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.
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.
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.
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.
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.