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Microsoft Dynamic GP 2010 : Dynamics GP System - Fiscal periods and years

1/25/2013 11:20:18 AM
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Dynamics GP allows an unlimited number of historical and open fiscal years.

Dynamics GP manuals and online help state that you can only post transactions to two open years. This is not the case—you can post transactions to any and all open years you have in Dynamics GP.


The following are guidelines for fiscal years and periods in Dynamics GP:

  • Each fiscal year can have up to 367 fiscal periods.

  • Fiscal years cannot overlap.

  • Each fiscal period within a fiscal year can have a different length.

  • Fiscal year names can only be a four digit year number.

  • Up to three periods can have the same starting date. This is sometimes, although rarely, used for adjustment periods and is typically not recommended. Best practice is to not have overlapping fiscal periods.

  • You can make changes to fiscal periods after they have been set up.

  • You can only post transactions to the last historical (closed) fiscal year. For example, if 2007 and 2008 are closed you can still post to 2008, but you cannot post to 2007 anymore.

Most companies have fiscal years that are calendar years and choose to have 12 periods (one for each month), so the fiscal period setup would look like the following example:

If your company fiscal year is not the calendar year, most likely the year is referred to by the date it ends. For example, if the fiscal year is from July 1, 2009 to June 30, 2010, it will typically be referred to as Fiscal Year 2010. This is more of an accepted convention and Dynamics GP will not enforce the naming of your years. If you think that there is a possibility you will want to change to a calendar year fiscal year sometime in the near future, consider renaming your years during your Dynamics GP implementation to use the number of the beginning year, for example:

Fiscal Year Start Date End Date
2008 July 1, 2008 June 30, 2009
2009 July 1, 2009 June 30, 2010
2010 July 1, 2010 June 30, 2011

This approach will allow you to seamlessly add a short year whenever you are ready to switch to a calendar year:

Fiscal Year Start Date End Date
2011 July 1, 2011 December 31, 2011
2012 January 1, 2012 December 31, 2012

An alternative to this is to keep the fiscal year naming you currently have and if the change to a calendar year is made, purchase a tool from Microsoft called Fiscal Period Modifier (part of the PSTL), which will allow you to rename your existing years.

When choosing how many years to set up, consider what you have decided about importing historical General Ledger balances.

 
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