1. Presented by Sheri Carney – The Resource Group
Tips for Year End Close in Microsoft Dynamics GP
Presented by
Sheri Carney – The Resource Group

2. Modules to close at year end
Payroll
Inventory
Receivables Management
Payables Management
Fixed Assets
General Ledger

3. MICROSOFT DYNAMICS GP YEAR END UPDATE
No W2 or W3 form changes
No EFW2 changes
Affordable Care Act updates (required!)
Form changes
New codes
Functionality changes
Payables Management form changes
1099-INT
1096
Fixed Asset Luxury Auto Maximum Depreciation Deduction amounts updated
***Make sure 3rd party software and customizations are compatible

4. Payroll tips Make backups frequently!
Install the Year End Update prior to creating Year End Wage File
Verify Year End Update installed:
Last Year End Update date in Payroll under Setup-Payroll-Payroll = 11/18/16
Version info under Help-About Microsoft Dynamics GP
(GP2013)
(GP2015)
(GP2016)
Year End Wage File can be removed under Utilities-Payroll-Remove Year End Info
With GP2016 R2, users can now print W2s with lines on blank paper!
Install the 2017 Tax Update AFTER finalizing Year End Wage File
Do within GP, logged in as ‘sa’
Last Tax Update date in Administration under Setup-System-Payroll Tax = 12/16/16

5. Inventory tips
Year End Close updates beginning quantities to the quantity on hand amounts at each site (necessary for accurate Turnover Reports)
Year End Close zeros the quantity in the Sold field in Item Quantities Maintenance for each site
Reconcile should be run for distribution modules prior to closing Inventory, in the following order:
SOP
POP
Inventory

6. Receivables management tips
Year End Close is not date sensitive for Smartlist YTD and LYR fields
Calendar close updates Finance Charge amounts; Fiscal close updates everything else
Customer Period/Yearly Summary windows calculate actual activity for selected dates, regardless of when the close is done
Tax Year End Close is found on the Administration pane under Routines-Company (not date sensitive, so do at year end)

7. Payables management tips
Year End Close is not date sensitive for SmartList YTD and LYR fields
Calendar close updates 1099 amounts; Fiscal close updates everything else
Vendor Period/Yearly Summary windows calculate actual activity for selected dates, regardless of when the close is done
2016 Year End Update includes changes for 1099 Forms
1099-INT – Label for Box 12 added (“Bond Premium on Treasury obligations”)
1096 – Box 1099 K-10 moved to first line, Box 5498-QA added to bottom line, and all boxes made smaller to accommodate
Use Update 1099 Information window to correct transactions for vendor assigned incorrect tax type (Make a backup first!)
1096 is found in the Print 1099 window

8. Fixed assets tips
GP2010 – YTD Depreciation is zeroed out during Year End process, so make a backup prior to closing year and restore into a “Prior Year FA” company for audit
GP2013 and later has the capability of reporting for historical years, so no need for creation of historical FA company
Ability to undo depreciation
Run the Fixed Assets General Ledger Posting for all periods to make sure nothing left behind
GP2015 and later have a Year End Closing Report

9. General ledger tips
Create SmartList favorites for verifying Posting Type of accounts
Run Check Links on Financial series in advance
Able to post to most recent closed year
Mark Allow Posting to History in GL Setup window
Make sure period is open in Fiscal Period Setup window
Make a backup just before you close
If your company utilizes Analytical Accounting, make sure it is installed and enabled on the workstation where the GL is being closed
Do not interrupt Year End Close process
Function to undo Year End Close
When to use and when not to

10. Resources 2016 Year-End Blog Series for Microsoft Dynamics GP
gp-2016-year-end-blog-series
Microsoft Dynamics Community
The Resource Group Year End 2016 procedure manual

11. Happy Closing!