Month & Year-End Closing At Its Best Bob McAdam, Vice President of Finance Dynamic Communities, Inc.

Agenda Review the common year-end process Goals Review the common year-end process Provide help with specific issues Review Year-end Checklist Overview & Comments Step through applicable windows in GP In this session we will cover the main steps and certain tips regarding year-end closing. I am assuming that your year-end is December 31st. We will also look into some of the materials and tools available from Microsoft and Tribridge. Finally, we will leave time for Questions and Answers and maybe some debate among your peers. Before we start, I would like to get an idea of what your expectations are and what areas you expect me to cover. Specifically, I would like to know if your company utilizes the Dynamics GP Payroll module. Please indicate which year-end payroll process you are using via a group poll so I can tailor the webinar based on your company’s needs. Ok then. Unless you have any questions or comments, let’s get started. Again, I will mute the line until we’re ready for questions.

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

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

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

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

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

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

Time for another backup…

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 Notes: Inventory Batches – “Post to G/L” checkbox Discussion of ‘Master Posting’ window Reports>Inventory>Activity>Stock Status Report

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

Time for another backup…

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 Save new year transactions to batches for now Discussion of ‘Customer Summary’ window

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

Time for another backup…

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

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

Time for another backup…

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

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

Time for another backup…

Closing Subledgers Properly United States Payroll (UPR) Year-end processing ALWAYS done @ 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

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

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

Time for another backup…

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 ‘Single Use’ batches Print Detailed T/B & MR/FRx financials (optional) SKIP the ‘Period Consolidation’ process

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 Also check ‘Maintain History’ & R/E acct. while here Run the G/L year-end closing process Routines>Financial>Year-end Closing Click ‘Close Year’ button only once ! Edit R/E account and/or next JE number (not common) Issue w/ financials if delayed past 1st new acctg period

Finalizing the Y/E Close Ancillary items (iii) Before closing G/L, create a simple ‘Accounts’ SmartList and review “Posting Type” settings KB# 864913 provides ‘surgical’ fix steps Close the TEST database first if you prefer Fiscal Periods Setup Maintenance Setup (Administration Tile)>Company>Fiscal Periods Be sure all 2013 module boxes are closed Create a new calendar for 2014 module postings

If Closing in ‘GP 2013’…

If Closing in ‘GP 2013’…

If Closing in ‘GP 2013’…

Questions? Bob McAdam Dynamic Communities, Inc. bob.mcadam@dynamiccommunities.com http://www.linkedin.com/in/bobmcadam “Bob’s BloGPipes” periodically at: