{"id":2642,"date":"2025-02-12T20:10:34","date_gmt":"2025-02-12T20:10:34","guid":{"rendered":"https:\/\/cssi.com\/gp\/?p=2642"},"modified":"2025-02-12T20:10:34","modified_gmt":"2025-02-12T20:10:34","slug":"year-end-close-in-gp","status":"publish","type":"post","link":"https:\/\/cssi.com\/gp\/2025\/01\/30\/year-end-close-in-gp\/","title":{"rendered":"Tips for 2024 Year-End Close in GP"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">2024 General Ledger Year-End Closing<\/h2>\n\n\n\n<p>Have you run your GL year-end closing routine yet?&nbsp; Here is a refresher on what this process does.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Closes all Profit and Loss\u00a0(P\/L) account balances into Retained Earnings account(s)<\/li>\n\n\n\n<li>Balance Sheet account balances are rolled forward to the new year by having Balance Brought Forward (BBF) entries created.\u00a0<\/li>\n\n\n\n<li>All open General Ledger records (GL20000) are moved to the historical table (GL30000).<\/li>\n\n\n\n<li>Inactive General Ledger accounts without a balance and no historical transactions are removed if you are not \u2018maintaining\u2019 inactive accounts.<\/li>\n\n\n\n<li>The\u00a0Year\u00a0that was just closed is marked as historical.<\/li>\n<\/ul>\n\n\n\n<p>Even though you have closed the year, you can still post to that year.&nbsp; GP allows you to post back to the last closed year.&nbsp; Just be sure your Financial module is open in Fiscal Periods Setup (Microsoft Dynamics GP &gt; Tools &gt; Setup &gt; Company &gt; Fiscal Periods).<\/p>\n\n\n\n<p>GP also allows you to reverse a year-end closing.&nbsp; When you reverse a historical year, the original Balance Brought Forward (BBF) journal entry gets removed from the system.&nbsp; Then when the year is re-closed, a new BBF entry is created.&nbsp; Once the year is re-opened, this allows you to post adjustments in the GL and when ready, you can re-close the year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Need GP Support?<\/h2>\n\n\n\n<p>The GP experts at CSSI are available if you need support or training. <a href=\"https:\/\/cssi.com\/gp\/contact\/\">Please contact us to discuss.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2024 General Ledger Year-End Closing Have you run your GL year-end closing routine yet?&nbsp; Here is a refresher on what this process does. Even though you have closed the year, you can still post to that year.&nbsp; GP allows you to post back to the last closed year.&nbsp; Just be.<\/p>\n","protected":false},"author":4,"featured_media":2643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[8],"tags":[229,27],"class_list":["post-2642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-gp-tips","tag-microsoft-gp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tips for 2024 Year-End Close in GP - Dynamics GP Support in PA - CSSI Technologies LLC<\/title>\n<meta name=\"description\" content=\"Have you run your Dynamics GP year-end GL closing routine yet for 2024? 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