It’s that time of year again to think about closing the fiscal year. With many clients making the switch from Microsoft Dynamics GP to Microsoft Business Central, I’ve been asked many times, “how do I close the books in Business Central?” “Do you have an eBook on it?” or “is Crestwood going to have a seminar to train people on closing periods in Business Central like you do with GP?”
Comparing GP and Business Central is like night and day when it comes to year-end. Dynamics GP takes days of preparation, applying any updates and fixes, then making sure you have a backup, and then 8 or more hours of procedures, steps, and reporting.
Business Central, besides a few things to double-check and running a few reports, is only three – yes, three – steps.
How to close the year in Business Central:
Year-end in Business Central is a three-step process:
- Close the fiscal year using the Accounting Period option.
- Generate a year-end closing entry using the Close Income Statement option.
- Posting the year-end closing entry.
Using a modern ERP system has its advantages. With the cloud, your updates automatically get applied (no need for any worrying about what mess the IRS makes with 1099 forms!) and backups are something you don’t have to worry about anymore. There are numerous advantages of Business Central over Dynamics GP. Read more about them in our blog titled, “Businesses are Switching from Dynamics GP to Dynamics 365 BC.”
Image links:
- Webinar: 2021 Year-End with Dynamics GP (crestwood.com)
- Step-By-Step Guide to Closing out the Year in Dynamics 365 Business Central
If you’re thinking about switching from Dynamics GP to Business Central, this should help you make that decision. Imagine having more time to enjoy the end of year celebrations, potlucks, chocolate, and actually taking some vacation time around the holidays! Enjoy a stress-free closing season with Microsoft Business Central. Check out Microsoft’s Bridge to the Cloud promotion for more incentive to switch!
