As you go into new fiscal years, you will need to make sure that the new fiscal year has been defined in Dynamics GP. This is easy to do.
To view your fiscal periods in Dynamics GP, navigate to the Fiscal Periods Setup screen: Microsoft Dynamics GP >> Tools >> Setup >> Company >> Fiscal Periods
To add a new year, simply key in the new year number in the “Year” field, and tab off the field. Verify that the “First Day” and “Last Day” are correct, and click on the Calculate button. You can adjust the Period Name and Start Date if you wish.
Click OK, and you’re done.
Take a look at this video to see this in action: Fiscal Periods Setup