It’s that time of year again where Microsoft likes to share some information with the community to help ensure your Inventory Year-End Close process goes smoothly with Dynamics GP Year-end Inventory Control for 2022.
Does the 2022 Year-End Update include any changes specifically for the Inventory Control Year-End close?
No, there are no changes included for the Inventory Control year-end close process.
When Should the Inventory Control Year-End Close be Done?
The Inventory module should be closed at the end of your fiscal year before any new transactions that would affect inventory quantities are posted in the new fiscal year.
The Year-End Close process…
- Transfers all summarized current-year quantities, costs, and sales amounts to last-year, for the items which you are maintaining summarized sales history.
- Updates each item’s Beginning Quantity, from the Quantity on Hand, at each site.
- Zeros the Quantity Sold field in the Item Quantities Maintenance window (Cards >> Inventory >> Quantities/Sites) for each site.
Gives you options to:
- Remove discontinued items
- Remove sold purchase receipts
- Remove sole lot attributes
- Update items standard cost
What Steps Should You Take to Close the Year?
Enter and post all Purchase Order Processing, Invoicing/Sales Order Processing, and Inventory transactions for the current year. and then continue with the steps outlined in Year-End Closing in Inventory Control – Dynamics GP | Microsoft Learn
Key Points to Remember:
- Make restorable backups as outlined in step 4 of Set up a test company – Dynamics GP | Microsoft Learn.
- If you are using Sales Order Processing and/or Purchase Order Processing, be sure to reconcile each of these modules along with the Inventory Control module prior to closing.
Reconcile in following order:
Sales >> Utilities >> Reconcile-Remove Sales Documents
Purchasing >> Utilities >> Reconcile Purchasing Documents
Inventory >> Utilities >> Reconcile
Helpful Inventory Year-End Closing Resources:
- Year-End Closing in Inventory Control – Dynamics GP | Microsoft Learn
- The order in which the reconcile procedures should be run – Dynamics GP | Microsoft Learn
- Inventory accidentally closed twice – Microsoft Support
- The inventory year-end close routine does not remove discontinued items in Microsoft Dynamics GP – Microsoft Support
Additional Resources for the Inventory Control Year-End Close
By CAL Business Solutions, Connecticut Microsoft Dynamics GP & Acumatica Partner, www.calszone.com
Read the original post at: https://community.dynamics.com/blogs/post/?postid=5b3711b8-84ea-4a98-9ec6-86f00b1bdb5b