Regional Chapters This deck is meant to help start conversations. Consider the slides to be launching off points.

Content Provided by: Mike McDowell, Sta-Home Health & Hospice & Zubin Gidwani Dynamic Budgets Both GPUG Advisory Board Members Regional Chapters

GL Tips & Month End/Year End GPUG Web Resources: >> 1099 Generation and IRS TIN Matching (Dec 2010) >> Year End Closing Tips and Tricks (Jan 2011) >> GPUG How to Videos

Regional Chapters GL Tips & Month End/Year End Year End Preparation Protecting your Budgets System Cleanup Adjusting FRx reports for New Year Vendor Creation & TIN Matching Account Reconciliations

Regional Chapters GL Tips & Month End/Year End Year End Preparation

Regional Chapters Year End Pre-Closing Preparation Run File Maintenance Routines (Check links if you have particular known issues…) Create SmartLists to verify all accounts in BS range are flagged as BS, and that all accounts in P&L range are flagged P&L. – If your natural class objects (assume segment 1) for the Balance sheet end at Segment and Posting type not equal to Profit and Loss Create a SmartList reminder to proactively correct account classifications throughout the year

Regional Chapters GL Tips & Month End/Year End Protecting your Budgets

Regional Chapters Protecting your Budgets

Regional Chapters If GP Locks up during Budget Creation Check to make sure a Save As window isn’t sitting in the background, Go to Show Desktop and then click on the GP Icon in the system tray

Regional Chapters Don’t accidentally Delete your Budget Beware of the Power of the Budget Maintenance Window, this should be restricted to Admins and Budget Admins ONLY! The Delete Button Deletes the entire Budget >> How2 - Budget Maintenance Pop Quiz

Regional Chapters GL Tips & Month End/Year End System Cleanup

Regional Chapters Opportunities available during Year End routines: Financial - Delete unused GL segments Inventory - Remove discontinued Items - Update Items’ Standard Cost

Regional Chapters GL Tips & Month End/Year End >> Microsoft Dynamics Great Plains Professional Services Tool Library

Regional Chapters GL Tips & Month End/Year End >> Corporate Renaissance Group's Changer

Regional Chapters GL Tips & Month End/Year End Adjusting FRx reports for the New Year

Regional Chapters Adjusting FRx Year Change How do you generate Balance Sheets prior to closing the prior year? (Audience Poll) 1.Inform your staff that Financials will be complete once the auditors have left and we close the prior year 2.Worksheet it 3.Adjust your Report Templates

Regional Chapters Adjusting FRx Year Change BS - Force 12/31 to be your beginning balance

Regional Chapters FRx – Applying Effective Dates Create Year based versions of your column layouts

Regional Chapters FRx – Applying & Define Effective Dates

Regional Chapters Proposed Health Care Bill & Expanded Reporting Changes for 1099s 1.Effective 2012? 2.Track payments not only for services but also for tangible goods. 3.Requires that 1099s be issued not just to individuals, but also to corporations.  The provision, inserted by Democrats on the Senate Finance Committee to help offset the cost of the bill, requires companies to report to the IRS payments of more than $600 a year to any vendor.  The intent is to capture $2 billion or more a year in taxes on income that currently goes unreported by contractors and small businesses.  The form is meant to make sure these workers pay taxes that the business would withhold if they were regular employees. The new rule, set to take effect in 2012.

Regional Chapters GL Tips & Month End/Year End Vendor Creation & TIN Matching

Regional Chapters filing for Purchase Card transactions (Corporate Credit Cards) will shift from end-user organizations to the financial institutions (except for federal, state and large local governments to report all payments through any payment method)  >> regulations-related-to-1099-reporting-changes-for-2011.htm >> regulations-related-to-1099-reporting-changes-for-2011.htm Proposed Health Care Bill Expanded Reporting Changes for 1099s

Regional Chapters 1099 Vendor Best Practices Vendor Maintenance:  Perform Tin Matching as part of the New vendor creation process  “Offer” to withhold payment until correct information is submitted and validated  Near final bulk TIN match in December – Double Check record validity – Validate EIN vs. SSN number format – Review for appropriate box types (rent, medical) – Reminder: Box 14 Gross Proceeds paid to an attorney is for legal settlements only. Legal Services are recorded under Box 7 non-employee compensation

Regional Chapters Why TIN Match  Requirement for Payer To Secure a TIN Initial solicitation - for all payees, you must make the initial solicitation when the payee opens an account or when the transaction occurs using Form W-9 to request the taxpayer identification number.  The CP2100 or CP2100A Notice CP2100 and CP2100A notices are notices that inform a payer that he or she may be responsible for backup withholding. This may be due to missing or potentially incorrect taxpayer identification numbers identified during the processing of Form 1099 information returns. It is accompanied by a listing of missing, incorrect, and/or not currently issued payee TIN. Large volume filers (250 or more erroneous documents) receive the CP2100 notice, while all other filers receive the CP2100A notice.  Payers face potential fines of $50 per each 1099 filing with a missing or invalid TIN  "B" Notice If the IRS sends you a "B" notice indicating an incorrect payee TIN, you are required to backup withhold28% from a payee no later than 30 days after receipt. Backup withholding until the payee furnishes a TIN and certifies that it is correct.

Regional Chapters IRS TIN Matching  Various 3 rd parties will submit on your behalf (~$135 for up to 100,000 records)  Free through IRS e-services – Program Summary >> – TIN Matching tutorial >>  Required IRS e-services Registration Information – Legal name (verified with IRS & SSA records) – Social Security Number (verified with SSA records) – Date of birth (verified with SSA records) – Telephone number, address – Adjusted Gross Income (AGI) from either your current year or prior year filed tax return (verified from IRS records) – Home mailing address (verified from IRS records). If you have moved since you last transacted with the IRS, please update your information when registering.

Regional Chapters GL Tips & Month End/Year End Account Reconciliations

Regional Chapters GL Tips & Month End/Year End Account Reconciliations Common Challenges Manual Workarounds GP Native Capabilities Third party enhancements

Regional Chapters

Numbers don’t match. Now you have to manually “tick & tie” your way out of this situation. Reconciling – The Old Way

Regional Chapters Reconciling in GP 2010…still the old way Potentially matched? Back to the “tick and tie process. Better, but what are the actual problems with these transactions? Unfortunately, it doesn’t seem to work correctly if there are outstanding transactions paid by Credit Card.

Regional Chapters Reconciling the new way…with The Closer With the push of a button offending transactions are: found in seconds grouped by error code easily analyzed quickly fixed Now the root cause can be addressed!

Regional Chapters Typical Errors  Distribution Errors – Do not change control account for distribution types of Pay, Cash etc.  Date Issues – Do not change date on financial batch.  Journal Entries – Do not do Journal entries to control accounts. Only to correct distribution errors.  Setup Issues – Make sure correct control accounts on Customers, Vendors and Items. Make sure keep history checked on item cards.  Posting Issues – Watch for stuck transactions. Make sure inventory batch “Post To GL” always checked.

Regional Chapters QUESTIONS?