How to Create a New Fiscal Year

To create a new fiscal year in Microsoft Dynamics GP, open Microsoft Dynamics GP, choose Tools, click Setup, choose Company, and click Fiscal Periods.  In the Year drop-down list, type the new year and tab out of the field.  Confirm the dates are correct in the First Day and Last Day fields and that the Number of Periods is correct.  Click the Calculate button.  The periods are populated in the scrolling window below.  Optionally, users can rename the Period Names (such as from “Period 1” to “January”) or close future periods so users will not accidentally post transactions in those periods.  Click OK to complete.