1. 2017 Year End Best Practices
Step-by-Step with Sikich

2. But First a Joke… How does Santa’s accountant value his sleigh?
Net Present Value!

3. Starting the YE Close Process
Best resource:
Knowledge Base Article:
Everyone out
Take Company Offline in GP2013 R2 or higher
Backups
You
Your IT Team
Sikich
GL KB:

4. What Should I Close First?
SOP
POP
Inventory
Receivables
Payables
Fixed Assets
General Ledger

5. Sales Order Processing
Year End Close

6. What Should I Keep in Mind?
No official close process
Good time to clean up records
Run “Reconcile – Remove Sales Documents”
Post all invoices for the period before closing

7. Purchase Order Processing
Year End Close

8. What Should I Keep in Mind?
No official close process
Good time to clean up records
Run “Reconcile Purchasing Documents”
Remove Completed Purchase Orders

9. Inventory
Year End Close

10. What Should I Keep in Mind?
Close at the end of your Fiscal Year before you post any transactions in the new year that would affect Inventory
Run Reconcile
No YE Closing report
Knowledge Base Article:
Inventory KB:

11. What Happens When I Close the Year for 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 (Cards - Inventory – Quantities/Sites) for each Site
Gives you the option to: Remove Discontinued Items, Remove Sold Receipts, Remove Sold Lot Attributes, and Update Item’s Standard Cost

12. Receivables
Year End Close

13. What Should I Keep in Mind?
Close on time!
Numerous YTD accumulators are cleared
Post all invoices for the year before closing
Close before any invoices are posted in the new year
Knowledge Base Article:
RM KB:

14. Payables
Year End Close

15. What Should I Keep in Mind?
Close on time!
Numerous YTD accumulators are cleared
Post all transactions for the year before closing
Close before any invoices/checks are posted in the new year
1099s can be printed at any time
Knowledge Base Article:
PM KB:

16. Update on YE Update
Will only be available for GP2013, GP2015 & GP2016 customers
NOT available for GP2010
All inclusive of prior updates
Will bump you up to R2
More intrusive service packs going forward
Modules with Changes:
Payables (not affected this year)
Fixed Assets
Payroll
New Cadence = 12 Month Cadence vs. 6 Month

17. Fixed Asset Management
Year End Close

18. Fixed Assets
Refer to The Year-End Closing Procedures for the Fixed Asset Management Module in Microsoft Dynamics GP
Knowledge Base Article:
FAM KB:

19. What Happens When I Close the Year for Fixed Assets?
In the Asset General Information window:
The YTD Maintenance amount is cleared from the Expand Last Maintenance Date Window.
The Quantity is copied to the Begin Quantity field in the Expand Quantity Window.
In the Asset Book window:
The YTD Depreciation Amount is cleared.
The Cost Basis field is copied to the Begin Year Cost field.
The LTD Depreciation field is copied to the Begin Reserve field.
The Salvage Value field is copied to the Begin Salvage field.
In the Book Setup window:
The Current Fiscal Year field is increased by one.
YE Closing Report for GP2015 or higher

20. 2017 YE Update Changes Specific to FAM
Fixed Asset Luxury Auto Depreciation Changes

21. General Ledger
Year End Close

22. What Happens When I Close the Year for the General Ledger?
In addition to transferring the data from the current year table to the history table, the YE close does the following:
Reconciles and summarizes the GL balances.
Can remove accounts that are marked as inactive if the accounts match the criteria for deleting a posting account.
Moves all P&L account balances to the R/E account.
Summarizes B/S accounts and brings the balances forward as the beginning balances of the account in the new fiscal year.
Prints the Year-End Closing report
BBF automatically for AA:
AA KB:

23. Odds & Ends after the GL Close
Clearing BBF in Unit Accounts
Knowledge Base Article:
No longer an issue in GP2013 or higher
Fixing accounts with wrong Posting Type at YE
Knowledge Base Article:
Or Reverse Historical Year in GP2013 R2 or higher
Posting to historical year
Unit Accounts KB:
Wrong Posting Types KB:

24. Payroll
Year End Close

25. Payroll Year End Close When Should I Do the Payroll YE Close?
After all current year pay runs are complete
Before processing pay runs in the new year
After making a backup
What Does the Payroll YE Close Do?
Creates ‘Year End Wage’ file containing annual wage information used to generate W2’s, W3’s, 1099's, 1094/1095’s and Magnetic Media for the year being closed.
Knowledge Base Article:
Payroll KB:

26. Payroll – 2017 US YE Update*
Supported Versions
GP2013
GP2015
GP2016
Build Number
Estimated
Release Date
Available Now!
*Need to install prior to creating the YE wage file.
Can install the 2017 US YE Update even if your 2017 payrolls are not complete.
IMPORTANT: Create the YE Wage file on 2017 tax tables – NOT 2018.

27. 2017 YE Update Changes Specific to Payroll
No W-2 or W-3 Form changes
EFW2 changes (required)
Product Quality Fixes around Payroll Year-End
Affordable Care Act Updates – Form and Code changes
Also, changes with AccuWage
electronic filing this year
There are changes with AccuWage electronic file testing this year.  Please refer to the following link for more information:

28. 2018 –Tax Updates on the Horizon
2018 Tax Update – Round 1
Targeted Release = Mid-December 2017
Tax Table Update Only
Do Not Install until All 2017 Payrolls Are Complete
2018 Tax Update – Round 2
Targeted Release = Mid-January 2018
Automatic: Microsoft Dynamics GP >> Maintenance >> US Payroll Updates >> Check for Payroll Tax Updates
Manual: Downloads & Updates >> Tax Updates

29. Payroll Recap – Before Processing a Pay Run in 2018:
Required:
Year End update applied
All 2017 pay runs completed
Year End Wage File created
Backup of company database made
Payroll Tax update for 2018 installed
Optional:
Print W-2s
Create W-2 Electronic File

30. Where Can I Find Additional Information?
Sikich Article!
Knowledge Base Article:
Microsoft Dynamics GP Year-End Closing Blog
Sikich Article:
GL KB:
2017 YE Closing Blog:

31. GP 2013 GP 2018 Mainstream support ends on 4/10/2018
Payroll tax and year-end updates will no longer be released
GP 2018
Released on 12/1/2017
Year-end update is included

32. Questions?
Thank you!