Call 855-644-2677 for Microsoft Dynamics GP / SL Support, Training, and Implementation

Closing the Financial Period in Microsoft Dynamics SL

April 8, 2015 8:41 am Published by

In our last few entries, we have been discussing what it is like to use the financial tools in Microsoft Dynamics SL, including how batches are posted to the General Ledger, how transactions are corrected, and how allocations are made. Today let’s take a look at how a posting period is closed in Microsoft Dynamics SL.

In Microsoft Dynamics SL, you set up your periods, and you have the ability to decide whether or not users will be able to post to previous periods. When a period is coming to an end, you “close” it, so that future transactions will be posted to the new period. You do this with the Closing screen.

The Closing screen displays all of the modules in Microsoft Dynamics SL, and which period you are currently in for each of them. For each, you can choose to close the period or to not close the period. This enables you to close the period for the General Ledger, but not yet for Accounts Payable, as an example. You can also choose to “delete detail” for each, which deletes old transactions if you have no need for the data. Click the Begin Processing button when you are done making your selections. Closing a period changes the default period for which transactions are posted, so that users do not have to worry about which period they are posting for.

You can also “delete detail” for the General Ledger using the Delete GL Detail screen. Remember that it is always best to backup the database before deleting data. If that is done, you simply click the Begin Processing button here to delete the selected transaction data.

About MIG & Co.

MIG & Co. is a professional consulting firm that specializes in the implementation of business management software solutions, including Microsoft Dynamics GP, SL, and CRM. We automate business processes to ensure that our customers work efficiently. MIG is a Microsoft Dynamics Gold Certified Partner.

Ready to learn how Microsoft Dynamics can help your business?

Talk to an Expert

Your privacy is important to us. MIG & Co. will never sell, lease, or share your information.

MIG & Co.