Create or Open a New Fiscal Year in Dynamics GP

As the New Year begins, many companies are finding that they can’t post transactions to 2014.  In Dynamics GP, fiscal years need to be set up prior to making transactions for that year.  To start a new fiscal year in Dynamics GP, follow these instructions:

Select:   Microsoft Dynamics GP – Tools – Setup – Company – Fiscal Periods

or

Select: Administration Button

Select: Setup – Company – Fiscal Periods

·       Type the year in the box labeled “Year” in the format YYYY

·       Press the TAB key of the key board and the first day and last day of the fiscal year will be displayed.

·       Enter the number of periods during the year (defaults to 12).

·       Click the button to populate the fiscal periods.

·       Click the OK button to save the changes.

Other options for the Fiscal Periods Setup window:

To close or open a period for any series — financial, sales, purchasing, inventory, payroll, or project —click the check boxes under each series for each period.  This will either enable or disable transactions to the chosen series during the chosen period.

To change the name for the period, select the period number and change the name (Defaults to:  period 1, period 2…)

To change the date that a period begins, select the date and change it to the desired start date for the period.  All dates during the fiscal year need to be accounted for.

– Opens all periods for all series.

– Closes all periods for all series.

– Allows to close individual transaction types per series rather than the entire series.

Historical Year – Checked for historical year vs. open year.

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