Setup New Fiscal Year in Dynamics GP

It's summer time in Montana so that means fly fishing and farmers markets. Oh how I love summertime. All two months of it. (It might end up only one and a half months this year as it's barely starting to warm up now).

Usually this time of year also brings a rash of calls regarding Fiscal Year setup in GP. Fiscal year setup is a very simple thing to do but when you only do it once a year it sometimes intimidates the faint of heart.

Here's how to setup a new fiscal year:

1. Navigate to Dynamics GP>>Tools>>setup>>company>>Fiscal Periods
2. Put your cursor in the year field and type in the new fiscal year (I.E. 2010)
3. Press Tab
4. Verify the dates are correct in the date fields
5. Verify the number of periods you want in the year. Typically 12.
6. Choose calculate
7. You can then check off the periods you don't want anyone to post to yet. You can open these whenever you desire.
8. If you already have these periods setup you may just need to uncheck the modules to allow posting.

Couple of notes:

• Make sure the dates don't overlap any other year
• Make sure you have all dates covered. GP doesn't like any days missing from one year to the next