PowerPoint Presentation

exploreexplore

engageengage

elevateelevate

Dynamics GP 2014 Year-EndProcedures

Presented by:

Jeff Smith

exploreexplore

engageengage

elevateelevate

Agenda

•Goals

•Review the common year-end processes

•Provide tips and tricks for preparing for year-end

•Review Year-End Checklist

•Provide an overview and comments

•Step through applicable windows in GP

exploreexplore

engageengage

elevateelevate

Recommendations

•Use your resources

•CustomerSource

•Microsoft Dynamics GP Solutions Support

•Your Dynamics GP partner

•Be prepared

•Make sure all day-to-day activities are completed

•Be methodical

•Review and follow year-end checklists

•Verify ISV compatibility

•Make backups

exploreexplore

engageengage

elevateelevate

Recommendations

•Other resources

•GPUG (www.gpug.com)

•GPWindow.com

•Internet search

exploreexplore

engageengage

elevateelevate

Recommendations

•KnowledgeBase Articles:

•Inventory Control – 872713

•Receivables Management – 857444

•Payables Management – 875169

•Fixed Asset Management – 865653

•Payroll – 850663

•Analytical Accounting – 960356

•General Ledger - 888003

exploreexplore

engageengage

elevateelevate

Year-End Guidelines

•Finalize any/all applicable transactions

•Reconcile submodules to G/L

•Print necessary reports & file

backup•Make a backup when finished

•Begin closing process

exploreexplore

engageengage

elevateelevate

Module Closing Order

•Sales Order Processing & Purchase OrderProcessing

•Inventory Control

•Receivables Management

•Payables Management

•Fixed Assets Management

•Payroll

•Analytical Accounting

•General Ledger

Did you make your backup yet???!!!!

$C:\Program Files\Microsoft Expression\MEDIA\CAGCAT10\j0195812.wmf$

exploreexplore

engageengage

elevateelevate

Sales Order Processing andPurchase Order Processing

•No specific Year-End close process in either module

•SOP: Double-check for any applicable invoices/returns and post

•POP: Double-check for any applicable receivers/invoice matches andpost

•POP: Received/Not Invoiced report ties out your ‘Accrued Purchases’liability account

•Purchasing -> Reports -> Analysis ->Received/Not Invoiced

exploreexplore

engageengage

elevateelevate

Inventory Control

•The Inventory module should be closed at the end ofyour Fiscal year, before any new transactions thatwould affect inventory quantities are posted.

exploreexplore

engageengage

elevateelevate

Inventory Control

•Transfers all summarized current-year Quantity, Costand Sales amounts to last-year for the Items for whichyou have been keeping summarized Sales History

•Updates each Item’s Beginning Quantity from theQuantity on Hand at each site

•Zeros the Quantity Sold field in the Item QuantitiesMaintenance (Inventory -> Cards –> Quantities/Sites)for each Site

exploreexplore

engageengage

elevateelevate

Inventory Control

•Additional Options

•Remove Discontinued Items

•Remove Sold Receipts

•Remove Sold Lot Attributes and Cost Change History

•Update Item’s Standard Cost

exploreexplore

engageengage

elevateelevate

Inventory Control

•Post all transactions for the year

•Reconcile inventory quantities (GP or PSTL)

•Complete a physical inventory count, and then post any adjustments

•Print additional reports

•Make a backup

•Close the year

•Close the fiscal periods for the inventory series (optional)

•Make a final backup

exploreexplore

engageengage

elevateelevate

Inventory Control

•Inventory -> Routines -> Year-End Close

Time for another backup…

$C:\Program Files\Microsoft Expression\MEDIA\CAGCAT10\j0195812.wmf$

exploreexplore

engageengage

elevateelevate

Receivables Management

•The Calendar Year-End close should be done at theend of the calendar year prior to posting anytransactions in the next calendar year

•The Fiscal Year-End close should be done at the endof the fiscal year prior to posting any transactions inthe next fiscal year

exploreexplore

engageengage

elevateelevate

•The Calendar Year-End close clears the Calendar Year-to-Date Finance Charges and moves them to the LastYear Calendar field in Customer Finance ChargeSummary

•Sales -> Cards -> Summary -> Finance Charges

Receivables Management

exploreexplore

engageengage

elevateelevate

•The Fiscal Year-End close transfers all amounts otherthan the Calendar YTD Finance Charge amount to theLast Year column in Customer Summary using theAmounts Since Last Closed View

•Sales -> Cards -> Summary

*If the amounts are incorrect in the Amount Since Last CloseView contact support for scripts that can be ran to correct theamounts.

Receivables Management

exploreexplore

engageengage

elevateelevate

Receivables Management

•Post all the sales and receivables transactions for the year.

•Make a pre-year-end closing backup.

•Close the year.

•Close the fiscal periods. (This step is optional.)

•Close the tax year (RM and PM at the same time)

•Make a post-year-end closing backup.

exploreexplore

engageengage

elevateelevate

Receivables Management

•Sales -> Routines -> Year-End Close

exploreexplore

engageengage

elevateelevate

Receivables Management

•Sales -> Cards -> Summary

exploreexplore

engageengage

elevateelevate

Receivables Management

•Microsoft Dynamics GP -> Smartlist

exploreexplore

engageengage

elevateelevate

Receivables Management

•Administration -> Routines -> Tax Year-End Close

exploreexplore

engageengage

elevateelevate

Receivables Management

•Check the Year-End Closing checklist for instructions on financecharges printing on December and January statements

Time for another backup…

$C:\Program Files\Microsoft Expression\MEDIA\CAGCAT10\j0195812.wmf$

exploreexplore

engageengage

elevateelevate

Payables Management

•The Calendar Year-End Close Routine should be run atthe end of the Calendar year prior to postingtransactions in the next Calendar year

•The Fiscal Year-End Close Routine should be run at theend of the Fiscal year prior to posting transactions inthe next Fiscal year

exploreexplore

engageengage

elevateelevate

•The Calendar Year-End Close process transfersthe 1099 Amounts from the Year to Date column to theLast Year column in the Amounts Since Last Close viewin the Vendor Yearly Summary window

Payables Management

exploreexplore

engageengage

elevateelevate

•The Fiscal Year-End Close Process transfers allother amounts from the Year to Date column tothe Last Year column in the Amounts Since LastClose view

*If the amounts are incorrect in the Amount Since LastClose View contact support for scripts that can be ran to correctthe amounts.

Payables Management

exploreexplore

engageengage

elevateelevate

Payables Management

•Post all transactions for the year.

•Print the Aged Trial Balance with Options report.

•Print the Vendor Period Analysis Report.

•Install the Payroll Year-End update (optional)

•Make a backup that is named "Pre-1099 Edits."

•Verify the 1099 information and edit it if it is required.

exploreexplore

engageengage

elevateelevate

Payables Management

•If closing Payables Management in GP 2013

Purchasing -> Utilities -> Update 1099 Information

exploreexplore

engageengage

elevateelevate

Payables Management

•If closing Payables Management in GP 2013

Purchasing -> Transactions -> Edit 1099 Transaction Information

exploreexplore

engageengage

elevateelevate

Payables Management

•Print the 1099 statements.

•Make a backup that is named "Pre Year-End."

•Close the year.

•Close the fiscal periods.

•Close the tax year.

•Make a backup that is named "Post Year-End."

exploreexplore

engageengage

elevateelevate

Payables Management

•Administration -> Routines -> Tax Year-End Close

exploreexplore

engageengage

elevateelevate

Payables Management

•Purchasing -> Routines -> Year-End Close

exploreexplore

engageengage

elevateelevate

Payables Management

•Purchasing -> Cards -> Summary -> Yearly

exploreexplore

engageengage

elevateelevate

Payables Management

•Microsoft Dynamics GP -> Smartlist

Time for another backup…

$C:\Program Files\Microsoft Expression\MEDIA\CAGCAT10\j0195812.wmf$

exploreexplore

engageengage

elevateelevate

Fixed Asset Management

•Close out Payables module before beginning

•Double-check that all transactions – additions, retirements, etc. – areposted

•Double-check that final depreciation routine and related G/L interfaceprocess are complete

•Run the Fixed Asset Management Year-End closing process

•Financial -> Routines ->Fixed Assets ->Year-End

exploreexplore

engageengage

elevateelevate

Fixed Asset Management

•Financial -> Routines -> Fixed Assets -> Year End

exploreexplore

engageengage

elevateelevate

Fixed Asset Management

•Perform all the Year-End closing procedures for PayablesManagement

•Enter all the fixed asset transactions for the current fiscal year

•Depreciate all assets through the last day of the current fiscal year

•Perform the GL Posting (GL Interface) process

•Run any year-end reports that you want to keep as part of the year-end financial records

exploreexplore

engageengage

elevateelevate

Fixed Asset Management

•Make sure hat the Fixed Assets calendar is built correctly

•Verify that the quarters are set up correctly for all the fiscal years

•Create a backup

•Perform the fixed assets year-end closing routine

Time for another backup…

$C:\Program Files\Microsoft Expression\MEDIA\CAGCAT10\j0195812.wmf$

exploreexplore

engageengage

elevateelevate

Payroll

•Year-End processing ALWAYS done by 12/31

•Confirm status of any new updates from Microsoft

•Supported Versions:

•Dynamics GP 2010

•This will be the last year-end update is available

•No support for Affordable Care Act

•Dynamics GP 2013

•Dynamics GP 2015

exploreexplore

engageengage

elevateelevate

Payroll

•The Year-End update is all inclusive of prior updates for Dynamics GP2010 and 2013

•GP 2010 – 11.0.2351

•GP 2013 – 12.0.1801

•Choose Help -> About Microsoft Dynamics GP

•The 2014 Year-End update and 2015 tax updates will not be availablefor Dynamics GP 10.0 and prior versions

exploreexplore

engageengage

elevateelevate

Payroll

•The 2014 Year-End update has been released for Dynamics GP 2010and 2013

•The 2014 Year-End update will be released by January, 2015 forDynamics GP 2015

•The 2015 tax update will be available by the week of 12/20

•Microsoft Dynamics GP -> Maintenance -> US Payroll Updates

exploreexplore

engageengage

elevateelevate

Payroll

•Affordable Care Act

•Forms 1094-C and 1095-C will be used by employers with 50 or more full-timeemployees or full-time equivalents to determine whether they are liable forpenalties under the employer shared responsibility requirements of the ACA

exploreexplore

engageengage

elevateelevate

Payroll

•Affordable Care Act

•1094-C – this is a summary the employer fills out of all the employees thatreceived the 1095-C

•A 1094-C should accompany any 1095-C’s to the IRS

•It is a transmittal of Employer Provided Health Insurance Offer and Coverage InformationReturn

•1095-C – this goes to the employee from the employer (like a W-2)

exploreexplore

engageengage

elevateelevate

Payroll

exploreexplore

engageengage

elevateelevate

Payroll

exploreexplore

engageengage

elevateelevate

Payroll

exploreexplore

engageengage

elevateelevate

Payroll

exploreexplore

engageengage

elevateelevate

Payroll

exploreexplore

engageengage

elevateelevate

Payroll

exploreexplore

engageengage

elevateelevate

Payroll

exploreexplore

engageengage

elevateelevate

Payroll

•Verify that you have installed the latest 2014 payroll tax update

•Complete all pay runs for the current year

•Complete all month-end, period-end, or quarter-end procedures forthe current year

•Make a backup of the original file

•Install the Year-End Update

•Create the Year-End file

•Make a backup of the new file

exploreexplore

engageengage

elevateelevate

Payroll

•Payroll -> Routines -> Year-End Closing

exploreexplore

engageengage

elevateelevate

Payroll

•Verify W-2 and 1099-R statement information

•Print the W-2 statements and the W-3 Transmittal form

•Print the 1099-R forms and the 1096 Transmittal form

•(Optional:) Create the W-2 Electronic file

•(Optional:) Archive inactive employee Human Resources information

•Set up fiscal periods for 2015

exploreexplore

engageengage

elevateelevate

Payroll

•Payroll -> Routines -> Year-End Wage Report

exploreexplore

engageengage

elevateelevate

Payroll

•Payroll -> Routines -> Edit W-2 Information

exploreexplore

engageengage

elevateelevate

Payroll

•Payroll -> Routines -> Print W-2 Forms

exploreexplore

engageengage

elevateelevate

Payroll

•Payroll -> Routines -> Edit 1099-R Information

exploreexplore

engageengage

elevateelevate

Payroll

•Payroll -> Routines -> Print 1099-R Forms

exploreexplore

engageengage

elevateelevate

Payroll

•Payroll -> Routines -> W-2 Electronic Filing

exploreexplore

engageengage

elevateelevate

Payroll

•(Optional:) Close fiscal periods for the payroll series for 2014

•Install the payroll tax update for 2015

exploreexplore

engageengage

elevateelevate

Payroll

exploreexplore

engageengage

elevateelevate

Payroll

•https://mbs.microsoft.com.customersource/downloads/taxupdates/u sgpye2010

•The Year-End update is a service pack and may include updates toother modules

exploreexplore

engageengage

elevateelevate

Payroll

•https://mbs.Microsoft.com/customersource/downloads/taxupdates/usgpye2013

•The Year-End update is a service pack and may include updates toother modules

exploreexplore

engageengage

elevateelevate

Payroll

•The most recent fixes for Dynamics GP and other quality report fixesrelated to the payroll year-end.

•There are no W-2 or W-3 form changes

•W-2 electronic filing changes

exploreexplore

engageengage

elevateelevate

Payroll

•Dynamics GP currently supports electronic filing of W-2 informationin the federal EFW2 format. Some states also accept this format.

exploreexplore

engageengage

elevateelevate

Payroll

•Electronic filing of 1099-R forms, state unemployment tax (SUTA)forms, or state W-2 forms in formats other than EFW2 are notsupported.

exploreexplore

engageengage

elevateelevate

Analytical Accounting

•There is not a separate year-end close procedure for AnalyticalAccounting.

•Balance Brought Forward (BBF) entries are created for AA dimensionsautomatically as part of the year-end close process, if you have theAA dimensions setup to have a BBF entry created.

exploreexplore

engageengage

elevateelevate

Analytical Accounting

•Microsoft Dynamics GP -> Tools -> Setup -> Company -> AnalyticalAccounting -> Options

exploreexplore

engageengage

elevateelevate

Analytical Accounting

•Financial -> Cards -> Analytical Accounting -> Transaction Dimension

Time for another backup…

$C:\Program Files\Microsoft Expression\MEDIA\CAGCAT10\j0195812.wmf$

exploreexplore

engageengage

elevateelevate

General Ledger

•Complete the posting procedures and the closing procedures forother modules.Post the final adjusting entries in General Ledger.

•Print an account list to verify the posting type of each account.

•If using Unit Accounts check the “Clear Balance During Year-EndClose” setting

•Close the last period of the fiscal year.

•Optional: Perform file maintenance on the Financial series group ofmodules.

exploreexplore

engageengage

elevateelevate

General Ledger

exploreexplore

engageengage

elevateelevate

General Ledger

•Financial -> Cards -> Unit Account

exploreexplore

engageengage

elevateelevate

General Ledger

•Verify the settings in the General Ledger Setup window.

•Make a backup.

•Print a final Detailed Trial Balance report.

•Print the year-end financial statements.

•Set up a new fiscal year.

•Close the fiscal year.

•Close all the fiscal periods for all the series.

exploreexplore

engageengage

elevateelevate

General Ledger

•Financial -> Setup -> General Ledger

exploreexplore

engageengage

elevateelevate

General Ledger

exploreexplore

engageengage

elevateelevate

General Ledger

•Financial -> Routines -> Year-End Closing

exploreexplore

engageengage

elevateelevate

General Ledger

•Adjust the budget figures for the new year, and then print thefinancial statements.

•Make a backup.

exploreexplore

engageengage

elevateelevate

General Ledger

•Key things to remember

•ALWAYS the final module to be closed!!!

•Doesn’t need to be closed immediately like others

•Issue with financials if delayed past first new accounting period

•Before inclosing G/L, create a simple ‘Accounts’ SmartList and review “PostingType” settings

•KB# 864913 provides ‘surgical’ fix steps

•Click ‘Close Year’ button only once !

Questions?