Below you will find some tips to help ensure that your Inventory Control Year End Close process goes smoothly for you!
When should the Inventory Control Year-end close be done?
1. 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:
b. Remove sold purchase receipts
c. Remove sole lot attributes
d. Update items standard cost
What steps should you take to close the year?
1. 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 Year-End Closing in Inventory Control – Dynamics GP | Microsoft Learn 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 and outlined in step 4 of Set up a test company – Dynamics GP | Microsoft Learn.
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.
Helpful Inventory Year-End Closing Resources:
- Year-End Closing in Inventory Control – Dynamics GP | Microsoft Learn
- The order in which the reconcile procedures should be run – Dynamics GP | Microsoft Learn
- Inventory accidentally closed twice – Microsoft Support
- The inventory year-end close routine does not remove discontinued items in Microsoft Dynamics GP – Microsoft Support
CAL is here to assist our Dynamics GP customers with their year-end closing so please don’t hesitate to contact CAL Support at Support@calszone.com to schedule a time for our consultants to help so closing goes smoothly.
By CAL Business Solutions, Connecticut Microsoft Dynamics GP / 365 BC & Acumatica Partner, www.calszone.com
Read the original post at: https://community.dynamics.com/blogs/post/?postid=2d1a60ec-557a-ee11-a81c-000d3a7ca97a
