In today’s business environment the need for mergers, acquisitions and dispositions is becoming increasingly more important to drive and sustain the growth desired by company stakeholders and executive teams. In some cases, these types of transactions can present extraordinarily complex accounting circumstances as well as difficulties associated with integrating new entities into the existing financial system. When faced with these situations the following questions can arise:
- Is it possible to perform multiple fiscal year-end processes for a single year (one pre-acquisition/disposition and one post-acquisition/disposition)?
- Is there a method to combine data from multiple Dynamics GP company databases in order to have unified information going forward?
Well, the answer to the above is a resounding YES!
Many of the utilities available in the Microsoft Dynamics Professional Services Tools Library (PSTL) can aid with these scenarios. Now for the best part, it is free with your annual Microsoft Dynamics software licensing. Some of the available functionalities in the PSTL include the Fiscal Period Modifier, Account Modifier, Checkbook Modifier, Customer Combiner, Vendor Modifier, Fixed Asset Modifier and the Company Copier.
How to Perform Multiple Fiscal Year-End Processes for a Single Year in Microsoft Dynamics GP
As an example, let’s look at how the PSTL can help you perform multiple fiscal year-end processes for a single year. In this instance it will be necessary to split the current twelve month fiscal year into a three-month and nine-month stub year in order to process the multiple fiscal year end processes. It is always recommended that a restorable backup is created prior to utilizing any tool available in the PSTL in the event of unanticipated outcomes.
After installing the most current version of the PSTL, which is available on either Microsoft’s PartnerSource or CustomerSource site, you should consider using the Fiscal Period Modifier Utility to efficiently update the fiscal year settings in Dynamics GP. This component of the PSTL allows you to redefine the fiscal periods starting with the oldest historical year through the most recent year that exists in Dynamics GP.
When the routine is complete, all transactional records housed in the GP general ledger will be modified based on the new fiscal periods defined. It is then necessary to proceed with performing the reconcile utility available in the financial module, starting with the oldest historical year to the most recent year. This procedure will update the summary data tables in the GP financial module based on the updates that were just made to the transactional data. You are now ready to follow the documented procedure to perform a fiscal year-end process for both the three-month and the nine-month stub year that were just defined in the system.
This is just one of the many utilities that can provide efficient solutions to the complications and complexities that mergers, acquisitions and dispositions can create.
Ryan Pekrul, Staff II Consultant
FMT Consultants, LLC
Posted by: Jakob Bechgaard