Posting to a Closed Year in Microsoft Dynamics GP

Recently, we received the question of whether a user could enter a journal entry for an adjustment to a closed year in Dynamics GP.  The answer is that, this is possible depending on how far back you need to post. The rule follows that you cannot post to more than one closed year.  So if I have closed 2012, I can only post back to 2011 and no further.  As such, when closing the current year, it is a good idea to verify that all closing entries and adjustments to the previous year have been made.

Let’s say you are ready to close 2012 but need to post a JE adjustment for 2011.  To do this, you will need to reopen the fiscal period in which you will be posting by navigating to the Fiscal Periods Setup window.  Go to Microsoft Dynamics GP > Setup > Company > Fiscal Periods.

Select the year that needs to be reopened.  Then, deselect the appropriate checkbox corresponding to the period and module you need to reopen. In my case, I have deselected the Financial module for December of 2011 because I need to make a journal entry adjustment to December 2011

General Ledger post to a prior fiscal year in Dynamics GP

Next, you will need to verify that you are allowed to post to history.  Verify that the Allow Posting to History option in the General Ledger Setup window is selected. Go to Microsoft Dynamics GP > Tools > Setup > Financial > General Ledger.

General Ledger

Now, you are ready to create and post your transaction entry for the closed year.  Once you are finished, go back to the General Ledger setup and unmark the Allow Posting to History option (you may leave it marked if that is the default setup), and close the same fiscal period that was opened earlier, using the Fiscal Periods Setup window.

Navigation Paths:
General Ledger Setup – Microsoft Dynamics GP > Tools > Setup > Financial > General Ledger
Fiscal Periods Setup – Microsoft Dynamics GP > Setup > Company > Fiscal Periods

If you do need to post to more than one closed year, Microsoft does offer a service to achieve this.  For more information, please contact support@trideapartners.com.

5 thoughts on “

Posting to a Closed Year in Microsoft Dynamics GP

  1. Ok, I see. After the entry to the closed fiscal period, the system automatically posts the Beg. Bal. for you for the new current year.

    1. Hi Melinda,

      We definitely recommend re-closing the period you opened once you are finished entering the transaction, so that no other users can accidentally post to that series/period moving forward.

      The changes are rolled forward based on General Ledger setup, mainly depending on the check marks in the Maintain History section of the General Ledger Setup window referenced above. If you don’t want adjusting entries to affect the closed year and you would like adjusting entries to roll forward to adjust the beginning balances, uncheck both the Accounts and Transactions check boxes. We generally recommend leaving whichever history maintenance defaults were present.

      If you have any other questions contact sales@trideapartners.com

      Thank You,
      Tridea Partners

  2. Our audit adjustments normally take 2-3 months, as a result we leave our last year open in GP. During this time period we are manually adding opening balance sheet to next year balance sheet. Is there possibility to perform year end procedure twice with an interval of 2 months? Your feedback will be much appreciated.
    Thanks….Aamir

    1. Dynamics GP Year End Closes are controlled by the Fiscal Calendar setup within the company. Users do not have the option to set the Year End closing timeframe.

      If the company is converting from a Calendar year to using a Fiscal year they will need to either shorten or lengthen the conversion timeframe. Please contact Tridea at info@trideapartners.com if you have any more questions.

      Thank you,
      Tridea Partners

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