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.

Sales Tax Automation for Microsoft Dynamics GP and Dynamics AX

If you do business in several tax jurisdictions, or in complex states, it can easily become more than a full-time job just to keep up with the ever changing tax rates and product taxability rules. Not only is compliance difficult to maintain, but even the simplest of mistakes can cost you thousands of dollars if audited.

Although you, or Tridea Partners as a Dynamics partner, can configure Dynamics GP or Dynamics AX to handle complex tax tables, we recommend using one of the third party solutions that handles the tax updates automatically.

One of the leading solutions is by Avalara (www.avalara.com), the creator of AvaTax – a cloud-based system – to help address your unique sales tax challenges. With complete integration to Microsoft Dynamics GP and Dynamics AX, AvaTax removes the difficulty of managing sales tax compliance by helping to eliminate the tedious work and complexity that goes into calculating, reporting, filing and remitting taxes.

Sales tax automation software can help:

• Achieve full end-to-end sales tax compliance
• Automate manual processes involved with managing tax tables and updates
• Eliminate compliance holes associated with using a flat state rate or zip code-based systems
• Reduce your audit exposure through ‘bullet-proof’ compliance
• Outsource all of your sales tax filing requirements
• Automate the paperless collection and management of certificates

Managing sales tax can be complex and time consuming. Depending on your unique requirements, a sales tax software application may dramatically simplify things for your organization.

Recurring Batch Enhancements in Dynamics GP 2010

Many clients have asked us in the past if they can utilize recurring batches for cash receipts. This is a more simplistic and flexible way of achieving what can also be done through a scheduled payments transaction. Dynamics GP 2010 now offers this capability.

The batch can be setup just like a GL recurring batch by updating the drop down menu for the Frequency field (shown in the screenshot below). The amount in the Recurring Postings field (shown in the screenshot below) indicates how many times this batch will be available for posting. Each time the batch is posted, the transaction dates are updated, but the cash receipt transaction amounts within the batch stay the same. If utilizing the EFT module, EFT Cash Receipt transactions can also be entered in recurring batches.

Batch Enhancements

Furthermore, GL Recurring batches have been updated in Dynamics GP 2010 as well. The new feature that has been added enables the user to Clear Recurring Amounts for Recurring batches after posting. This can be accomplished by simply checking the checkbox next to Clear Recurring Amounts in the batch entry window (screenshot shown below). This feature is similar to Quick Journals, but is more customizable. This feature helps to decrease data entry errors by allowing common journal entries to be created with ease. In addition, this feature prevents a user from accidentally posting a recurring batch without making necessary changes as the batch will not post until the user updates the amounts for the journal entry.

Recurring batch for cash receipts