Tuesday, August 23, 2011

How to get beginning account balance when past year not closed yet?

If previous year is not closed Microsoft Dynamics GP does not displaying account balances for Balance Sheet accounts for New Year. This can give wrong account information to Financial users.


1)   If you know your previous year balance i.e. Closing Balance pass one GL Entry for opening entry i.e.  on 01/01/2011 and then reverse it before you close the Year

This way you will see opening Balance for new year and once you ready to close previous year reverse the same entry.

2)  There is no issue to close Fiscal Year because transactions still be posted to closed Fiscal Year. With this solution no need to pass and reverse dummy entry to get opening balance.

I will recommend to go for second suggestion if you can close Fiscal Year.