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Tuesday, January 12, 2016

Rule of Thumb | Closing Fiscal Period per Transaction Type


I am starting the new year with a new exciting old feature which; as I humbly believe, is not commonly known among the Dynamics GP community users. This is related to closing or opening fiscal periods per transaction type, so that transaction entry is well controlled.

For example, as a distribution company, you may want to close the financial period for cash receipts, while leaving the sales entry transaction open until all invoices are delivered and recorded for this specific period. I am sure there are a lot of Dynamics GP users who may keep on opening and closing the whole period for the Sales Module until all transactions is recorded, which leads to losing control over the fiscal periods.

Here is the scenario, Go to Microsoft Dynamics GP > Tools > Setup > Company > Fiscal Period
Fiscal Period
As shown above, the check boxes are used to either close or open the whole period for a specific module, including (Financial, Sales, Purchasing, Inventory, Payroll and Project).

Although, you can still click on the Mass Close button (I understand that the name is quite misleading), and mass close fiscal periods window. 
Mass Close Fiscal Period - and Per Transaction Type
As shown above, you can choose a specific transaction (Origin), and close it or leave it open in terms of the fiscal period transaction entry. Such function provides further powerful capabilities over fiscal period control, and is mostly useful when applied in complex environment with a lot of business policies and procedures that are applied in this area.

In this essence, you are able to close January for any bank reconciliation transactions, while leaving the financial journal entry window open for corrective journals. 

Best Regards,
Mahmoud M. AlSaadi

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