The following is a checklist
of steps to close your current year and prepare the system for the new
fiscal year. If you need detailed instructions on any of the steps below,
please contact us at 901-382-1634.
When you are posting transactions in Great
Plains Receivables Management, the system will automatically post to the
correct fiscal and calendar years according to the dates of the
transactions. Closing the fiscal year will transfer all amounts other
than the calendar year-to-date finance charge amounts to last year.
Note: To print this page,
highlight the text, go to File | Print, and choose selection
in the page range box.
1) Post all transactions for the current fiscal year.
2) Make a backup of all Company data. (Go to
File | Backup).
3) Close the fiscal year in the Receivables Year-End Closing window.
Go to Tools | Routines |
Sales, then select Year-End Close, Mark Fiscal, or
All. Mark the Print
Report option to print the Receivables Year-End Closing Report
after the closing process is completed. This report lists the amounts
that were transferred to last-year fields
for each customer. The Year-End Closing Report is part of
the audit trail and should be saved with your Company’s permanent
4) Close all fiscal periods
for the Sales series (optional). Go to Tools | Setup |
Company | Fiscal Periods. Closing the fiscal periods prevents
posting transactions to the wrong period or year accidentally.
5) If you do not have the
Payables Management module, close the sales tax periods for
the year (optional). Go to Tools | Routines | Company | Tax Year-End
6) Make a final backup of all Company data
and put it in permanent storage.