Standard Year-End Close Procedures

Welcome! Microsoft Dynamics GP Standard Year-End Close Procedures

Agenda Install & Upgrade Inventory Control Receivables Management Payables Management Fixed Assets Analytical Accounting General Ledger US Payroll/Canadian Payroll

Install & Upgrade Overview All Updates are cumulative All prior service packs, hotfixes, compliance, and year end updates are included in the most recent release The update must be installed at all servers and workstations that have a Microsoft Dynamics GP installation otherwise a version error will occur

Pre-Install & Upgrade Tips Backup the DYNAMICS database and all company databases Export all modified reports and forms to package files (Microsoft Dynamics GP | Tools | Customize | Customization Maintenance) Backup the modified reports and forms.DIC files (Refer to the Dynamics.set file for the path to the modified.DIC files) Configure a test environment to test the upgrade prior to installing in the live environment

Install & Upgrade Tips User running the update must have local admin rights Two components to the first update installation: –Update application install –Upgrade DYNAMICS and all company databases in Microsoft Dynamics GP Utilities Typically the update is installed at the SQL Server first to upgrade the databases in Microsoft Dynamics GP Utilities

Install & Upgrade Tips Verify the Microsoft Dynamics GP installation used to upgrade the databases includes all additional product installations If the installation of the MSP fails, refer to the Windows Installer Log or Windows Event Viewer for more information. Refer to KB for steps to create a Windows Installer LogKB Search for “Return Value 3” in the Windows Installer Log If the installation of the MSP fails, try installing via the command line. Refer to KB #A13 for stepsKB

Install & Upgrade Tips Enable a Dexsql.log prior to upgrading the databases in Utilities. Refer to KB for stepsKB If the database upgrade fails, do not restore the databases as all troubleshooting can take place at the point of failure If a red X appears next to the company name in the Update Company window, the table conversion failed. Refer to the Support Information Section of the Upgrade Hot Topic for GP 2013 or GP 2015 for troubleshooting stepsGP 2013 GP 2015

Install & Upgrade Tips All modified reports and form dictionaries must be upgraded using the Update Modified Forms and Reports process at the Additional Tasks window in Microsoft Dynamics GP Utilities If all modified reports and form dictionaries are shared, only upgrade the dictionaries once The MSP file can be pushed out to client workstations using Automatic Client Update, Group Policy or other mass deployment tools

Post-Install & Upgrade Tips Backup the DYNAMICS database and all company databases following the upgrade Export all modified reports and forms to package files following the upgrade (Microsoft Dynamics GP | Tools | Customize | Customization Maintenance)

Inventory Control Year End When should the close be done? –The Inventory module should be closed at the end of your Fiscal year, before any new transactions that would affect inventory quantities are posted

Inventory Control Year End What does the year end close process do and/or affect? –Transfers all summarized current-year Quantity, Cost and Sales amounts to last-year for the Items for which you have been keeping summarized Sales History –Updates each Item’s Beginning Quantity from the Quantity on Hand at each site –Zeros the Quantity Sold field in the Item Quantities Maintenance (Cards - Inventory – Quantities/Sites) for each Site –Gives you the option to: Remove Discontinued Items, Remove Sold Receipts, Remove Sold Lot Attributes, and Update Item’s Standard Cost

Inventory Control Year End What steps should I take to close the year? –Enter and post all Purchase Order Processing, Invoicing/Sales Order Processing, and Inventory transactions for the current year –Follow the rest of the steps outlined in KB : “Year-End closing procedures in Inventory Control in Microsoft Dynamics GP” KB

Inventory Control Year End What are some of the key points to remember? –Make restorable backups when recommended in KB KB –If you are using Sales Order Processing and/or Purchase Order Processing, reconcile these modules in addition to the Inventory module prior to closing –Reconcile Order: SOP, POP, and then Inventory –Year-end may be an opportune time to implement the Historical Inventory Trial Balance (HITB) report (Dynamics GP 10.0 SP2 and later versions)

Inventory Control Year End What are some of the related KnowledgeBase articles that can be referenced? –KB : “Year-End Closing procedures in Inventory Control in Microsoft Dynamics GP”KB –KB : “Information about the order in which the reconcile procedures should be run in Microsoft Dynamics GP”KB –KB : “Inventory Accidentally Closed Twice”KB –KB : “Inventory year end close does not remove discontinued items”KB

Receivables Management Year End When should the close be done? –Both the Calendar Year end and Fiscal Year close should be done at the end of the calendar year prior to posting any transactions in the next calendar year

What does the year end close process do and/or affect? –The Calendar Year end close clears the Calendar Year- to-Date Finance Charges and moves them to the Last Year Calendar field in Customer Finance Charge Summary (Cards – Sales – Summary – Finance Charges) –The Fiscal Year end close transfers all amounts other than the Calendar YTD Finance Charge amount to the Last Year column in Customer Summary using the Amounts Since Last Closed View (Cards – Sales – Summary) Receivables Management Year End

What steps should I take to close the year? –Post all transactions for the current year –Follow the rest of the steps outlined in KB : “Year-end closing procedures for Receivables Management in Microsoft Dynamics GP” KB Receivables Management Year End

What are some of the key points to remember? –Make restorable backups when recommended in KB KB –Receivables Management is not completely date sensitive –As there are some date sensitive features the best option to close the year on time Receivables Management Year End

What are some of the related KnowledgeBase articles that can be referenced? –KB : “Year-end closing procedures for Receivables Management in Microsoft Dynamics GP”KB –KB : “Information about performing the year- end closing procedure in Receivables Management in Microsoft Dynamics GP after December 31”KB –KB : “Removing outdated statement runs from the Reprint Statements Window”KB Receivables Management Year End

Payables Management Year End When should the Year End Close be done? –The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transactions in the new year –The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the new year

What does the Year End Close Process do? In the Vendor Yearly Summary Window: –Calendar close- transfers the 1099 Amounts from Year to Date Column to Last Year column in the Amounts Since Last Close view –Fiscal close – transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view. Payables Management Year End

What steps should I take to close the year? –Post all transactions for the current year –Make sure transactions for the new year are saved, not posted –Make a backup –Follow the steps in KB : “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”KB Payables Management Year End

What are some important points to remember? –Follow the steps as outlined in KB KB –Payables Management is not fully date sensitive, so it is still recommended that you process your year end closing routines at the actual year end –Vendor should be marked as 1099-able at the time transactions are posted/paid for 1099 Information to auto-populate Use KB to correct thisKB Use 1099 Details window to edit 1099 amounts individually (Cards | Purchasing | 1099 Details) Payables Management Year End

What are some important points to remember? –Microsoft Dynamics GP 2013 New Features: Separate 1099 Address ID field on vendor card Additional Box Numbers added for each Tax Type Additional fields on the 1099 Details window New functionality to edit 1099 information: –Edit 1099 Transaction Information window (per trx) –Update 1099 Information utility now has options for ‘Not a 1099 vendor’ tax type (per vendor) Print 1096 Summary Form Payables Management Year End

Fixed Assets Year End Close When should the Year End Close be done? –Fixed Assets Year End Close should be processed after Payables Management is closed, and before closing the General Ledger –Each book can be closed separately, but ALL books must be closed before you can do any processing in Fixed Assets for the new year

Fixed Assets Year End Close What does the Year End Close process do? –In the Asset General Information Window (Cards >> Fixed Assets >> General): The YTD Maintenance amount is cleared from the Expand last Maintenance Date Window The Quantity is copied to the Begin Quantity field in the Expand Quantity Window –In the Asset Book Window (Cards >> Fixed Assets >> Book): The YTD Depreciation Amount is cleared Cost Basis is copied to Begin Year Cost field Life to Date Depreciation is copied to Begin Reserve field Salvage Value is copied to Begin Salvage field

Fixed Assets Year End Close What does the Year End Close process do? (continued) –In the Book Setup Window (Microsoft Dynamics GP >> Tools >> Setup >> Fixed Assets >> Book): The Current Fiscal Year is increased for each closed book –Dynamics GP 2015 has Fixed Assets Year End report (Status report of all assets affected by the close)

Fixed Assets Year End Close What steps should I take to close the year? –You must depreciate all assets through the last day of the current FA year before you close the year –Print all the reports that you will need for the year you are closing –Make a backup –Follow the steps in KB : “The year-end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP”KB

Analytical Accounting Year End Close When should the year-end close be done? –There is no separate year-end close process for AA. It automatically closes along with the GL year-end close, so any steps to check AA data should be done prior to closing the GL year.

Analytical Accounting Year End Close What does the GL Year End Process do in AA? –Automatically moves open year AA data to historical tables (AAG3000x  AAG4000x) –Update AA tables with Balance Brought Forward (BBF) entry to match BBF in GL –Any dimensions marked to be included in Year End close will be consolidated and tied to BBF entry

Analytical Accounting Year End Close What steps should I take to close the year? –Follow the steps in KB : “The year-end close procedures for Analytical Accounting”KB Scripts to check AA data against GL (see KB ) Steps to mark AA dimensions to be consolidated during Year End Close Utility to move historical year AA data to history (one-time process for customers that upgraded where last close process was done on GP 10 SP1 or prior)

What are some important points to remember? –AA automatically closes with General Ledger –Run through scripts in KB –Management Reporter (Data Mart) reads from AA tables –Make sure AA is installed and enabled on workstation where GL is being closed! –Make a backup Analytical Accounting Year End

General Ledger Year End Close When should the Year End Close be done? –The General Ledger Year End Close should be done after you have completed the Year End close process for all other modules –Other modules should be closed in the following order: Inventory Receivables Payables Fixed Assets

General Ledger Year End Close What does the Year End Close process do? –The year end close routine moves all open year transactions from the GL20000 table to the GL30000 table –Creates balance brought forward (BBF) journal entries are created in the GL20000 –Removes inactive GL accounts without a balance/history. –GP 2013/GP 2015 will also clear out Unit Accounts if marked –The balances for all Balance Sheet accounts are rolled forward to the new year The beginning balance in the new year for BS accounts will be the same as the ending balance from the prior year you are closing

General Ledger Year End Close What does the Year End Close process do? (Cont.) –The Proft and Loss (P&L) accounts are rolled into Retained earnings account(s) if you close to one Retained Earnings account, or with the amount from the P&L accounts in that division if you close to divisional Retained Earnings P&L accounts have a zero balance at the beginning of the new year –The Fiscal Period tables are updated to mark the year just closed as a historical year –Automatically closes Analytical Accounting –Year-end Close Report prints (cannot reprint)

General Ledger Year End Close What steps should I take to close the year? –Follow the steps in KB : “Year-end closing procedures for General Ledger in Microsoft Dynamics GP”KB –If any errors or issues – RESTORE TO BACKUP

General Ledger Year End Close What are some important points to remember? –Make a backup! Don’t bypass errors! –Follow ALL the steps in KB KB –Have all other users out of Dynamics GP when you perform the year end close –Perform the Year End Close at the server –Make sure that you have enough free space on the server to allow for the GL20000 table to double in size –The year end close routine does appear to hang at 50%, but it is still processing, so let it run

General Ledger Year End Close What are some important points to remember? (Cont.) –Issue with Divisional Retained Earnings checkbox does not update GL40000 table if marked and unmarked -Fixed in GP 2013 –Microsoft Dynamics GP 2013: Maintain inactive accounts in YEC window Progress bar in YEC window Option to clear balance per unit account –Microsoft Dynamics GP 2013 R2: Checkbox to “Reverse Historical Year” in YEC window so you can un-do a year-end close

General Ledger Year End Close What are some of the related KnowledgeBase articles that can be referenced? –KB : “Changing the posting type on an account after you close the year”KB –KB : “Query to clear beginning balances for unit accounts” (new options in GP 2013)KB –KB : “How to set up an adjusting period”KB –KB : “How to use divisional retained earnings accounts”KB –KB : “Retained Earnings account not found”KB –KB : “General Ledger year end close still in process and batches cannot be posted”KB

US Payroll Year End Closing When should the Payroll Year End Close be done? After ALL current year pay runs are complete After making a backup Before processing pay runs in the new year

US Payroll Year End Closing What does the Payroll Year End Close process do? Creates the 'Year End Wage' file containing annual wage information used to generate W2’s, W3’s, 1099's, 1094/1095’s and Magnetic Media for the year being closed.

US Payroll Year End Closing What steps should I take to close the year? Make a Backup. Follow the steps in KB “Year-End Closing procedures for Microsoft Dynamics GP Payroll”KB

US Payroll Year End Closing Key points to remember: Year End Wage File –Held in UPR10100-UPR10107 tables –Year End Wage Report –Edit & Print W-2s –Create W-2 Electronic File (W200005, W200006) Prior to processing pay runs in New Year –Install Payroll Tax Update Round 1 Microsoft Dynamics GP >> Maintenance >> U.S. Payroll Updates >> Check for Payroll Tax Updates Downloads & Updates >> Tax Updates (manual)

US Payroll Year End Closing Helpful Documents, Numbers, Sites, and Articles: –Downloads & Updates >> Tax Updates –U.S. Year End Update.pdf –W-2 Wage and Tax Statement Data Source.pdf –Tax Forms – –IRS Forms and Publications –Accuwage for Electronic File Verification –KB Article Year-end closing procedures for Microsoft Dynamics GP Payroll

Canadian Payroll Year End Closing Payroll Year End Closing Checklist –KB : “Year-end closing procedures for the Canadian Payroll module in Microsoft Dynamics GP”KB Downloads & Updates | Tax Updates

Canadian Payroll Year End Closing Documents and Sites Download PDF file on Year-End Update page in PartnerSource or CustomerSource Software Developer Number (RL-1) - Downloads & Updates | Tax & Regulatory Updates Web Access Code: –

Case Creation Microsoft Dynamics GP Support Case Routing Assistance with the install of the MSP or EXE 1.Support Topic Selection: System and Security Setup, Installation, Upgrade and Migrations 2.Sub-topic Selection: System Installation Assistance with the database or report/form upgrade in Microsoft Dynamics GP Utilities 1.Support Topic Selection: System and Security Setup, Installation, Upgrade and Migrations 2.Sub-topic Selection: System Upgrade

Case Creation Microsoft Dynamics GP Support Case Routing Assistance with installing the tax table update in Microsoft Dynamics GP 1.Support Topic Selection: Payroll 2.Sub-topic Selection: Payroll Tax Update Assistance with Payroll-specific issues related to the Year End release and procedures 1.Support Topic Selection: Payroll 2.Sub-topic Selection: Year End Procedures

Case Creation Microsoft Dynamics GP Support Case Routing INVENTORY Distribution – Inventory; Inventory - Other RECEIVABLES Financial – Receivables Management; Year End Procedures PAYABLES Financial – Payables Management; Year End Close FIXED ASSETS Financial – Fixed Assets; Year End Procedures ANALYTICAL ACCOUNTING Financial – Analytical Accounting; Other GENERAL LEDGER Financial – General Ledger; Year End Closing

KB Resources – Recap Year-End Closing Procedures: KB – General LedgerKB KB – InventoryKB KB – Receivables ManagementKB KB – Payables ManagementKB KB – Fixed AssetsKB KB – Analytical AccountingKB KB – US PayrollKB KB – Canadian PayrollKB

Additional Resources Blog Year-end update on CustomerSource P/downloads/tax-regulatory-updates P/downloads/tax-regulatory-updates Microsoft Dynamics Support and click on ‘Log a Support Incident’ Microsoft Dynamics Community

Additional Resources Microsoft Dynamics GP Directory – This page provides easy access to all useful resource links for GP. Use this page as a one-stop shop to find information: earning/documentation/system- requirements/dynamicsgpresource

Additional Questions If you have a technical question, please feel free to contact Dynamics support through a service request: &l=5 &l=5 If you have any other non-technical questions, you can reach out to your Services Account Manager.

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