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
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.
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.
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 firstname.lastname@example.org.