Presented by Sheri Carney – The Resource Group Tips for Year End Close in Microsoft Dynamics GP Presented by Sheri Carney – The Resource Group

Modules to close at year end Payroll Inventory Receivables Management Payables Management Fixed Assets General Ledger

MICROSOFT DYNAMICS GP YEAR END UPDATE No W2 or W3 form changes No EFW2 changes Affordable Care Act updates (required!) Form changes New codes Functionality changes Payables Management form changes 1099-INT 1096 Fixed Asset Luxury Auto Maximum Depreciation Deduction amounts updated ***Make sure 3rd party software and customizations are compatible

Payroll tips Make backups frequently! Install the Year End Update prior to creating Year End Wage File Verify Year End Update installed: Last Year End Update date in Payroll under Setup-Payroll-Payroll = 11/18/16 Version info under Help-About Microsoft Dynamics GP 12.00.2130 (GP2013) 14.00.1010 (GP2015) 16.00.0552 (GP2016) Year End Wage File can be removed under Utilities-Payroll-Remove Year End Info With GP2016 R2, users can now print W2s with lines on blank paper! Install the 2017 Tax Update AFTER finalizing Year End Wage File Do within GP, logged in as ‘sa’ Last Tax Update date in Administration under Setup-System-Payroll Tax = 12/16/16

Inventory tips Year End Close updates beginning quantities to the quantity on hand amounts at each site (necessary for accurate Turnover Reports) Year End Close zeros the quantity in the Sold field in Item Quantities Maintenance for each site Reconcile should be run for distribution modules prior to closing Inventory, in the following order: SOP POP Inventory

Receivables management tips Year End Close is not date sensitive for Smartlist YTD and LYR fields Calendar close updates Finance Charge amounts; Fiscal close updates everything else Customer Period/Yearly Summary windows calculate actual activity for selected dates, regardless of when the close is done Tax Year End Close is found on the Administration pane under Routines-Company (not date sensitive, so do at year end)

Payables management tips Year End Close is not date sensitive for SmartList YTD and LYR fields Calendar close updates 1099 amounts; Fiscal close updates everything else Vendor Period/Yearly Summary windows calculate actual activity for selected dates, regardless of when the close is done 2016 Year End Update includes changes for 1099 Forms 1099-INT – Label for Box 12 added (“Bond Premium on Treasury obligations”) 1096 – Box 1099 K-10 moved to first line, Box 5498-QA added to bottom line, and all boxes made smaller to accommodate Use Update 1099 Information window to correct transactions for vendor assigned incorrect tax type (Make a backup first!) 1096 is found in the Print 1099 window

Fixed assets tips GP2010 – YTD Depreciation is zeroed out during Year End process, so make a backup prior to closing year and restore into a “Prior Year FA” company for audit GP2013 and later has the capability of reporting for historical years, so no need for creation of historical FA company Ability to undo depreciation Run the Fixed Assets General Ledger Posting for all periods to make sure nothing left behind GP2015 and later have a Year End Closing Report

General ledger tips Create SmartList favorites for verifying Posting Type of accounts Run Check Links on Financial series in advance Able to post to most recent closed year Mark Allow Posting to History in GL Setup window Make sure period is open in Fiscal Period Setup window Make a backup just before you close If your company utilizes Analytical Accounting, make sure it is installed and enabled on the workstation where the GL is being closed Do not interrupt Year End Close process Function to undo Year End Close When to use and when not to

Resources 2016 Year-End Blog Series for Microsoft Dynamics GP https://community.dynamics.com/gp/b/dynamicsgp/archive/2016/10/05/microsoft-dynamics- gp-2016-year-end-blog-series Microsoft Dynamics Community https://community.dynamics.com/default.aspx The Resource Group Year End 2016 procedure manual

Happy Closing!