2013 Year End Webinar Janelle Montplaisir, MCT

GP Year End Webinar Please place your phone on Mute Download Slides at: dynamics-gp-year-end Click the Download PPT button

Agenda Changes and supported versions Install Year End Update Highlights Module close order US Payroll Canadian Payroll Inventory Receivables Management Payables Management Fixed Assets

Agenda contd…. Analytical Accounting General Ledger Additional Information Year End Resources Q&A

Year End Changes: Payroll Payables 1099s Fixed Assets Year End Supported Versions: Dynamics GP2010 Dynamics GP2013

Year End Update is Required… 1.Payroll - Any employee making $200,000 and over 2.Payables – Print 1099 Interest forms printed from GP 3.Fixed Assets – Luxury automobile max depreciation amounts **Note: Payroll Tax Table updates are still required after 2013 wage file creation and before first 2014 pay run

Year End update is Optional… Payroll – W2 electronic files Payables – 1099 DIV or 1099 MISC Package files can be installed or edits in RW Payables – 1096 (GP2013) Package file can be installed or edits in RW Payroll quality fixes **Note: We always highly recommend customers to be on the latest updates and versions.

Install Year End Update Highlights Determine if Year End update is needed Download media from Microsoft Customer Source and read all instructions prior to starting All prior service packs, hotfixes, compliance, and year end updates are included (GP2013 SP2 new features)g Can be applied now – do not have to wait until last 2013 pay transactions Plan ahead – May take some time to complete and all users must stay out

Install Year End Update Highlights contd…. Backup the DYNAMICS database and all company databases Backup all reports and forms dictionary (.DIC) files Install on server and all workstations Install server first and run utilities to update Dynamics database and all companies databases, then apply to all workstations

Install Year End Update Highlights contd…. Recommended to complete in test environment first Refer to the 2013 Year End Update.pdf or detailed steps Contact your Partner to schedule and for assistance Backup, Backup, Backup!!!

Module Close Order Payroll – (independent from other modules and always performed at calendar year end) Inventory Control Receivables Management Payables Management Fixed Assets Analytical Accounting General Ledger

US Payroll – Code Changes: Required Employee salary of $200,000 Optional W2 Electronic file Product Quality Fixes Can be installed today…

US Payroll – Round 1 Tax Changes Circular E for 2014 not finalized yet FICA SS limit changes States: Kansas, Maryland, North Carolina, California Microsoft to release mid December **Required for payroll customers** Payroll Tax Table updates are to be applied after 2013 wage file creation and before first 2014 pay run

US Payroll – Supported Versions Supported versions Dynamics GP 2010 Dynamics GP 2013 Release Dates – check on dates 2013 Year End Update – Released Nov 16 th 2014 Tax Update (Round 1) – Mid-December

US Payroll – Close Highlights Complete 2013 pay transactions and verify reports Make a Pre-Year End Wage File Backup Create the 2013 Year End Wage File - (complete listed tasks anytime after wage file is created) Year End Wage Reports Edit W-2 information Print W-2 information Generate W-2 Electronic File

US Payroll – Close Highlights Contd… Apply 2014 Payroll Tax Updates prior to any 2014 Pay transactions Refer to KB850663: Year-End closing procedures for Microsoft Dynamics Payroll for detailed closing steps

US Payroll Year End Summary 1.Apply the 2013 Year End Code (if needed) 2.Complete all 2013 pay transactions 3.Create 2013 Year End Wage File 4.Apply 2014 Tax Tables

US Payroll – Additional information Microsoft Customer Source Downloads and Tax Updates US 2013 Year End Update.pdf Tax Forms – IRS Forms and Publications Accuwage for Electronic File Verification ndex.html ndex.html

Canadian Payroll Canadian Payroll 2013 Year End Update has not yet been released Check Microsoft Customer Source and blog site for more updates Refer to KB861806: Year-End closing procedures for the Canadian Payroll module in Microsoft Dynamics GP for detailed steps and information

Inventory – When to Close? The Inventory module should be closed at the end of your Fiscal year, before any new transactions that would affect inventory quantities are posted for the next year

Inventory – Close Highlights Is not date sensitive Post all transactions (IV, SOP, POP) for the year Pre-reconcile backup Reconcile inventory quantities Complete physical inventory count and post adjustments as needed Print reports as needed

Inventory – Close Highlights Contd… Close Inventory Close fiscal periods for Inventory Series (Optional) Make a final backup Refer to KB872713: Year-End closing procedures in Inventory Control in Microsoft Dynamics GP for detailed Inventory closing steps **Good time to implement Historical Inventory Trial Balance (HITB)**

Inventory – What is affected? 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 Items Beginning Quantity from the Quantity on Hand at each site Zeros the Quantity Sold field in the Item Quantities Maintenance for each Site Gives you the option to: Remove Discontinued Items, Remove Sold Receipts, Remove Sold Lot Attributes, and Update Items Standard Cost

Inventory – Additional Information KB872713: Year-End Closing procedures in Inventory Control in Microsoft Dynamics GP KB864622: Information about the order in which the reconcile procedures should be run in Microsoft Dynamics GP KB855316: Inventory Accidentally Closed Twice KB872182: Inventory year end close does not remove discontinued items

Receivables – When to Close? The Calendar Year end close should be done at the end of the calendar year prior to posting any transactions in the next calendar year The Fiscal Year end close should be done at the end of the fiscal year prior to posting any transactions in the next fiscal year

Receivables – Close Highlights Not everything is date sensitive Post all transactions Make a pre-year end backup Close year (fiscal, calendar, or both) Close fiscal periods (optional) Close Tax Year Refer to KB857444: Year-end closing procedures for Receivables Management in Microsoft Dynamics GP for detailed steps

Receivables – What is affected? The Calendar Year end close clears the Calendar Year-to-Date Finance Charges and moves them to the Last Year Calendar field in Customer Finance Charge Summary (Cards – Sales – Summary – Finance Charges) The Fiscal Year end close transfers all amounts other than the Calendar YTD Finance Charge amount to the Last Year column in Customer Summary using the Amounts Since Last Closed View (Cards – Sales – Summary)

Receivables – Additional Information KB857444: Year-end closing procedures for Receivables Management in Microsoft Dynamics GP KB : Information about performing the year-end closing procedure in Receivables Management in Microsoft Dynamics GP after December 31 KB856865: Removing outdated statement runs from the Reprint Statements Window SQL Scripts available if not closed on time – contact your Partner

Payables – When to Close? The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transactions in the new year The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the new year

Payables – 2013 Year End Update Required 1099 INT printed out of GP Optional 1099 DIV printed out of GP 1099 MISC printed out of GP 1096 (GP2013 only) printed out of GP **Note: 1099 DIV, 1099 MISC, and 1096 can be completed with a reports package file or edit to RW

Payables – Close Highlights Not everything is date sensitive Post all transactions for the year Print Aged Trail Balance (optional) Install 2013 Year End update if needed or apply report package files Verify 1099 information Edit 1099 information if needed 1099 Details PSTL 1099 modifier Edit 1099 Transactions (Dynamics GP2013 only)

Payables – Close Highlights contd… Print 1099s Print 1096s (Dynamics GP2013 only) Make Pre-Year End backup Close year (fiscal, calendar, or both) Close Tax Year Refer to KB875169: Year-End closing procedures for the Payables Management module in Microsoft Dynamics GP for detailed steps

Payables – What is affected? The Calendar Year End Close process transfers the 1099 Amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window The Fiscal Year End Close Process transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view

Payables – Additional Information KB875169: Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP KB918536: How to change the 1099 amount for vendor who was not marked as 1099 vendor……. SQL Scripts available if not closed on time – contact your Partner

Fixed Assets – When to close? The Fixed Assets Year End Close should be run after you close Payables Management, but before you close the General Ledger You can close each book separately, but you must close all books before you can do any processing in Fixed Assets for the new year

Fixed Assets – 2013 Year End Update Luxury auto depreciation amounts

Fixed Assets – Close Highlights Perform Payables Year End close Enter all Fixed Assets and complete transactions for current fiscal year Depreciate all assets through the last day of current fiscal year Print any reports needed Close Year Refer to KB865653: The year-end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP for detailed steps

Fixed Assets – What is affected? 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 Cost Basis is copied to Begin Year Cost field Life to Date Depreciation is copied to Begin Reserve field Salvage Value is copied to Begin Salvage field The Current Fiscal Year is increased for each closed book

Analytical Accounting Analytical Accounting is closed with General ledger so no separate process Follow the steps in KB : The year- end close procedures for Analytical AccountingKB With Dynamics GP2013, GP2010 and GP 10.0 SP2 or later there is an Analytical Accounting year end close option This option enables balance brought forward entries on dimensions Analytical Accounting data closes with General Ledger regardless of whether this option is marked

General Ledger – When to close? The General Ledger Year End Close should be done after you have completed your Year End closings for all other modules in the following order: Inventory Receivables Payables Fixed Assets General Ledger is a Fiscal Year close

General Ledger – Close Highlights Complete posting and closing procedures in other modules first Post adjusting entries (can post back one historical year if needed) Verify account posting types Print trial balance and financial statements as needed Make Pre-close backup

General Ledger – Close Highlights Contd… Close Fiscal Year – let process run to completion Print Year End close report Close Fiscal Periods (Optional) Refer to KB888003: Year End closing procedures for General Ledger in Microsoft Dynamics GP for detailed steps

General Ledger – What is affected? The year end close process closes all Profit and Loss accounts out to Retained Earnings, leaving the P&L accounts with a zero balance at the beginning of the new year All Balance Sheet accounts are updated with the beginning balance in the new year which will be the same as the ending balance from the year you are closing The Retained earnings account(s) are updated with the amount from all P&L accounts if you close to one Retained Earnings account, or with the amount from the P&L accounts in that division if you close to divisional Retained Earnings

General Ledger – What is affected contd..? The Retained Earnings accounts are the only Balance Sheet accounts that should have a different beginning balance than the ending balance from the year that you are closing The year end close routine moves all open year transactions from the GL20000 table to the GL30000 table Balance brought forward journal entries are created in the GL20000 The Fiscal Period tables are updated to mark the year that you are closing as historical

General Ledger – Important points Remember to make restorable backups as needed and follow ALL the steps in KB Make sure that you have enough free space on the server to allow for the GL20000 table to double in size Perform the Year End Close at the server Have all other users out of Dynamics GP when you perform the year end close The year end close routine does appear to hang at 50%, but it is still processing, so let it run

General Ledger – Additional Information KB871679: How to set up an adjusting period KB850615: How to use divisional retained earnings accounts KB864913: Changing the posting type on an account after you close the year KB850741: Retained Earnings account not found KB857582: Query to clear beginning balances for unit accounts KB856550: General Ledger year end close still in process and batches cannot be posted

Year End Resources Connect – Home Page Microsoft Blog gptechnical/b/dynamicsgp/default.aspx gptechnical/b/dynamicsgp/default.aspx Dynamics University Year-end information on Customer Source ownloads/taxupdates ownloads/taxupdates Knowledge Base arch.aspx arch.aspx

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