How to set up an adjusting period in General Ledger in Microsoft Dynamics GP
This article describes how to set up an adjusting period to record adjustments that are posted to the general ledger after the year-end close process has been performed.
Applies to: Microsoft Dynamics GP
Original KB number: 871679
This article describes how to do it in General Ledger in Microsoft Dynamics GP.
The adjusting period that you set up should meet the following conditions:
The adjusting period should start on the last day of the fiscal year.
The adjusting period shouldn't overlap any other period dates.
To set up an adjusting period in General Ledger in Microsoft Dynamics GP, follow these steps.
Historical periods cannot be changed.
In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Company, and then select Fiscal Periods.
Set up each fiscal period. To do it, see the steps in the following example.
This example assumes that the fiscal year starts on January 1 and ends on December 31 and that the fiscal year has a 13th adjusting period.
- In the Year list, select a year. For example, select 2013.
- In the First Day field, type a first day for the fiscal period. For example, type 01/01/2013.
- In the Last Day field, type a last day for the fiscal period. For example, type 12/31/2013.
- In the Number of Periods field, type the number of periods for the fiscal year. For example, type 13.
- Select Calculate.
- If it's necessary, adjust the start dates of the periods. In this example, type dates in the Date column beside the corresponding entry in the Period Name column as indicated in the following list:
- Period 1: 01/01/2013
- Period 2: 02/01/2013
- Period 3: 03/01/2013
- Period 4: 04/01/2013
- Period 5: 05/01/2013
- Period 6: 06/01/2013
- Period 7: 07/01/2013
- Period 8: 08/01/2013
- Period 9: 09/01/2013
- Period 10: 10/01/2013
- Period 11: 11/01/2013
- Period 12: 12/01/2013
- Period 13: 12/31/2013
In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Utilities, point to Financial, and then select Reconcile.
Select the Year check box.
Select Reconcile. Microsoft Dynamics GP reconciles the account summary data to the account detail data for all general ledger accounts.