For most of our New Zealand clients, financial year end as rolled around. Here is the link to the support article on the year end financial processes – with a few notes from me.
http://support.microsoft.com/kb/888003
Step 1: Closing procedures for all other modules. For Inventory, Accounts Payable and Accounts Receivable, it is important that you do the year end roll (if you are doing it) before processing any transactions for the new year. For all of these modules, it is optional – basically all year to date figures are updated, however, most of you don’t use any of the relevant enquiry windows or reports.
Step 3: this can be done just by using the Accounts SmartList and ensuring that all accounts are correctly set to BS or P&L.
Step 5: you absolutely must ensure that there is a database backup before you do this step. It can be done before you start the overall year end process. Most sites will get us or their internal IT to verify the backup and then do it first thing in the morning. Make sure the report is printed to file as well so if any errors come up we can verify / fix before proceeding. Keep all users out of GP.
Step 7: you don’t need to do this additional backup – however, if there are a number of changes / corrections that have been made as a result of the check links process, you may want to take the time for this additional backup. Implications – if the year end close process falls over, you need to go back to the back up you did last night or at Step 5.
Step 8: Summary trial balance is enough – if you do want to print the detail, I recommend doing it to file – it is usually REALLY big.
Just some other little notes – I still come across sites that don’t do their year end roll until after auditors come back with year end adjustments. You don’t need to wait for auditors to do year end – you can process journals into the prior historical year and they will roll forward to opening balances.
Feel free to give us a call if you want support during your year end.
