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YearEndClosing Procedures for Microsoft Dynamics GP 2016 Martin Associates 2 TableofContents YearEnd Closing procedures in Inventory Control in Microsoft Dynamics GP...................................................................4

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How to fill out year end closing

01

Review your financial records for the year, including income statements, balance sheets, and cash flow statements.

02

Reconcile all accounts, ensuring that they are accurate and up to date.

03

Review any outstanding invoices or payments and make necessary adjustments.

04

Calculate and record any necessary adjustments, such as depreciation or accruals.

05

Prepare financial statements, including the income statement, balance sheet, and statement of cash flows.

06

Close out temporary accounts, such as revenue and expense accounts, by transferring their balances to retained earnings.

07

Review your closing entries for accuracy and ensure that all accounts are properly closed.

08

Generate any necessary reports or statements required for tax purposes or regulatory compliance.

09

Store all year-end closing documents and records in a secure and organized manner for future reference.

Who needs year end closing?

01

Companies and businesses of all sizes need to perform year-end closing to ensure accurate and timely financial reporting.

02

Accountants and financial professionals use year-end closing to generate financial statements and assess the financial health of a company.

03

Tax authorities and regulatory bodies often require businesses to submit year-end financial statements for compliance purposes.

04

Investors, shareholders, and stakeholders rely on year-end closing information to evaluate the performance and stability of a company.

05

Year-end closing is also important for budgeting and planning purposes, as it provides a clear picture of the company's financial position and performance.

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What is year end closing?

Year end closing is the process of finalizing the financial activities of a business for the fiscal year.

Who is required to file year end closing?

All businesses, organizations, and companies are required to file year end closing.

How to fill out year end closing?

Year end closing can be filled out by accounting and finance professionals using financial statements and reports.

What is the purpose of year end closing?

The purpose of year end closing is to accurately present the financial position of a business at the end of the fiscal year.

What information must be reported on year end closing?

Information such as revenue, expenses, assets, liabilities, and equity must be reported on year end closing.

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