Open Forum

Hello All,

Does anyone have some basic steps for closing out their calendar year? Are there tasks or reports that you run prior to closing out the year? Also, is it recommended to close it after the last checks have been cut or what are other factors to consider. Are there any issues or consequences to closing the year a couple days into the new one?

Thank you or all help and feedback.


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Amanda Pezewski
Prevea Health, Inc.
Green Bay WI
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Great queston Amanda,

The year end closing in all modules except GL, Fixed Asset and PR, will reset the columns for the year to date and life to date for the records.  Here is a screen for example.


It moves data from one column to another.  No reports are needed.  Most reports in GP are date driven such as aging, 1099 and inquiry by vendor or document.

GL is a little different in that you will close the year.  This may sound scary but it can be reversed if necessary.  Any transactions you need to post after a year end close you can post back to the last closed year.  If its now 2021 you can post back to 2020.   GP will post it and then create a year end closing entry to affect beginning balances for the new year.  

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Michael Taranto, CPA
President
ERP Consulting, LLC
Pataskala, OH 43062
614-342-0098 mtaranto@erpconsultingLLC.com
erpconsultingllc.com
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Original Message:
Sent: Dec 30, 2020 06:05 PM
From: Amanda Pezewski
Subject: Closing Calendar Year in GP

Hello All,

Does anyone have some basic steps for closing out their calendar year? Are there tasks or reports that you run prior to closing out the year? Also, is it recommended to close it after the last checks have been cut or what are other factors to consider. Are there any issues or consequences to closing the year a couple days into the new one?

Thank you or all help and feedback.


------------------------------
Amanda Pezewski
Prevea Health, Inc.
Green Bay WI
------------------------------

There's https://www.gpug.com/viewdocument/year-end-checklist-1 from last year that might give you a start, also I believe Terry Heley https://www.gpug.com/network/members/profile?UserKey=a2d908f9-8503-4e84-b045-60299fbe3709 , Amber Bell https://www.gpug.com/people/amber-bell , Jo DeRuiter https://www.gpug.com/people/jo-deruiter , Abra Gilman https://www.gpug.com/people/abra-gilman , and Windi Epperson https://www.gpug.com/people/windi-epperson all have blogs/websites with details.

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Vanessa Halacsy
Controller
Wooster Motor Ways, Inc.
Wooster OH
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Original Message:
Sent: Dec 30, 2020 06:05 PM
From: Amanda Pezewski
Subject: Closing Calendar Year in GP

Hello All,

Does anyone have some basic steps for closing out their calendar year? Are there tasks or reports that you run prior to closing out the year? Also, is it recommended to close it after the last checks have been cut or what are other factors to consider. Are there any issues or consequences to closing the year a couple days into the new one?

Thank you or all help and feedback.


------------------------------
Amanda Pezewski
Prevea Health, Inc.
Green Bay WI
------------------------------