Hi
@Stephanie NemetzI'd like to offer a different approach.
You can actually close both Fixed Assets AND the GL in Dynamics GP as long as you have "Posting to Prior Year" marked as allowed in GL Setup.
If this is marked you can post adjusting audit entries back one year in GP. GP then makes the year end entries automatically for the adjusting entries separately. It's kind of cool!
You normally don't load Fixed Assets adjustments for year end so you could even "close" Fixed Assets but leave the GL open.
But
@Carol Kossoris is correct, you cannot run depreciation for a new year in Fixed Assets while the old year is still opened.
If you'd like, please elaborate on why you don't want to close fixed assets at this time.
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Original Message:
Sent: Nov 26, 2019 08:48 AM
From: Stephanie Nemetz
Subject: Fixed Asset Year End Close
We are trying to close out the FY but still going through our audit. Can we hold off on closing fixed assets in case there are any audit adjustments we have to make but still run the GL Process to roll retained earning?
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Stephanie Nemetz
Manager of Accounting
WOW Logistics Company
Neenah WI
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