Many users of Microsoft Dynamics GP (Formerly known as Microsoft Great Plains) expect the GL Trial Balance report to bring forward beginning balances for the current year whether or not the prior year has been closed. This also applies to Opening Balances, shown in the Account Inquiry form. However Dynamics GP does not do this. Since Dynamics GP does not require you to close the Fiscal Year before opening a new Fiscal Year, this situation happens fairly frequently.
It occurs because Dynamics GP only transfers Profit and Loss balances into the Retained Earning account and Balance Sheet balances into Opening Balances in the following year when the prior year is closed. It is possible to work around this by transferring the prior year balances to Excel and then merging these with Current Year Balances or by creating a special column layout in FRx, but both methods are cumbersome and difficult to maintain. Similarly, the architecture of FRx prevents it from being modified to automatically recognize this situation.
Alba Spectrum’s Balance Brought Forward utility for Dynamics GP resolves the problem by calculating the results of the Year End Closing process in independent custom tables. These opening balance values are then displayed in the Open Account Inquiry window and in the GP Trial Balance Detail and Trial Balance Summary reports. It also supports the distribution of Retained Earnings to the currently defined Divisional Account Segments in the General Ledger module.
Handling the actual GL Year End Close - When the Dynamics GP GL Close is initiated the closing year GL transactions are moved from table GL20000 to GL30000 and Opening Balances are created for the current year. BBF recognizes when this happens and then becomes inactive until a new fiscal year is created before the preceding year has been closed (i.e. next year).
Balance Brought Forward is a GL extension developed in Dexterity, the native development language for Dynamics GP. Installation is straightforward, and uses the normal GP procedure for Dexterity extensions (i.e. adding the GP chunk file to the workstation folder, creating custom tables; and enabling accounting users to print alternative Trial Balance reports). It is compatible with: Microsoft Dynamics GP 9.0, 10.0 and 2010.
Related products provided by Alba Spectrum:
Journal Entries into a closed historical year: this is dealt with by Alba Spectrum’s Historical Journal Entry utility. Please email sales@albaspectrum.com for further information or visit http://www.albaspectrum.com/V2.0/Productsfinancials.aspx
Alba Spectrum also provides a wide range of GL utilities and other applications designed specifically for Dynamics GP. For more information, please visit:
http://www.albaspectrum.com/V2.0/Products.aspx
About Alba Spectrum:
Alba Spectrum Corporation (http://www.albaspectrum.com |1-866-528-0577 | sales@albaspectrum.com) is a Gold-Certified Microsoft Dynamics Partner specializing in Microsoft Dynamics GP Customization and Integration, E-Commerce and Warehouse Management Systems (WMS). Alba Spectrum is based in Chicago, Illinois, with additional offices in Irvine, California and Richmond, Texas.
About the Author: Rod Bergl is the CEO of Alba Spectrum Corporation (http://www.albaspectrum.com |1-866-528-0577 | sales@albaspectrum.com). Rod has been working with ERP and accounting systems since 1990 and is a cofounder of Alba Spectrum. He can be reached at rbergl@albaspectrum.com.
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