2016 Year End Best Practices Step-by-Step with Lyndy Januszewski, CPA, MBA

Starting the YE Close Process Best resource: Knowledge Base Article: 888003 Everyone out Take Company Offline in GP2013 R2 or higher Backups You Your IT Team Your GP Partner GL KB: https://support.microsoft.com/en-us/kb/888003

What Should I Close First? SOP POP Inventory Receivables Payables Fixed Assets General Ledger

Sales Order Processing & Purchase Order Processing Year End Close

What Happens When I Close the Year for SOP & POP? No official close process Good time to clean up records SOP: Run “Reconcile – Remove Sales Documents” POP: Run “Reconcile Purchasing Documents” POP: Remove Completed Purchase Orders

Inventory Year End Close

What Should I Keep in Mind? Close on time! Run Reconcile No YE Closing report Knowledge Base Article: 872713 Inventory KB: https://support.microsoft.com/en-us/kb/872713

What Happens When I Close the Year for Inventory? 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

Receivables & Payables Year End Close

What Happens When I Close the Year for Receivables & Payables? Close on time! Numerous YTD accumulators are cleared Post all transactions for the year before closing Close before any invoices/checks are posted in the new year PM: 1099s can be printed at any time RM Knowledge Base Article: 857444 PM Knowledge Base Article: 875169 RM KB: https://support.microsoft.com/en-us/kb/857444 PM KB: https://support.microsoft.com/en-us/kb/875169

Will only be available for GP2013, GP2015 & GP2016 customers Update on YE Update Will only be available for GP2013, GP2015 & GP2016 customers NOT available for GP2010 All inclusive of prior updates Will bump you up to GP2016, R2 More intrusive service packs going forward Modules with Changes: Payables Fixed Assets Payroll GP2016 R2 Blog Series: https://community.dynamics.com/gp/b/gpteamblog GP2016, R2 will include 20 new features including the ability to print W-2s with lines! New Cadence = 12 Month Cadence vs. 6 Month

2016 YE Update Changes Specific to Payables Form Changes To: 1099-INT Box 12 Given Label = Bond Premium on Treasury Obligations 1096 Box K-10 moved to first line Added Box 5498-QA 2A Made all boxes smaller to accommodate GP2013: https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates/usgpye2013 GP2015: https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates/usgpye2015 GP2016: https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates/usgpye2016

Fixed Asset Management Year End Close

Knowledge Base Article: 865653 Fixed Assets Refer to The Year-End Closing Procedures for the Fixed Asset Management Module in Microsoft Dynamics GP Knowledge Base Article: 865653 KB Article: https://support.microsoft.com/en-us/kb/865653

What Happens When I Close the Year for Fixed Assets? In the Asset General Information window: 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: The YTD Depreciation Amount is cleared. The Cost Basis field is copied to the Begin Year Cost field. The LTD Depreciation field is copied to the Begin Reserve field. The Salvage Value field is copied to the Begin Salvage field. In the Book Setup window: The Current Fiscal Year field is increased by one. YE Closing Report for GP2015 or higher

2016 YE Update Changes Specific to FAM Fixed Asset Luxury Auto Depreciation Changes Related to Protecting Americans from Tax Hikes (PATH) Act

General Ledger Year End Close

What Happens When I Close the Year for the General Ledger? In addition to transferring the data from the current year table to the history table, the YE close does the following: Reconciles and summarizes the GL balances. Can remove accounts that are marked as inactive if the accounts match the criteria for deleting a posting account. Moves all P&L account balances to the R/E account. Summarizes B/S accounts and brings the balances forward as the beginning balances of the account in the new fiscal year. Prints the Year-End Closing report BBF automatically for AA: 960356 AA KB: https://support.microsoft.com/en-us/kb/960356

Odds & Ends after the GL Close Clearing BBF in Unit Accounts Knowledge Base Article: 857582 No longer an issue in GP2013 or higher Fixing accounts with wrong Posting Type at YE Knowledge Base Article: 864913 Or Reverse Historical Year in GP2013 R2 or higher Posting to historical year Unit Accounts KB: https://support.microsoft.com/en-us/kb/857582 Wrong Posting Types KB: https://support.microsoft.com/en-us/kb/864913

Where Can I Find Additional Information? My Article! Knowledge Base Article: 888003 Microsoft Dynamics GP 2016 Year-End Closing Blog My Article: http://sikich.com/blog/post/Accounting-Audit-and-Tax/Microsoft-Dynamics-GP-Year-End-Close-Dont-Sweat-It GL KB Article: http://support.microsoft.com/kb/888003 2016 YE Closing Blog: https://community.dynamics.com/gp/b/dynamicsgp/archive/2016/10/05/microsoft-dynamics-gp-2016-year-end-blog-series

Thank you! Encore Performance: Payroll Questions? Thank you! Encore Performance: Payroll

Payroll Year End Close

When Should I Do the Payroll YE Close? Payroll Year End Close When Should I Do the Payroll YE Close? After all current year pay runs are complete Before processing pay runs in the new year After making a backup What Does the Payroll YE Close Do? Creates ‘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. Knowledge Base Article: 850663 Payroll KB Article: https://support.microsoft.com/en-us/kb/850663

Week of 12/1 – Will include R2!! Payroll – 2016 US YE Update* Supported Versions GP2013 GP2015 GP2016 Build Number 12.00.2130 14.00.1010 16.00.0541 Estimated Release Date Last Night! Week of 12/1 – Will include R2!! *Need to install prior to creating the YE wage file. Can install the 2016 US YE Update even if your 2016 payrolls are not complete. IMPORTANT: Create the YE Wage file on 2016 tax tables – NOT 2017. GP2016 YE Update = Will include R2 (CUMULATIVE) Blog on R2: https://community.dynamics.com/gp/b/gpteamblog

2016 YE Update Changes Specific to Payroll Nothing major due to election No W-2 or W-3 Form changes EFW2 changes (Electronic Filing – Now Due 1/31) Product Quality Fixes around Payroll Year-End Affordable Care Act Changes Per Terry Heley: Both Greenshades and Integrity Data will allow you to track ACA in core GP and they will just electronically file the ACA for you at a lower price. There are still several changes to this file format and it would be difficult for MS to include all this change in 1 code drop. Both ISV solutions worked with the file formats last year and have a good understand of what is needed.  If ACA continues after the election at the pace it is at, we will again review this for the next year.

2017 –Tax Updates on the Horizon 2017 Tax Update – Round 1 Targeted Release = Mid-December 2016 Tax Table Update Only Do Not Install until All 2016 Payrolls Are Complete 2017 Tax Update – Round 2 Targeted Release = Mid-January 2017 Automatic: Microsoft Dynamics GP >> Maintenance >> US Payroll Updates >> Check for Payroll Tax Updates Manual: Downloads & Updates >> Tax Updates

Payroll Recap – Before Processing a Pay Run in 2017: Required: Year End update applied All 2016 pay runs completed Year End Wage File created Backup of company database made Payroll Tax update for 2017 installed Optional: Print W-2s Create W-2 Electronic File

Questions? Thank you!