Get Ready for a Successful 2022 Dynamics GP Year End Close

by Dec 29, 2022Dynamics GP, Expert advice, training0 comments

It’s important to prepare for the end of the year at your business to ensure you have a successful year-end close and start the new year off on the right foot. If you’re a Microsoft Dynamics GP user, we’ve put together some helpful tips to make sure you have the best possible fiscal year-end close experience in 2022.

These tips include steps to help you complete the necessary year-end tasks, such as closing out all open financial statements and posting year-end transactions. Additionally, you should review your system configuration to ensure that all necessary information is up-to-date and accurate. Setting up new features or features that were previously disabled may be necessary for the new year, and it’s important to ensure that all users are properly trained on any new features.

Finally, make sure you understand the implications of any changes you make, as these may affect the data from the previous year and could cause any reports or analyses to be inaccurate. If you take the necessary steps to ensure your system is ready for the new year, you should have a successful year-end close for 2022 and be well prepared for 2023 year.

The Year-End Update

The 2022 year-end update is out for Microsoft Dynamics GP and is all-inclusive of this year’s payroll tax updates and all prior updates and patches. Be sure to test your upgrade before 2023 to check that everything is working as it should and all customizations and third-party solutions are humming along, as well. Many third-party solutions may also need an update after you’ve run your year-end update for Dynamics GP.

CustomerSource

Microsoft has retired CustomerSource, but you can find everything you need to wrap up 2022 and prepare for 2023 in Microsoft Learning. You can get all the details you need there for everything from changes in year-end updates to payroll year-end procedures. You can also uncover a wealth of useful info and help from the Dynamics GP Support and Service Blog.

Year-end Functions

Remember, some modules within Dynamics GP, including Accounts Payable and Accounts Receivable, will require that you perform year-end functions before you enter 2023 data. In this way, you can get the best results out of the module and get the new year off to the right start.

Data Backup

Pro tip, backup your data! Check in with your IT team or your GP support team and ask them to run and save a pre-year-end backup of your Dynamics GP data. Always better to be safe than sorry with data.

Additional Resources

Want even more detailed information on how to execute the perfect 2022 Dynamics GP Year End Close? Get our eBook on the topic, which is brimming with the know how you need to close your 2022 books with ease.

Need additional Dynamics GP support? Your Microsoft Dynamics partner can help. Working with the right partner means you always have the advice and expertise you need on hand at critical moments like this.

Not currently working with us, but looking for a better fit? See why we are the partner of choice for so many Dynamics users. Interested in becoming a client? Start by filling out our change of VAR request form.

You may also enjoy

15 Data-Driven Reasons to Adopt Cloud ERP for Your Remote Workforce Now

15 Data-Driven Reasons to Adopt Cloud ERP for Your Remote Workforce Now

Cloud-based ERP systems have emerged as a game-changer, offering a wealth of benefits for remote workforces. With real-time data access, streamlined collaboration, and automated workflows, the benefits of cloud-based ERP for remote workers are many. Discover 15 data-driven reasons adopting a cloud ERP solution is crucial for your remote workforce’s success in 2024 and beyond.

read more
Rockton Software On: Avoiding Common Pricing Mistakes

Rockton Software On: Avoiding Common Pricing Mistakes

Setting the right prices for your products or services is crucial for the success of your business. Pricing directly affects your revenue, profitability, and customer satisfaction. However, many businesses struggle with common pricing mistakes, which hinders their growth and success. Explore common pricing mistakes and learn how Rockton Pricing Management can help you avoid them

read more
CRM in Acumatica: Guide to Sales, Marketing & Support Features (2024)

CRM in Acumatica: Guide to Sales, Marketing & Support Features (2024)

Explore “CRM in Acumatica: The Ultimate Guide to Sales, Marketing & Support Features (2024)” to unlock the full potential of Acumatica CRM. Learn how to streamline sales, enhance marketing, and deliver superior customer support with Acumatica’s powerful CRM tools. Discover actionable tips, key features, and integration benefits that drive growth and efficiency in your business.

read more

Laura Schomaker

With over a decade of experience at Intelligent Technologies, Inc., I specialize in crafting educational content that demystifies the complex ERP buying process. From managing our digital presence to engaging with our community through blogs and email campaigns, my goal is to equip both current and future clients with the knowledge they need to make informed decisions.