2017 Year End Best Practices Step-by-Step with Sikich

But First a Joke… How does Santa’s accountant value his sleigh? Net Present Value!

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 Sikich 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 Year End Close

What Should I Keep in Mind? No official close process Good time to clean up records Run “Reconcile – Remove Sales Documents” Post all invoices for the period before closing

Purchase Order Processing Year End Close

What Should I Keep in Mind? No official close process Good time to clean up records Run “Reconcile Purchasing Documents” Remove Completed Purchase Orders

Inventory Year End Close

What Should I Keep in Mind? Close at the end of your Fiscal Year before you post any transactions in the new year that would affect Inventory 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 Year End Close

What Should I Keep in Mind? Close on time! Numerous YTD accumulators are cleared Post all invoices for the year before closing Close before any invoices are posted in the new year Knowledge Base Article: 857444 RM KB: https://support.microsoft.com/en-us/kb/857444

Payables Year End Close

What Should I Keep in Mind? 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 1099s can be printed at any time Knowledge Base Article: 875169 PM KB: https://support.microsoft.com/en-us/kb/875169

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 R2 More intrusive service packs going forward Modules with Changes: Payables (not affected this year) Fixed Assets Payroll New Cadence = 12 Month Cadence vs. 6 Month

Fixed Asset Management Year End Close

Fixed Assets Refer to The Year-End Closing Procedures for the Fixed Asset Management Module in Microsoft Dynamics GP Knowledge Base Article: 865653 FAM KB: 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

2017 YE Update Changes Specific to FAM Fixed Asset Luxury Auto Depreciation Changes

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

Payroll Year End 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: https://support.microsoft.com/en-us/kb/850663

Payroll – 2017 US YE Update* Supported Versions GP2013 GP2015 GP2016 Build Number 12.00.2198 14.00.1079 16.00.0641 Estimated Release Date Available Now! *Need to install prior to creating the YE wage file. Can install the 2017 US YE Update even if your 2017 payrolls are not complete. IMPORTANT: Create the YE Wage file on 2017 tax tables – NOT 2018.

2017 YE Update Changes Specific to Payroll No W-2 or W-3 Form changes EFW2 changes (required) Product Quality Fixes around Payroll Year-End Affordable Care Act Updates – Form and Code changes Also, changes with AccuWage electronic filing this year There are changes with AccuWage electronic file testing this year.  Please refer to the following link for more information: https://www.ssa.gov/employer/

2018 –Tax Updates on the Horizon 2018 Tax Update – Round 1 Targeted Release = Mid-December 2017 Tax Table Update Only Do Not Install until All 2017 Payrolls Are Complete 2018 Tax Update – Round 2 Targeted Release = Mid-January 2018 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 2018: Required: Year End update applied All 2017 pay runs completed Year End Wage File created Backup of company database made Payroll Tax update for 2018 installed Optional: Print W-2s Create W-2 Electronic File

Where Can I Find Additional Information? Sikich Article! Knowledge Base Article: 888003 Microsoft Dynamics GP - 2017 Year-End Closing Blog Sikich Article: http://sikich.com/blog/post/Accounting-Audit-and-Tax/Microsoft-Dynamics-GP-Year-End-Close-Dont-Sweat-It GL KB: http://support.microsoft.com/kb/888003 2017 YE Closing Blog: https://community.dynamics.com/gp/b/dynamicsgp/archive/2017/10/10/microsoft-dynamics-gp-2017-year-end-blog-series

GP 2013 GP 2018 Mainstream support ends on 4/10/2018 Payroll tax and year-end updates will no longer be released GP 2018 Released on 12/1/2017 Year-end update is included

Questions? Thank you!