Microsoft Dynamics GP New Fiscal Year Reminder

It is almost the end of the calendar year. If your fiscal year ends on December 31, 2021, now is the time to create your new fiscal year in Microsoft Dynamics GP. You will need to set up a new fiscal year before you can process any transactions for 2022.

Use the following instructions to set up your year, and please call us at 610- 940-9840 (option 2) or email if you need any assistance with your year-end close.

Setting Up Your New Fiscal Year
Before you can add an entry into a new fiscal year, you must first set up the year. This can be done in advance of the year-end close.

  1. Open the Fiscal Periods Setup window (Microsoft Dynamics GP> Tools a Setup> Company> Fiscal Periods)
  2. Type the Year in which your fiscal period ends.  If your fiscal year is January 1, 2021 to December 31, 2021 then the fiscal year is considered to be 2021.  If your fiscal year is April 1, 2021 to March 31, 2022 then the fiscal year is considered to be 2022.
  3. Enter the First Day, Last Day and Number of Periods in the new fiscal year, and then click Calculate.
  4. Optional– Rename periods. When you rename periods, you will see actual period names throughout GP, instead of simply “Period 1,” “Period 2,” etc.  In addition, in FRx or Management Reporter, column definitions using the @PERDESC code will also show correct period names.
  5. Update the first date of each fiscal period if you are not using months as periods.
  6. After the new fiscal year is set up, you may want to click the Close All button (optional).  This will ensure that users cannot accidentally post into the new fiscal year until the fiscal period is opened.

In addition, please note: 

  •    Three fiscal periods per year may have the same starting date.  Extra periods are typically used for closing adjustments, auditor’s adjustments, and post-audit transactions.
  •    There can be 367 periods per year, and you can have unlimited numbers of open years at the same time.
Enjoy the Holidays and Happy New Year from all of us at Informed Systems, Inc.!