Getting Ready for Year End with Dynamics GP: Identifying incorrectly typed accounts
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.
- 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.
Test Profit & Loss Accounts Incorrectly Set as Balance Sheet Accounts
- Open SmartList >> Financial >>
Accounts. Using the default "*" ...
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