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Finite-temperature properties such as thermodynamic state functions can be obtained for a range of crystalline materials by combining density functional theory (DFT) with lattice-dynamics approaches. Despite the usefulness of such first-principles predictions, their results must be carefully checked for accuracy, especially in cases where the DFT description of the material itself is nontrivial. Here, we investigate a prototypical layered semiconductor, namely, germanium selenide (GeSe) by dispersion-corrected DET, lattice-dynamics computations, and a thermodynamic framework that relies on the quasiharmonic approximation (QHA). We study phonon band structures, their evolution under pressure, and finite-temperature thermodynamic state functions. Besides the layered orthorhombic structure, this analysis includes the high-temperature cubic (rocksalt-type) polymorph of GeSe, which is shown to exhibit imaginary vibrational modes but emerging dynamic stability under increasing external pressure. The effect of these imaginary vibrational modes on the QHA and hence on computed thermochemical properties is critically evaluated. First-principles thermodynamics correctly predict a high-temperature transition from the orthorhombic to the cubic structure, albeit the transition temperature is severely underestimated. This simple compound allows us to address important methodological questions regarding the QHA treatment of crystalline solids. [ABSTRACT FROM AUTHOR]