1. Dynamics GP 2017 Year-End Closing Procedures
Jeff Smith, Socius

2. Agenda Goals Review Year-end Checklist
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

3. Recommendations Use your resources Be prepared Be methodical
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

4. Recommendations Other resources GPUG (www.gpug.com) GPWindow.com
VictoriaYudin.com
DynamicAccounting.com

5. Recommendations KnowledgeBase Articles: Inventory Control – 872713
Receivables Management –
Payables Management –
Fixed Asset Management –
Analytical Accounting –
General Ledger –

6. 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

7. Closing Fiscal Periods
Administration -> Setup -> Company -> Fiscal Periods

8. Modular Closing Order
Sales Order Processing & Purchase Order Processing
Inventory Control
Receivables Management
Payables Management
Fixed Assets Management
Analytical Accounting
General Ledger

9. Modular Closing Order
Sales Order Processing & Purchasing Order Processing
Inventory Control
Receivables Management
Payables Management
Fixed Assets Management
Analytical Accounting
General Ledger

10. 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

11. Modular Closing Order
Sales Order Processing & Purchase Order Processing
Inventory Control
Receivables Management
Payables Management
Fixed Assets Management
Analytical Accounting
General Ledger

12. 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

13. 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

14. Inventory Additional Options Remove Discontinued Items
Remove Sold Receipts
Remove Sold Lot Attributes and Cost Change History
Update Item’s Standard Cost

15. 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

16. Inventory
Inventory -> Routines -> Year-End Close

17. Modular Closing Order
Sales Order Processing & Purchase Order Processing
Inventory Control
Receivables Management
Payables Management
Fixed Assets Management
Analytical Accounting
General Ledger

18. 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

19. 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.

20. 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

21. Receivables Management
Sales -> Cards -> Summary

22. Receivables Management
Sales -> Cards -> Summary -> Finance Charges

23. Receivables Management
Sales -> Routines -> Year-End Close

24. Receivables Management
Microsoft Dynamics GP -> Smartlist

25. Modular Closing Order
Sales Order Processing & Purchase Order Processing
Inventory Control
Receivables Management
Payables Management
Fixed Assets Management
Analytical Accounting
General Ledger

26. 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

27. Payables Management
The Calendar Year End Close Process transfers 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.

28. 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

29. 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"

30. Payables Management
Purchasing -> Cards -> Summary -> Yearly

31. Payables Management
Purchasing -> Routines -> Year-End Close

32. Payables Management
Microsoft Dynamics GP -> Smartlist

33. Payables Management
Purchasing -> Transactions -> Edit 1099 Transaction Information

34. Payables Management
Purchasing -> Utilities -> Update 1099 Information

35. Payables Management
Purchasing -> Routines -> Print 1099

36. Receivables Management/Payables Management
Administration -> Routines -> Tax Year-End Close

37. Module Closing Order
Sales Order Processing & Purchase Order Processing
Inventory Control
Receivables Management
Payables Management
Fixed Assets Management
Analytical Accounting
General Ledger

38. 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

39. Fixed Asset Management
Make sure that 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

40. Fixed Asset Management
Financial -> Routines -> Fixed Assets -> Year End

41. Module Closing Order
Sales Order Processing & Purchase Order Processing
Inventory Control
Receivables Management
Payables Management
Fixed Assets Management
Analytical Accounting
General Ledger

42. 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

43. Analytical Accounting
Administration -> Setup -> Company -> Analytical Accounting -> Options

44. Analytical Accounting
Financial -> Cards -> Analytical Accounting-> Transaction Dimension

45. Module Closing Order
Sales Order Processing & Purchase Order Processing
Inventory Control
Receivables Management
Payables Management
Fixed Assets Management
Analytical Accounting
General Ledger

46. General Ledger ALWAYS the final module to be closed!!!
Doesn’t need to be closed immediately like others

47. 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

48. 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

49. General Ledger
Adjust the budget figures for the new year, and then print the financial statements
Make a backup

50. General Ledger
Financial -> Routines -> Year-End Closing

51. General Ledger
Financial -> Setup -> General Ledger

52. General Ledger
Microsoft Dynamics GP -> Smartlist

53. Payroll Year-End Processing

54. 2017 Statements Before 2018 Pay Runs
Complete all 2017 pay runs
Complete all payroll month-end, period-end and quarter-end procedures
Make a backup of your 2017 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 2017 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.

55. 2017 Statements Before 2018 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 2018.
Delete Human Resources information for inactive employees (optional).
Close the fiscal periods for the Payroll series for the 2016 year (optional).
Install the 2018 Payroll tax update.

56. 2018 Pay Runs Before 2017 Statements
Complete all 2017 pay runs.
Complete all month-end, period-end and quarter-end procedures.
Make a backup of your 2017 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 2017 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).

57. 2018 Pay Runs Before 2017 Statements
Setup fiscal periods for 2018.
Clear Human Resources information for inactive employees (optional).
Close the fiscal periods for 2017.
Install the 2018 Payroll tax update.
Process 2018 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.

58. Important Updates GP 2016 Payroll Year-End Update – TBD
GP 2015 Payroll Year-End Update – Release Date: TBD
GP 2013 Payroll Year-End Update – Release Date: TBD
2017 Payroll Tax Update – Release: Mid-December 2016
Reminder – There are no payroll year-end or tax updates for GP 2010

59. Create Year-End Wage File
HR & Payroll -> Routines -> Year-End Closing

60. Year-End Wage Report
HR & Payroll -> Routines -> Year-End Wage Report

61. Edit W-2’s
HR & Payroll -> Routines -> Edit W-2’s

62. Print W-2’s
HR & Payroll -> Routines -> Print W-2’s

63. Edit 1099-R’s
HR & Payroll -> Routines -> Edit 1099-R’s

64. Print 1099-R’s
HR & Payroll -> Routines -> Print 1099-R’s

65. W-2 Electronic Filing
HR & Payroll -> Routines -> W-2 Electronic Filing

66. Tax Updates
Microsoft Dynamics GP -> Maintenance -> U.S. Payroll Tax Updates -> Check for Tax Updates

67. Add-On Modules Integrity Data (www.integrity-data.com)
Greenshades (

68. 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

69. What can Greenshades do for ACA?
Every day
Every day
e-file
Data is uploaded from GP HR, Payroll Inspector, or Benefits Enrollment
1094/
1095-C e-filed directly to IRS via Tax Fling Center 1099s license
1095-C
1095-C
e-file
Dynamics Payroll Inspector ACA tracks eligibility and offer of coverage
Benefits Enrollment Module tracks eligibility and offer of coverage
Dynamics Payroll Inspector ACA tracks eligibility and offer of coverage
Benefits Enrollment Module tracks eligibility and offer of coverage
Data is uploaded from GP HR, Payroll Inspector, or Benefits Enrollment
1095-Cs are distributed from Year-End Forms module
Data is uploaded from GP HR, Payroll Inspector, or Benefits Enrollment
1095-Cs are distributed from Year End Forms module
Data is uploaded from GP, Inspector, or Benefits Enrollment
1094/1095-C e-filed directly to IRS via Tax Fling Center 1099s license

70. 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

71. Dynamics GP and Excel – Better Together

72. Excel Tools Excel Reports Analysis Cubes for Excel
Excel Report Builder
Microsoft Query
SQL

73. Excel Reports 200+ included in Dynamics GP
Can add additional reports as needed
Reports available anywhere using Office 365

74. Analysis Cubes for Excel
Included in Dynamics GP licensing
Provide Dynamics GP data in pivot table format
Uses a data warehouse approach

75. Excel Report Builder 3rd party solution from eOne Solutions
Included with Smartlist Builder
Build custom Excel reports

76. Demonstration

77. Questions and Answers