Does this sound familiar? “I can’t close my fiscal year yet… the audit is not finished.”
Closing a fiscal year in Dynamics GP does a few things, but in particular, it closes the Profit and Loss account balances out to the retained earnings account.
Many customers fear closing their fiscal year because their previous years work is not complete. This causes complications with summary windows as well as with Financial Reporting.
I believe, in most cases, that the fiscal year can be closed right on schedule… just like closing any other month… no need to wait… no need to rebuild reports to create a make shift ‘balance brought forward’. Just use the ‘Post to History’ functionality.
Let’s take a brief look at this…