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Planning your dynamics gp year end for 2016
Jeff Smith, Socius @GPUG
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Review Year-end Checklist
Agenda Goals Review the common year-end processes Provide tips and tricks for preparing for year-end Review Year-end Checklist Provide an overview and comments Step through applicable windows in GP
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Use your resources Be prepared Be methodical Recommendations
CustomerSource Microsoft Dynamics GP Solutions Support Your Dynamics GP partner Be prepared Make sure all day-to-day activities are completed Be methodical Review and follow year-end checklists Verify ISV compatibility Make backups
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Other resources Recommendations GPUG (www.gpug.com) GPWindow.com
VictoriaYudin.com DynamicAccounting.com
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KnowledgeBase Articles:
Recommendations KnowledgeBase Articles: Inventory Control – Receivables Management – Payables Management – Fixed Asset Management – Analytical Accounting – General Ledger – Payroll –
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Year-End Checklist Finalize any/all applicable transactions
Reconcile submodules to General Ledger Print necessary reports & file Make a backup when finished Begin closing process
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Closing Fiscal Periods
Administration -> Setup -> Company -> Fiscal Periods
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Modular Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger
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Modular Closing Order Sales Order Processing & Purchasing Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger Payroll
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Sales Order Processing/Purchase Order Processing
No specific Year-End 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 Purchasing -> Reports -> Analysis ->Received/Not Invoiced
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Modular Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger Payroll
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Inventory The Inventory module should be closed at the end of your Fiscal year, before any new transactions that would affect inventory quantities are posted
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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 (Inventory -> Cards –> Quantities/Sites) for each Site
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Inventory Additional Options Remove Discontinued Items
Remove Sold Receipts Remove Sold Lot Attributes and Cost Change History Update Item’s Standard Cost
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Inventory Post all transactions for the year
Reconcile inventory quantities (GP or PSTL) Complete a physical inventory count, and then post any adjustments Print additional reports Make a backup Close the year Close the fiscal periods for the inventory series (optional) Make a final backup
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Inventory Inventory -> Routines -> Year-End Close
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Modular Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger Payroll
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Receivables Management
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
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Receivables Management
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 (Sales -> Cards -> Summary) The Calendar Year end close transfers Calendar YTD Finance Charge amount to the Last Year column in Customer Summary using the Amounts Since Last Closed View (Sales -> Cards -> Summary) *If the amounts are incorrect in the Amount Since Last Close View contact support for scripts that can be ran to correct the amounts.
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Receivables Management
Post all the sales and receivables transactions for the year Make a pre-year-end closing backup Close the year Close the fiscal periods (This step is optional) Close the tax year (RM and PM at the same time) Make a post-year-end closing backup
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Receivables Management
Sales -> Cards -> Summary
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Receivables Management
Sales -> Cards -> Summary -> Finance Charges
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Receivables Management
Sales -> Routines -> Year-End Close
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Receivables Management
Microsoft Dynamics GP -> Smartlist
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Modular Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger Payroll
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Payables Management The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transactions in the next Calendar year The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the next Fiscal year
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Payables Management The Calendar Year End Close Process transfers 1099 Amount from the Year to Date Column to the Last year column in the Amounts Since Last Close view 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 *If the amounts are incorrect in the Amount Since Last Close View contact support for scripts that can be ran to correct the amounts.
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Payables Management Post all transactions for the year
Print the Aged Trial Balance with Options report Print the Vendor Period Analysis Report Install the Payroll year-end update (optional) Make a backup that is named "Pre-1099 Edits" Verify the 1099 information and edit it if it is required
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Payables Management Print the 1099 statements
Make a backup that is named "Pre Year-End" Close the year Close the fiscal periods Close the tax year Make a backup that is named "Post Year-End"
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Payables Management Purchasing -> Cards -> Summary -> Yearly
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Payables Management Purchasing -> Routines -> Year-End Close
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Payables Management Microsoft Dynamics GP -> Smartlist
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Payables Management Purchasing -> Transactions -> Edit 1099 Transaction Information
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Payables Management Purchasing -> Utilities -> Update 1099 Information
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Payables Management Purchasing -> Routines -> Print 1099
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Receivables Management/Payables Management
Administration -> Routines -> Tax Year-End Close
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Module Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger Payroll
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Fixed Asset Management
Perform all the year-end closing procedures for Payables Management Enter all the fixed asset transactions for the current fiscal year Depreciate all assets through the last day of the current fiscal year Perform the GL Posting (GL Interface) process Run any year-end reports that you want to keep as part of the year-end financial records
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Fixed Asset Management
Make sure hat the Fixed Assets calendar is built correctly Verify that the quarters are set up correctly for all the fiscal years Create a backup Perform the fixed assets year-end closing routine
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Fixed Asset Management
Financial -> Routines -> Fixed Assets -> Year End
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Module Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger Payroll
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Analytical Accounting
There is not a separate year-end close procedure for Analytical Accounting Balance Brought Forward (BBF) entries are created for AA dimensions automatically as part of the year-end close process, if you have the AA dimensions setup to have a BBF entry created
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Analytical Accounting
Administration -> Setup -> Company -> Analytical Accounting -> Options
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Analytical Accounting
Financial -> Cards -> Analytical Accounting-> Transaction Dimension
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Module Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Payroll Analytical Accounting General Ledger
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General Ledger ALWAYS the final module to be closed!!!
Doesn’t need to be closed immediately like others
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General Ledger Complete the posting procedures and the closing procedures for other modules Post the final adjusting entries in General Ledger Print an account list to verify the posting type of each account Close the last period of the fiscal year Optional: Perform file maintenance on the Financial series group of modules
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General Ledger Verify the settings in the General Ledger Setup window
Make a backup Print a final Detailed Trial Balance report Print the year-end financial statements Set up a new fiscal year Close the fiscal year Close all the fiscal periods for all the series
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General Ledger Adjust the budget figures for the new year, and then print the financial statements Make a backup
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General Ledger Financial -> Routines -> Year-End Closing
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General Ledger Financial -> Setup -> General Ledger
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General Ledger Microsoft Dynamics GP -> Smartlist
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2016 Statements Before 2017 Pay Runs
Complete all 2016 pay runs Complete all payroll month-end, period-end and quarter-end procedures Make a backup of your 2016 company database. Label the backup “Pre Year-End Wage File”. Install the U.S. Year-End Update. Create the Year-End Wage File. Make a Backup of your 2016 company database(s). Label the backup “Post Year-End Wage File”. Verify W-2 and 1099-R statement information. Make another backup if changes are made. Print the W-2 Validation Report, W-2 statements, and W-3 Transmittal form.
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2016 Statements Before 2017 Pay Runs
Print the 1099-R Validation report, 1099-R forms and 1096 Transmittal form. Prepare and submit W-2 information in the federal EFW2 format, if required. Archive Human Resources information for inactive employees (optional). Setup fiscal periods for 2017. Delete Human Resources information for inactive employees (optional). Close the fiscal periods for the Payroll series for the 2016 year (optional). Install the 2017 Payroll tax update.
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2017 Pay Runs Before 2016 Statements
Complete all 2016 pay runs. Complete all month-end, period-end and quarter-end procedures. Make a backup of your 2016 company database(s). Label the backup “Pre Year-End Wage File”. Install the U.S Year-End Update. Create the Year-End Wage file. Make a backup of your 2016 company database(s). Label the backup “Post Year-End Wage File”. Verify W-2 and 1099-R statement information. Make another backup if changes are made. Archive Human Resources information for inactive employees (optional).
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2017 Pay Runs Before 2016 Statements
Setup fiscal periods for 2017. Clear Human Resources information for inactive employees (optional). Close the fiscal periods for 2016. Install the 2017 Payroll tax update. Process 2017 pay runs. Print the W-2 Validation report, W-2 statements, and W-3 Transmittal forms. Print the 1099-R Validation report, 1099-R forms and 1096 Transmittal form. Prepare and submit W-2 information in the federal EFW2 format, if required.
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Important Updates GP 2016 Payroll Year-End Update – Release Date: By 11/30/16 GP 2015 Payroll Year-End Update – Release Date: 11/15/16 GP 2013 Payroll Year-End Update – Release Date: 11/15/16 2017 Payroll Tax Update – Release: Mid-December 2016 Reminder – There are no payroll year-end or tax updates for GP 2010
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Create Year-End Wage File
HR & Payroll -> Routines -> Year-End Closing
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Year-End Wage Report HR & Payroll -> Routines -> Year-End Wage Report
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Edit W-2’s HR & Payroll -> Routines -> Edit W-2’s
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Print W-2’s HR & Payroll -> Routines -> Print W-2’s
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Edit 1099-R’s HR & Payroll -> Routines -> Edit 1099-R’s
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Print 1099-R’s HR & Payroll -> Routines -> Print 1099-R’s
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W-2 Electronic Filing HR & Payroll -> Routines -> W-2 Electronic Filing
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Tax Updates Microsoft Dynamics GP -> Maintenance -> U.S. Payroll Tax Updates -> Check for Tax Updates
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Add-On Modules Integrity Data (www.integrity-data.com)
Greenshades (
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Benefits of Integrity Data’s ACA Compliance Solution
Complete Compliance and Reporting Accepts data from any payroll or ERP system No Pre-requisites, Quick to Deploy ACA User Group webinars and Customer Care In the Cloud – Always up to date with changing rules
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Greenshades Payroll Add-Ons
Dynamics Payroll Inspector Benefits ACA Eligibility Tracking Local Tax Rates E-Filing for ACA 1095 (if using Payroll only) Greenshades Center for 1099 E-Filing for ACA 1095 (if use HR and track ACA) Greenshades On-Line Employee Services Portal W-2’s on-line Greenshades Center/Payroll Tax Service State and local tax filing
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Quick Tips If processing first 2017 payroll prior to January, but after building year-end wage file make sure to change system date to January pay date Follow checklists precisely Be cautious and make backups
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THANK YOU FOR ATTENDING JSMITH@SOCIUS1.COM
@GPUG
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