As Fiscal Year Ends are approaching, Christianson’s System Solutions Team often gets questions related to closing the year in Microsoft Dynamics GP.
- Do we have to wait to close the year until we get final audit adjusting entries entered?
- No – Depending on your Financial Series setups, you can still go back to the last period of the FY to make final adjusting entries and GP will automatically update the Retained Earnings and BBF as needed.
- Should we create a 13th period to identify audit adjustments?
- No – creating a 13th period is not a recommended process in GP, as it can cause issues with Fixed Assets and some Financial Statement reporting. A better option would be to create additional Source Documents for journal entries in GP, such as AJE or AUDIT for audit adjustments. The new source documents are searchable in inquires and in SmartLists. Below is an illustration of how you setup a source document for AUDIT adjustments.
Contact our System Solutions team for all your year end closing needs by emailing [email protected] or call us at 866-593-9269.
