Preventing entry to wrong dates by closing periods
An important step in maintaining any accounting system is controlling access to financial periods. Financial period balances control how financial statements are presented. Once financial statements are complete, they shouldn't change except in very specific, controlled circumstances.
The way to control access to financial periods in Dynamics GP is to close financial periods that are not being used. Dynamics GP provides an easy way to close periods and reopen them for adjustments prior to finalizing financial statements.
In this recipe, we will look at the process to close fiscal periods in Dynamics GP.
How to do it…
To close a fiscal period in Dynamics GP, follow these steps:
- Select Administration from the Navigation pane. Pick Fiscal Periods under the Setup and Company sections on the Administration area page.
- Check the box next to the Period and Module option to close it. Typically, the Financial series, which includes the general...
