Monthly close processes for Dynamics GP

Every month, when you close your books using Dynamics GP, there are certain reconciliation routines you should perform in order to check for mistakes and ensure your financial statements are accurate.    These are some of the most common steps you should perform:
 
STEPS RELATED TO THE BASIC MODULES:
  • Make sure every batch is posted.
  • Reconcile your bank accounts.
  • Make sure that your checkbook balance for every bank account matches your general ledger balance.
Go to Cards > Financial > Checkbooks.    Select each checkbook.   Does the current checkbook balance match the cash account balance (i.e. the general ledger)?    If not, use the tips in this kbase article to troubleshoot:
 
  • Does your accounts payable module balance to the general ledger?
  • Does your accounts receivable module balance to the general ledger?
IF YOU ARE USING PURCHASE ORDERS AND INVENTORY:
  • Does your inventory module balance to the general ledger?
  • If you are using the purchasing/inventory modules, and you are recording "shipment only" receiving transactions, does the total of the "received/not invoiced" report match the general ledger?
  • Run the open purchase order report and review it