Remove Completed PO’s
 (Purchasing > Routines >
 Remove Completed PO’s)
Inventory – Year End Procedure Effect
 Transfers all summarized ‘Current Year’ quantity,
cost, and sales amounts to ‘Last Year’ on Item Cards
History
 Zeros the ‘Quantity Sold’ field in the Item Quantities
Maintenance Cards
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(Inventory > Cards > Quantities/Sites) for each site
 Good time to remove discontinued items or update
item’s standard cost
Inventory – Year End Closing Steps
 Post all Transactions
 Perform Physical or Cycle Count and post
Adjustments
 Reconcile Value of Inventory to GL

(Inventory > Reports > Activity > Stock Status)
 Make Backup
 Close Year
 (Inventory > Routines
> Year End Close)
Inventory Tips
 Don’t double click the “Process” button
 Close after you have posted all inventory related
transactions in GP for the old year, but before you
post any inventory transactions for the new year
 Mark update standard cost of items if you're using
either the FIFO periodic or LIFO periodic valuation
method. If you choose to update the standard cost,
the standard cost of items will be adjusted
automatically to the current cost.
Receivables– Year End Procedure Effect
 Clears the ‘Year-to-Date’ fields and moves them to
the ‘Last Year’ field in the customer summary and
finance charge windows
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(Sales > Cards > Summary )
Receivables– Year End Closing Steps
 Post all transactions for the current year
 Balance receivables Sub-Ledger to the GL
 Remove Fully Paid Transactions
 (Sales> Routines > Paid Transaction Removal)
 Make backup
 Close year
 (Sales> Routines > Year End Close)
Receivables Tips
 If you’re using the calendar year, close both fiscal
and calendar year
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If you’re on a fiscal year, close the appropriate one at the
appropriate time
 Best practice is to close this module before posting
any AR trx to the next year
Payables– Year End Procedure Effect
 Clears the ‘Year-to-Date’
fields and moves them to the
‘Last Year’ field in the
Vendor Yearly Summary
window
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(Purchasing> Inquiry >Vendor
Yearly)
Payables– Year End Closing Steps
 Post all Transactions for the current year
 Balance payables Sub-Ledger to the GL
 Print 1099’s
 Modify: Purchasing > Cards > 1099 Details
 Print: Purchasing > Routines > Print 1099
 Make backup
 Close year
 (Payables> Routines
> Year End Close)
Payables Tips
 If you’re using the calendar year, close both fiscal
and calendar year
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If you’re on a fiscal year, close the appropriate one at the
appropriate time
 Best practice is to close this module before posting to
the next year
 There is NO effect on 1099 amounts. 1099 amounts
are based on the monthly summarized Vendor 1099
Details window
Fixed Assets– Year End Procedure Effect
 General Asset information window
 YTD maintenance amount is removed
 The Quantity is copied to the ‘Begin Quantity’ field
 Asset Book window
 YTD Depreciation amount is removed
 Cost basis is copied to ‘Begin Year Cost’
 Life-to-Date depreciation is copied to ‘Begin Reserve’
 Salvage is copied to ‘Begin Salvage’
 Increases the current Fiscal Year by one year for each
book that is being closed
Fixed Assets– Year End Closing Steps
 Close Payables and add any new Assets for the year
 Depreciate all the assets to the last day of the year
 Run year-end reports – see KB article for examples
 Verify that Quarters are set up correctly for all years
 Tools>Setup>Financial > Fixed Assets > Quarter
 Make backup
 Close year
 (Routines > Financial > Fixed Assets
> Year End – Insert all Books and hit continue)
Fixed Assets Tips
 Make sure you take depreciation to the last day of the
year!!!
 I recommend reviewing all the steps in the KB article
that will be emailed to you
GL– Year End Procedure Effect
 Closes all P&L accounts out to Retained Earnings,
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leaving the P&L accounts with a zero balance at the
beginning of the new year
All balance sheet accounts roll forward to the new
year
Retained Earnings accounts are the only BS type
accounts whose balance should change
All open year transactions move from the GL20000
table to the GL30000 table
The Fiscal Period tables are updated to mark the
current year as historical
GL– Year End Closing Steps
 Post all adjusting entries and closing year transactions

(Tools > Routines > Master Posting)
 Verify P&L and BS Account Types are correct
 Make Backup
 Run check links on financial tables
 (File > maintenance > Check links – Insert Financial tables and Run Check Links)
 Print Detailed TB
 Print year end FRx reports
 Make sure Maintain History is checked
 (Tools > Setup > Financial > General Ledger)
 Setup New Year
 ( Tools > Setup > Company > Fiscal Period)
 Close the Fiscal Year
 (Tools > Setup > Routines > Financial
> Year End Close)
GL Tips
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Best practice is to make sure there is free space on your server to allow the GL20000 table to
double in size
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Calculation: In a SQL query, type:
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select count(*) from GL20000 where OPENYEAR='XXXX'
(Enter the four digit year for XXXX)
Take the results of the SQL statement, divide it by 1,000, then multiply it by 2, and then add 50.
The log needs to be this size or larger in MB for the year end close.
For Example: If the above SQL statement returns 450,000 records, the formula would be: ((450,000 / 1,000) * 2) + 50 = 950. In this case the log
would need to be at least 950MB in size.
May want to perform the closing at the server
Have all other users exit GP
The year end close routine appears to hang at 50% but it is still processing so please let it run
Any inactive accounts that have no history or unposted activity in a saved transaction will be
removed from the Chart of Accounts
 BACKUP is Critical
 If you use Microsoft FRx, you can keep one period in the most recent historical year open
(unchecked in the Fiscal Year Window) to prevent the following error message:
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“FRX Print Engine Failed to Load the Company Calendar”
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Do not wait as one client did for 5 years to close
GL Tips – Unit Account clearing
 Unit account balances are brought forward
 To clear the beginning balances without affecting historical
balances, have a SQL savvy friend run the following script
against your company database:
delete GL20000 from GL00100, GL20000 where OpenYEAR = 'XXXX' and GL00100.ACTINDX =
GL20000.ACTINDX and GL00100.ACCTTYPE = 2 and GL20000.SOURCDOC = 'BBF'
Divisional Closing
 Close to multiple Retained Earnings Accounts
 Based on One segment – i.e. Fund, Division
 (Tools >Setup >Financial > General Ledger)
Top 5 Bad Closings - Number 5
Incorrectly set up BS or P&L accounts
Number 4
Be patient - sometimes it takes a
while and the system may appear to
get stuck around 50% completion
Number 3
Are you maintaining
history and closing to
the right retained
earnings account?
Go to Microsoft GP
>Tools > Setup >
Financial > General
Ledger
Number 2
Only
Click
‘Close’
ONCE
Number 1 Closing Gone Bad
Closed 4 months
early!
Backup! Backup! Backup!
BACKUP
BACKUP
BACKUP
BACKUP
BACKUP
BACKUP
BACKUP
BACKUP
BACKUP
GL Tips - Smart List
This smart list shows
incorrect P&L Type
Accounts. Double
click on an account
to open the Account
card and correct the
posting type before
closing the year.
This search
criteria will give
me any BS
accounts that
should have been
set up as P&L type
on the account
card.
After the Move
Historical
Year 2007
BS distribution
automatically
carries forward
into 2009
P&L distribution
automatically
flushes into
Retained
Earnings
Historical
Year 2008
Open Year
2009
You can post into the last closed year
Thanks for Coming!
Thanks for Coming!
PLEASE CONTACT DAVE AT
DFROST@DYANMICMETHODS.COM
FOR QUESTIONS OR COMPLAINTS ABOUT ME
OR SUPPORT@DYANMICMETHODS.COM FOR
FUTURE SUPPORT NEEDS