Tag: Year End Close

How to close the fiscal year in Microsoft Dynamics GP

Companies that operate on a fiscal year instead of a calendar year have to do two year end closes in their ERP software.  One close is for the calendar year for 1099 and tax filing and the other close would be for the company year end close.  Most people ask what is the purpose of two closings.  This is a great question the main purpose for two closing is to tax filings that are calendar related for example 1099 processing.  The next question that is asked is what happens to within my ERP when I close the fiscal year and that is what we are going to go thru below:

Read More »