GPUG ® Summit 2011 November 8-11 Caesars Palace – Las Vegas, NV FIN 16 – ‘How2’ Manage Year- End Close More Efficiently Bob McAdam | Tribridge Zubin Gidwani | Dynamic Budgets

GPUG Summit 2011– Las Vegas FIN16 – Y/E Close Checklist  Finalize any/all applicable transactions  Reconcile submodules to G/L  Print necessary reports & file backup  Make a backup when finished  Begin closing process

GPUG Summit 2011– Las Vegas FIN16 – Module Closing Order  SOP & POP  Inventory  Receivables  Payables  Fixed Assets  Payroll  General Ledger

GPUG Summit 2011– Las Vegas Did you make your backup?!?!

GPUG Summit 2011– Las Vegas FIN16 – Module Closing Order  SOP & POP  Inventory  Receivables  Payables  Fixed Assets  Payroll  General Ledger

GPUG Summit 2011– Las Vegas FIN16 – Closing Subledgers  SOP & POP modules  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

GPUG Summit 2011– Las Vegas FIN16 – Module Closing Order  SOP & POP  Inventory  Receivables  Payables  Fixed Assets  Payroll  General Ledger

GPUG Summit 2011– Las Vegas FIN16 – Closing Subledgers  Inventory Control (IC)  Wrap-up year-end physical count & related variance/adjustment transaction postings  Run the IC year-end closing process  Other Item:  Inventory Batches – “Post to G/L” checkbox mention

GPUG Summit 2011– Las Vegas FIN16 – Module Closing Order  SOP & POP  Inventory  Receivables  Payables  Fixed Assets  Payroll  General Ledger

GPUG Summit 2011– Las Vegas FIN16 – Closing Subledgers  Receivables Management (RM)  Complete monthly processes, including posting all non-recurring RM batches, aging reports, etc.  Review ‘Unapplied Documents’ report  Run the RM year-end closing process  Save new year transactions to batches for now

GPUG Summit 2011– Las Vegas FIN16 – Module Closing Order  SOP & POP  Inventory  Receivables  Payables  Fixed Assets  Payroll  General Ledger

GPUG Summit 2011– Las Vegas FIN16 – Closing Subledgers  Payables Management (PM)  Complete monthly processes, like RM module  Run 1099s for tagged Vendors (if needed)  Run the PM year-end closing process  Two closes required if not on calendar year  One for 1099s; one for year-end process

GPUG Summit 2011– Las Vegas FIN16 – Module Closing Order  SOP & POP  Inventory  Receivables  Payables  Fixed Assets  Payroll  General Ledger

GPUG Summit 2011– Las Vegas FIN16 – Closing Subledgers  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

GPUG Summit 2011– Las Vegas FIN16 – Module Closing Order  SOP & POP  Inventory  Receivables  Payables  Fixed Assets  Payroll  General Ledger

GPUG Summit 2011– Las Vegas FIN16 – Closing Subledgers  United States Payroll (UPR)  Year-end processing ALWAYS 12/31  Confirm status of any new updates from MSFT  Process final payroll & period/qtr procedures  Build the Year-end Wage file/table  Tools>Routines>Payroll>Year-End Closing  Holds all info needed to produce W-2s & 1099-Rs  Review & Edit W-2s & 1099-Rs (if needed)  Tools>Routines>Payroll>Edit W-2s  Tools>Routines>Payroll>Edit 1099-Rs

GPUG Summit 2011– Las Vegas FIN16 – Closing Subledgers  United States Payroll (con’t)...  Print W-2s & 1099-Rs  Tools>Routines>Payroll>Print W-2s  Tools>Routines>Payroll>Print 1099-Rs  Apply new Dynamics GP Tax Tables  Available via CustomerSource OR import them  Typically installed after payroll is closed  New calendar year payroll can now be processed!

GPUG Summit 2011– Las Vegas FIN16 – Module Closing Order  SOP & POP  Inventory  Receivables  Payables  Fixed Assets  Payroll  General Ledger

GPUG Summit 2011– Las Vegas FIN16 – Year-End 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 & FRx/MR financials (optional)  SKIP Period Consolidation process  Tools>Routines>Financial>Period Consolidation

GPUG Summit 2011– Las Vegas FIN16 – Year-End Close  General Ledger (GL)  Double-check ‘Posting to History’ setting  Tools>Setup>Financial>General Ledger  Posting to most-recent closed fiscal yr only  Also check ‘Maintain History’ & R/E acct  Run the G/L year-end closing process  Tools>Routines>Financial>Year-End Closing  Click ‘ Close Year ’ button only once !  Edit R/E account and/or next JE number  Issue w/ financials if delayed past 1 st new period

GPUG Summit 2011– Las Vegas FIN16 – Year-End Close  Ancillary Items... If you’re licensed for Analytical Accounting on Dynamics GP v10 SP2+, and you’re closing your G/L, you may see this and then need KB #960356

GPUG Summit 2011– Las Vegas FIN16 – Year-End Close

GPUG Summit 2011– Las Vegas FIN16 – Year-End Close  Additional Ancillary Items...  Before closing G/L, create a simple ‘Accounts’ SmartList and review “ Posting Type ” settings  KB # provides the required fix  Close the ‘TEST’ database first  Fiscal Periods Setup Maintenance  Tools>Setup>Company>Fiscal Periods  Be sure all 2011 module boxes are checked  Create a new calendar for 2012 module postings

GPUG Summit 2011– Las Vegas Thanks for joining us!  Please fill out your evaluation  CPE credit is available for GPUG Summit 2011  Follow-up questions? – – – (Zubin)  See you in Houston at Convergence 2012 next March  See you in Seattle for Summit 2012  Browse out to for more information