Microsoft Dynamics GP Year End Release 2011 – Inventory Control Year End Close

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Below you will find some tips to help ensure that your Inventory Control Year End Close process goes smoothly for you!

When should the Inventory Control Year-end close be done?

1. The Inventory module should be closed at the end of your fiscal year, before any new transactions that would affect inventory quantities are posted.

What does the year end close process do and/or affect?

1. Transfers all of your summarized current-year quantities, costs and sales amounts to last-year, for the items which you are maintaining summarized sales history for.

2. Updates each item’s Beginning Quantity, from the Quantity on Hand, at each site.

3. Zeros the Quantity Sold field in the Item Quantities Maintenance (Cards – Inventory – Quantities/Sites) for each site.

4. Gives you the option to:

a. Remove discontinued items 
b. Remove sold purchase receipts
c. Remove sole lot attributes
d. Update items standard cost

What steps should you take to close the year?

1. 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 KB872713 titled “Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP”

Key points to remember:

1. Make restorable backups when it is recommended in KB872713

2. If you are using Sales Order Processing and/or Purchase Order Processing, be sure to reconcile each of these modules along with the Inventory module prior to closing. 

a. The order in which to reconcile these modules is: SOP, POP and then Inventory.

 

Assistance for the Inventory Control Year End Close

Microsoft Dynamics GP Blog - blogs.msdn.com/b/dynamicsgp/

Microsoft Dynamics Community - https://community.dynamics.com/product/GP/default.aspx

Microsoft Dynamics Support - https://mbs.microsoft.com/support/newstart.aspx

****New for the 2011 year, there is a Year-End Video!!!!****
Check it out....SO COOL!
www.microsoft.com/showcase/en/us/details/91697dc7-4926-4144-8626-ca0eb8e284da

 

If you are creating a case with the Technical Support Team, please refer to the routing below to ensure you are routed to the correct Professional for assistance.
1. Assistance with the Inventory Control Year End Close
a. Support Topic Selection: Distributions - Inventory
b. Sub-topic Selection: Inventory - Other

 

Resources:
Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP
https://mbs.microsoft.com/knowledgebase/KBDisplay.aspx?scid=kb;EN-US;872713

Information about the order in which the reconcile procedures should be run in Microsoft Dynamics GP
https://mbs.microsoft.com/knowledgebase/KBDisplay.aspx?scid=kb;EN-US;864622

Inventory accidentally closed twice
https://mbs.microsoft.com/knowledgebase/KBDisplay.aspx?scid=kb;EN-US;855316

The inventory year-end close routine does not remove discontinued items in Microsoft Dynamics GP
https://mbs.microsoft.com/knowledgebase/KBDisplay.aspx?scid=kb;EN-US;872182

Be sure to check back to the Year-End Schedule post for current posted blogs and upcoming blog posts related to Year-End Closing for Dynamics GP.

 

Have a great Year End!

Shannon A.