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Getting Ready for Year End with Dynamics GP: Identifying incorrectly typed accounts

by Gloria Braunschweig
President, Dorian Enterprises, Computeration, Inc.

As I'm documenting presentations for #GPUGSummit later this month in Tampa, FL, I've got a quick tip that will save you time with one of the most important steps in Dynamics GP General Ledger year end closing - identifying accounts that are incorrectly typed.

During year end closing, balance sheet accounts carry forward their balances while profit and loss accounts close to retained earnings. If accounts are incorrectly typed, the wrong action occurs, and the new year's starting trial balance and retained earnings account must be corrected.

Two Important Warnings

  • If there isn't a clean break between your Balance Sheet and Profit & Loss account main segments, this test won't work.
  • In both examples, you may have unit accounts that you want to double check in GP 2013 because it has additional functionality associated with unit accounts that help you close those accounts as though they are either balance sheet accounts carrying a balance forward to the new year or profit & loss accounts that don't carry a balance forward.

  1. Identify your GL account main segment:  Setup >> Company >> Account Format

    Even if it warns you other users are in the system, you can see what you need-the main segment.

    Microsoft Dynamics GP Account Format Setup

Test Profit & Loss Accounts Incorrectly Set as Balance Sheet Accounts

  1. Open SmartList >> Financial >> Accounts.  Using the default "*" ...

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About Gloria Braunschweig

Gloria has experience across the full spectrum of business operations and management. Decades of experience are documented in the book Rapid Implementation, establishing Gloria as a specialists using Microsoft SQL tools for implementation, integration, and business intelligence related to Microsoft Dynamics GP.

Gloria writes and presents on lean implementation concepts and business management systems for small and mid-size businesses.