explore engage elevate November 20, 2014 Children’s Miracle Network Hospitals Microsoft Dynamics GP User Group (GPUG®) Tweet today’s meeting: #GPchapterUT

exploreengage elevate Casual event, feel free to contribute We are all volunteers, enjoy and step up Bathrooms are located in the hallway on the right Coffee Service is in the back Make sure to sign in so we have attendance Housekeeping

exploreengage elevate Agenda 8:30Welcome & Introductions 9:00 GPUG Summit Overview & Chapter Business 9:15Soaring Through Year End Close 9:45 Manage 1099s and keep the IRS off Your Back 10:30Networking Break 10:45Budgeting :45Question and Answer/Wrap Up

exploreengage elevate Company Role in Company What inspired you to attend today’s meeting? Name Most desired topic for future meetings Welcome & Introductions

exploreengage elevate The What Connect. Learn. Share. We’re a little over 4,800 Dynamics GP users who get together and chat all about GP virtually or at in person events, like this one. It’s a really big conversation you probably shouldn’t miss out on. You’ll probably learn something great, apply it to your organization, and be treated like a super hero. The When Call Bob Buresh, he’s a great guy as well as the GPUG Membership Manager x1448

exploreengage elevate Be a part of something really great. FACT: The most successful chapters have strong leadership teams installed. BENEFIT: Ignite Leadership Training available ONLY to chapter leaders. Develop your professional skills – public speaking, leadership, communication, organization, conflict resolution, and many more skills. IMPACT: Chapter Leaders have significant reach within the Dynamics GP Community. Leaders are respected for their hard work and devotion to helping individuals and organizations attending meetings. Roles: Chair, Co-Chair, VP of Membership, VP of Communication, VP of Programming Take Action: Contact your chapter leader and GPUG Chapter Coordinator, Whitney Derks:

exploreengage elevate Join our Chapter Community today to receive updates and access to the content library with presentation materials.

explore engage elevate Soaring Thru Your Year-End Close Authored by Bob McAdam, Vice President of Finance Dynamic Communities, Inc.

exploreengage elevate Year-End Checklist Finalize any/all applicable transactions Reconcile submodules to G/L Print necessary reports & file backup Make a backup when finished Begin closing process

exploreengage elevate Month-End Checklist Before we talk about year-end close, what about month-end close: Finalize any/all applicable transactions Reconcile submodules to G/L Print necessary reports & file backup Make a backup when finished Close month Tools>Setup>Company>Fiscal Periods

exploreengage elevate Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger

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

exploreengage elevate Module Closing Order SOP & POP SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger

exploreengage elevate Closing Subledgers Properly SOP & POP modules No specific Y/E close process in either module SOP: Double-check for any applicable invoices/returns and post POP: Double-check for any applicable receivers/invoice matches and post POP: Received/Not Invoiced report ties out your ‘Accrued Purchases’ liability account Reports>Purchasing>Analysis>Rec’d/Not Invoiced

exploreengage elevate Module Closing Order SOP & POP Inventory Inventory Receivables Payables Fixed Assets Payroll General Ledger

Time for another backup…

exploreengage elevate Closing Subledgers Properly Inventory Control (IC) Wrap-up year-end physical count & related variance/adjustment transaction postings Run the IC year-end closing process Routines>Inventory>Year-end Close Performing year-end close function DOES NOT affect what transactions can be posted. Before and after running the close process you can post transactions for both new and old years. You must close the period in Tools>Setup>Company>Fiscal Periods to restrict posting to prior periods.

exploreengage elevate Module Closing Order SOP & POP Inventory Receivables Receivables Payables Fixed Assets Payroll General Ledger

Time for another backup…

exploreengage elevate Closing Subledgers Properly Receivables Management (RM) Complete monthly processes, including posting all non-recurring RM batches, aging reports, etc. Review ‘Unapplied Documents’ report Reports>Sales>Analysis>Unapplied Documents Run the RM year-end closing process Routines>Sales>Year-end Close Performing year-end close function DOES NOT affect what transactions can be posted. Before and after running the close process you can post transactions for both new and old years. You must close the period in Tools>Setup>Company>Fiscal Periods to restrict posting to prior periods.

exploreengage elevate Module Closing Order SOP & POP Inventory Receivables Payables Payables Fixed Assets Payroll General Ledger

Time for another backup…

exploreengage elevate Closing Subledgers Properly Payables Management (PM) Complete monthly processes, like RM module Run 1099s for tagged Vendors (if needed) Routines>Purchasing>Print 1099 Edit 1099s: Cards>Purchasing>Summary>Period Run the PM year-end closing process Routines>Purchasing>Year-end Close Two closes required if not on calendar year One for 1099s; one for year-end process Performing year-end close function DOES NOT affect what transactions can be posted. Before and after running the close process you can post transactions for both new and old years. You must close the period in Tools>Setup>Company>Fiscal Periods to restrict posting to prior periods.

exploreengage elevate Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Fixed Assets Payroll General Ledger

Time for another backup…

exploreengage elevate Closing Subledgers Properly Fixed Assets Management (FAM) Close out Payables module before beginning Double-check that all transactions – additions, retirements, etc. – are posted Double-check that final depreciation routine and related G/L interface process are complete Run the FAM year-end closing process Routines (Financial Tile)>Fixed Assets>Year-end Performing year-end close function DOES NOT affect what transactions can be posted. Before and after running the close process you can post transactions for both new and old years. You must close the period in Tools>Setup>Company>Fiscal Periods to restrict posting to prior periods.

exploreengage elevate Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll Payroll General Ledger

Time for another backup…

exploreengage elevate Closing Subledgers Properly United States Payroll (UPR) Year-end processing ALWAYS 12/31 Confirm status of any new updates from Microsoft Process final payroll & period/qtr procedures Build the Year-end Wage file/table (UPR10101) Routines>Payroll>Year-end Closing Holds all info needed to produce W-2s & 1099-Rs Review & Edit W-2s & 1099-Rs (if needed) Routines>Payroll>Edit W-2s Routines>Payroll>Edit 1099-Rs

exploreengage elevate Closing Subledgers Properly United States Payroll (continued)… Print W-2s & 1099-Rs Routines>Payroll>Print W-2s Routines>Payroll>Print 1099-Rs Apply new Dynamics GP Tax Tables Available via ‘CustomerSource’ download Maintenance>US Payroll Updates>Check for Updates Typically, new tax tables installed after payroll close New calendar year payroll can now be processed Performing year-end close function DOES NOT affect what transactions can be posted. Before and after running the close process you can post transactions for both new and old years. You must close the period in Tools>Setup>Company>Fiscal Periods to restrict posting to prior periods.

exploreengage elevate Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger General Ledger

Time for another backup…

exploreengage elevate Finalizing the Y/E Close General Ledger (GL) ALWAYS the final module to be closed!!! Doesn’t need to be closed immediately Finalize adjustments; post all batches Print necessary reports (Detailed TB & MR financials)

exploreengage elevate Finalizing the Y/E Close General Ledger (continued)… Double-check ‘Posting to History’ setting Setup>Financial>General Ledger Allows posting to most-recent closed fiscal year only (new to 2013) Run the G/L year-end closing process Routines>Financial>Year-end Closing Click ‘Close Year’ button only once ! Issue w/ financials if delayed past 1 st new accounting period

exploreengage elevate Finalizing the Y/E Close Ancillary items (iii) Before closing G/L, create a simple ‘Accounts’ SmartList and review “Posting Type” settings This will help identify any P&L accounts that were accidentally set up as balance sheet and vise versa Fiscal Periods Setup Maintenance Setup (Administration Tile)>Company>Fiscal Periods Be sure all 2014 module boxes are closed Create a new calendar for 2015 module postings

exploreengage elevate Questions?

explore engage elevate 1099 Reporting Best Practices Authored by Mike McDowell, Mekorma & Molly Van Kampen, Greenshades Software

exploreengage elevate Agenda Common 1099 errors 1099 deadlines Missing or incorrect TIN TIN Matching 1099 Filing

exploreengage elevate Understanding how GP records 1099 amounts 1099 amounts are stored in the vendor summary records AP determines transaction by transaction where amounts record Prior to GP 2010 need PSTL to update 1099 amounts GP Update 1099 Information & amounts all or nothing GP 2013 – edit 1099 transactions by transaction

exploreengage elevate Most common 1099 errors that cause IRS penalties Failure to file on-time Failure to electronically file when required Incorrect name/TIN

exploreengage elevate Penalties Penalties are charged for late or incorrectly filed returns (both recipient and government copies) and are based on when the CORRECT return is received. $30 per return filed within 30 days of due date $60 per return if filed by August 1 $100 per return filed after August 1

exploreengage elevate Important deadlines February 2, 2015 – 1099 recipient copies must be distributed March 2, 2015 – 1096 and 1099 paper copies due to the IRS March 16, 2015 – 1042 recipient copies and IRS copies/files due March 31, 2015 – electronic file(s) due to the IRS (in 2015, January 31, February 28 and March 15 all fall on weekends and the due dates move to the next business day)

exploreengage elevate Who Needs to File Electronically Organizations filing 250 or more returns of a same type must file electronically Requirement is per EIN This requirement is per type of 1099 ( if a company files MISC and INT returns, only the MISC returns MUST be filed electronically) When correcting returns, 250 or more corrected returns must be files electronically

exploreengage elevate Incorrect Name/TIN The vendor name must be entered into Name Line 1 on the 1099 exactly as it is registered with the IRS. D.B.A. or aka names can be entered into Name Line 2 Sole proprietors must use their full name as their legal business (Name Line 1) name regardless of their D.B.A. TIN an SSN are both 9 digits and contain no letters, are not consecutive numbers and should be formatted properly TIN XX-XXXXXXX SSN XXX-XX-XXXX

exploreengage elevate Incorrect TIN Corrected TIN numbers do NOT require a corrected 1099 to the IRS or vendor Corrected 1099s are only required if there is a need to correct financial information Correct TIN in your records and keep record of the change

exploreengage elevate TIN Matching TIN Matching is a free service available to authorized payers An authorized payer is one who has filed forms 1099-B, 1099-DIV, 1099-INT, 1099-K, 1099-MISC, 1099-OID or 1099-PATR with the IRS in at least one of the two past tax years. An application must be completed by a principal of the company after registration Legal name (verified with IRS & SSA records) Social Security Number (verified with SSA records) Date of birth (verified with SSA records) Telephone number address Adjusted Gross Income (AGI) from either your current year or prior year filed tax return (verified from IRS records) Home mailing address (verified from IRS records)

exploreengage elevate TIN Matching There are two methods of TIN Matching Up to 25 records can be matched in real time through the Interactive TIN Matching service Bulk TIN Matching is available for submission of up to 100,000 records. Results are available within 24 hours of submission. Account lock-out If the same TIN is submitted with various names OR the same name is submitted with various TINs, your account will be suspended for a period of 96 hours.

exploreengage elevate How To E-File Dynamics GP does not offer the electronic file for 1099 Federal E-file must comply with IRS publication 1220 E-file must be received by the IRS no later than March 31 st E-file can be edited and submitted through the Greenshades Tax Filing Center Recipient 1099 forms and E-file can be created and submitted through the Greenshades Year End Forms Recipient 1099 forms and E-file can be submitted through 1099Pro

exploreengage elevate Greenshades Tax Filing Center An integrated GP Module for W2 and 1099 printing and efiling Allows for electronic viewing of 1099s Easy editing to form data

exploreengage elevate Edit 1099 Information

exploreengage elevate Greenshades Year End Forms

exploreengage elevate Edit Form Information

exploreengage elevate Simple E-file Wizard

exploreengage elevate 1099Pro   Stand-alone software alternative  Allows you to print on plain paper  Turnkey Service Bureau offering  Web presentment  SAS 70 certified (if you have SOX/IT/Audit requirements)

exploreengage elevate 1099Pro Import Template (tab delimited files from Excel)

exploreengage elevate 1099Pro Software Interface

exploreengage elevate 1099Pro Form Edit Screen

explore engage elevate Questions? Challenges we want to discuss?

exploreengage elevate Networking Break See you back here in 15 minutes!

exploreengage elevate Round Table Discussions See you back here in 15 minutes!

exploreengage elevate Questions & Answers