Hi Everyone,
We are winding down to the last bit of information to help the Year End Close process go smoothly for you!
Does the Year-End Update include any changes specifically for the Inventory Control Year-end close?
No, there are no changes included for the Inventory Control year-end close process.
When should the Inventory Control Year-end close be done?
The Inventory module should be closed at the end of your fiscal year, before any new transactions that would affect inventory quantities are posted.
What does the year end close process do and/or affect?
1. Transfers all of your summarized current-year quantities, costs and sales amounts to last-year, for the items which you are maintaining summarized sales history for.
2. Updates each item’s Beginning Quantity, from the Quantity on Hand, at each site.
3. Zeros the Quantity Sold field in the Item Quantities Maintenance (Cards | Inventory | Quantities/Sites) for each site.
4. Gives you the options to:
a. Remove discontinued items
b. Remove sold purchase receipts
c. Remove sole lot attributes
d. Update items standard cost
What steps should you take to close the year?
Enter and post all Purchase Order Processing, Invoicing/Sales Order Processing, and Inventory transactions for the current year and then continue with the steps outlined in KB 872713
titled “Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP”
Key points to remember:
1. Make restorable backups when it is recommended in KB 872713
2. If you are using Sales Order Processing and/or Purchase Order Processing, be sure to reconcile each of these modules along with the Inventory module prior to closing.
3. The order in which to reconcile these modules is: SOP, POP and then Inventory.
Assistance for the Inventory Control Year End Close
Microsoft Dynamics GP Blog - https://community.dynamics.com/product/gp/gptechnical/b/dynamicsgp/default.aspx
Microsoft Dynamics Community - https://community.dynamics.com/product/GP/default.aspx
Microsoft Dynamics Support - https://mbs.microsoft.com/support/newstart.aspx
Note: If you are creating a case with the Technical Support Team for assistance with Inventory Control Year End close, use the following category selections to log the support incident: (Be sure in enter a detailed description of the issue and include screenprints of any error messages or specific issues.)
- Support Topic Selection: Distributions - Inventory
-- Sub-topic Selection: Inventory - Other
Resources:
• To see the Year End Closing Procedures in Inventory Control Management for Microsoft Dynamics GP, click on KB 872713.
• To see Information about the order in which the reconcile procedures should be run in Microsoft Dynamics GP, click on KB 864622.
• For Information about Inventory accidentally closed twice, click on KB 855316.
• For information about The Inventory Year End Close Routine does not remove Discontinued Items in Microsoft Dynamics GP, click on KB 872172.
• Here is a link to the 'standard' Year-End Close Procedures that generally do not change from year to year.
Be sure to check back to the 2015 Year-End Blog Schedule page to review current and upcoming blog posts and other helpful resource links related to Year-End Closing for Dynamics GP.
Good luck and have a great Year-End!
Cheryl Waswick | Sr. Technical Support Engineer | Microsoft Dynamics GP Support
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