The year-end closing procedure removes all previous-year Job Cost transaction amounts and reclassifies them as prior-year amounts for reporting purposes.
You cannot close a fiscal year in Job Cost until the last fiscal period in the year is closed. Before closing a fiscal period in Job Cost, make sure to close the corresponding series on the Microsoft Dynamics GP Fiscal Periods Setup window (Microsoft Dynamics GP > Tools > Setup > Company > Fiscal Periods).
Before closing a year
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Post all Job Cost transactions for the year. No unposted transactions for the year should exist in any Job Cost transaction work file.
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Back up your Job Cost files. If you encounter difficulties during the closing process, restore the backup and complete the procedure again.
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Perform the period closing for the final period in the fiscal year. See Closing a Period or Month.
Closing a year
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Select Microsoft Dynamics GP > Tools > Routines > Job Cost > Year-End Closing.
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The fiscal year to be closed appears as the default and cannot be changed. Select Close to close the fiscal year.