1. Standard Year-End Closing Procedures

2. Follow the 2018 Year-End Blog Series for detailed information about changes for the 2018 year!!

3. Agenda Install & Upgrade Inventory Control Receivables Management
Payables Management
Fixed Assets
Analytical Accounting
General Ledger
US Payroll/Canadian Payroll
The order that the modules should be closed are the order that the modules are listed here in the agenda (and also listed at the top of the GL year-end KB #888003). Note that Payroll year-end procedures are independent from the other modules and is always performed at the end of the calendar year.

4. Install & Upgrade Overview
All Updates are cumulative
All prior service packs, hotfixes, compliance, and year end updates are included in the most recent release
The update must be installed at all servers and workstations that have a Microsoft Dynamics GP installation otherwise a version error will occur

5. Pre-Install & Upgrade Tips
Backup the DYNAMICS database and all company databases
Export all modified reports and forms to package files (Microsoft Dynamics GP | Tools | Customize | Customization Maintenance)
Backup the modified reports and forms .DIC files (Refer to the Dynamics.set file for the path to the modified .DIC files)
Configure a test environment to test the upgrade prior to installing in the live environment

6. Install & Upgrade Tips
All modified reports and form dictionaries must be upgraded using the Update Modified Forms and Reports process at the Additional Tasks window in Microsoft Dynamics GP Utilities
If all modified reports and form dictionaries are shared, only upgrade the dictionaries once
The MSP file can be pushed out to client workstations using Automatic Client Update, Group Policy or other mass deployment tools

7. Post-Install & Upgrade Tips
Backup the DYNAMICS database and all company databases following the upgrade
Export all modified reports and forms to package files following the upgrade (Microsoft Dynamics GP | Tools | Customize | Customization Maintenance)

8. Inventory Control Year End
When should the close be done?
The Inventory module should be closed at the end of your Fiscal year, before any new transactions that would affect inventory quantities are posted

9. Inventory Control Year End
What does the year end close process do and/or affect?
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 Item Quantities Maintenance for each Site
Option to: Remove Discontinued Items, Sold Receipts,
Sold Lot Attributes, and Update Item’s Standard Cost

10. Inventory Control Year End
What steps should I take to close the year?
Enter and post all Purchase Order Processing, Invoicing/Sales Order Processing, and Inventory transactions for the current year
Follow the rest of the steps outlined in KB : “Year-End closing procedures in Inventory Control in Microsoft Dynamics GP”
Year-End closing procedures in Inventory Control in Microsoft Dynamics GP

11. Inventory Control Year End
What are some of the key points to remember?
Make restorable backups when recommended in KB
If you are using Sales Order and/or Purchase Order Processing, reconcile these modules in addition to the Inventory module prior to closing
Reconcile Order: SOP, POP, and then Inventory
Year-End Closing procedures in Inventory Control in Microsoft Dynamics GP

12. Inventory Control Year End
Helpful Articles
KB : “Year-End Closing procedures in Inventory Microsoft Dynamics GP” KB : “Information about the order in which the reconcile procedures should be run in Microsoft Dynamics GP” KB : “Inventory Accidentally Closed Twice” KB : “Inventory year end close does not remove discontinued items”
Year-End Closing procedures in Inventory Control in Microsoft Dynamics GP
Information about the order in which the reconcile procedures should be run in Microsoft Dynamics GP
Inventory Accidentally Closed Twice
Inventory year end close does not remove discontinued items

13. Receivables MGMt Year End
When should the close be done?
Both the Calendar Year end and Fiscal Year close should be done at the end of the calendar year prior to posting any transactions in the next calendar year

14. Receivables MGMt Year End
What does the year end close process do and/or affect?
The Calendar Year end close clears the Calendar Year-to-Date Finance Charges and moves them to the Last Year Calendar field in Customer Finance Charge Summary (Cards – Sales – Summary – Finance Charges)
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 (Cards – Sales – Summary)

15. Receivables MGMt Year End
What steps should I take to close the year?
Post all transactions for the current year
Follow the rest of the steps outlined in KB : “Year-end closing procedures for Receivables Management in Microsoft Dynamics GP”

16. Receivables MGMt Year End
What are some of the key points to remember?
Make restorable backups when recommended in KB
Receivables Management is not completely date sensitive, however the best option is to close the year on time

17. Receivables MGMt Year End
Helpful Articles
KB : “Year-end closing procedures for Receivables Management in Microsoft Dynamics GP” KB : “Information about performing the year-end closing procedure in Receivables Management in Microsoft Dynamics GP after December 31”

18. Payables Management Year End
When should the Year End Close be done?
The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transactions in the new year
The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the new year

19. Payables Management Year End
What does the Year End Close Process do?
In the Vendor Yearly Summary Window:
Calendar close- transfers the 1099 Amounts from Year to Date Column to Last Year column in the Amounts Since Last Close view
Fiscal close – transfers all other amounts from the Year to Date column to the Last Year column

20. Payables Management Year End
What steps should I take to close the year?
Post all transactions for the current year
Make sure transactions for the new year are saved, not posted
Make a backup
Follow the steps in KB : “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”

21. Payables Management Year End
What are some important points to remember?
Follow the steps as outlined in KB
Payables Management is not fully date sensitive, so it is still recommended that you process your year end closing routines at the actual year end
Vendor should be marked as 1099-able at the time transactions are posted/paid for 1099 Information to auto-populate
Use 1099 Details window to edit 1099 amounts individually

22. Payables Management Year End
What are some important points to remember?
Microsoft Dynamics GP Features:
Separate 1099 Address ID field on vendor card
Additional Box Numbers added for each Tax Type
Additional fields on the 1099 Details window
New functionality to edit 1099 information:
Edit 1099 Transaction Information window (per trx)
Update 1099 Information utility now has options for ‘Not a 1099 vendor’ tax type (per vendor)
Print 1096 Summary Form

23. Fixed Assets Year End Close
When should the Year End Close be done?
Fixed Assets Year End Close should be processed after Payables Management is closed, and before closing the General Ledger
Each book can be closed separately, but ALL books must be closed before you can do any processing in Fixed Assets for the new year

24. Fixed Assets Year End Close
What does the Year End Close process do?
In the Asset General Information Window, the YTD Maintenance amount is cleared from the last Maintenance Date Window
The Quantity is copied to the Begin Quantity field in the Expand Quantity Window
In the Asset Book Window (Cards >> Fixed Assets >> Book):
The YTD Depreciation Amount is cleared
Cost Basis is copied to Begin Year Cost field
Life to Date Depreciation is copied to Begin Reserve field
Salvage Value is copied to Begin Salvage field

25. Fixed Assets Year End Close
What does the Year End Close process do?
(continued)
In the Book Setup Window (Microsoft Dynamics GP >> Tools >> Setup >> Fixed Assets >> Book):
The Current Fiscal Year is increased for each closed book
Dynamics GP 2015 has Fixed Assets Year End report (Status report of all assets affected by the close)

26. Fixed Assets Year End Close
What steps should I take to close the year?
You must depreciate all assets through the last day of the current FA year before you close the year
Print all the reports that you will need for the year you are closing
Follow the steps in KB : “The year-end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP”

27. Analytical Accounting Year End Close
When should the year-end close be done?
There is no separate year-end close process for AA. It automatically closes along with the GL year-end close, so any steps to check AA data should be done prior to closing the GL year

28. Analytical Accounting Year End Close
What does the GL Year End Process do in AA?
Automatically moves open year AA data to historical tables (AAG3000x  AAG4000x)
Update AA tables with Balance Brought Forward (BBF) entry to match BBF in GL
Any dimensions marked to be included in Year End close will be consolidated and tied to BBF entry

29. Analytical Accounting Year End Close
What steps should I take to close the year?
Follow the steps in KB : “The year-end close procedures for Analytical Accounting”
Scripts to check AA data against GL (see KB )
Steps to mark AA dimensions to be consolidated during close

30. Analytical Accounting Year End Close
What are some important points to remember?
AA automatically closes with General Ledger
Run through scripts in KB
Make sure AA is installed on workstation where GL is being closed!

31. General Ledger Year End Close
When should the Year End Close be done?
The General Ledger Year End Close should be done after you have completed the Year End close process for all other modules
Other modules should be closed in the following order:
Inventory
Receivables
Payables
Fixed Assets

32. General Ledger Year End Close
What does the Year End Close process do?
The year end close routine moves all open year transactions from the GL table to the GL30000 table
Creates balance brought forward (BBF) journal entries are created in the GL20000
Removes inactive GL accounts without a balance/history
GP 2013 and up will also clear out Unit Accounts if marked
The balances for all Balance Sheet accounts are rolled forward

33. General Ledger Year End Close
What does the Year End Close process do? (Cont.)
The Profit and Loss (P&L) accounts are rolled into Retained earnings account(s) if you close to one Retained Earnings account, or with the amount from the P&L accounts in that division if you close to divisional Retained Earnings
P&L accounts have a zero balance at the beginning of the new year
The Fiscal Period tables are updated to mark the year just closed as a historical year
Year-end Close Report prints (cannot reprint)

34. General Ledger Year End Close
What steps should I take to close the year?
Follow the steps in KB : “Year-end closing procedures for General Ledger in Microsoft Dynamics GP”
If any errors or issues – RESTORE TO BACKUP
Year-end closing procedures for General Ledger in Microsoft Dynamics GP

35. General Ledger Year End Close
What are some important points to remember?
Make a backup! Don’t bypass errors!
Follow ALL the steps in KB
Have all other users out of Dynamics GP when you perform the year end close
Perform the Year End Close at the server
Year-end closing procedures for General Ledger in Microsoft Dynamics GP

36. General Ledger Year End Close
What are some important points to remember? (Cont.)
Maintain inactive accounts in YEC window
Progress bar in YEC window
Option to clear balance per unit account
Checkbox to “Reverse Historical Year” (CAUTION)
Quality issue Divisional Retained Earnings stays unmarked – Fixed in GP 2013

37. General Ledger Year End Close
Popular Help References
KB : “Changing the posting type on an account after you close the year” KB : “How to set up an adjusting period” KB : “How to use divisional retained earnings accounts” KB : “Retained Earnings account not found” KB : “General Ledger close still in process and batches cannot be posted”
Year-end closing procedures for General Ledger in Microsoft Dynamics GP
Changing the posting type on an account after you close the year
Query to clear beginning balances for unit accounts
How to set up an adjusting period
How to use divisional retained earnings accounts
Retained Earnings account not found
General Ledger year end close still in process and batches cannot be posted

38. US Payroll Year End Close
When should the Payroll Year End Close be done?
After ALL current year pay runs are complete
After making a backup
Before processing pay runs in the new year
Year-end closing procedures for General Ledger in Microsoft Dynamics GP
Changing the posting type on an account after you close the year
Query to clear beginning balances for unit accounts
How to set up an adjusting period
How to use divisional retained earnings accounts
Retained Earnings account not found
General Ledger year end close still in process and batches cannot be posted

39. US Payroll Year End Close
What does the Payroll Year End Close process do? Creates the '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.
Year-end closing procedures for General Ledger in Microsoft Dynamics GP
Changing the posting type on an account after you close the year
Query to clear beginning balances for unit accounts
How to set up an adjusting period
How to use divisional retained earnings accounts
Retained Earnings account not found
General Ledger year end close still in process and batches cannot be posted

40. US Payroll Year End Close
What steps should I take to close the year?
Make a Backup.
Follow the steps in KB
“Year-End Closing procedures for Microsoft Dynamics GP Payroll”
Year-end closing procedures for General Ledger in Microsoft Dynamics GP
Changing the posting type on an account after you close the year
Query to clear beginning balances for unit accounts
How to set up an adjusting period
How to use divisional retained earnings accounts
Retained Earnings account not found
General Ledger year end close still in process and batches cannot be posted

41. US Payroll Year End Close
Year End Wage File
Year End Wage Report
Edit & Print W-2s
Create W-2 Electronic File (W200005, W200006)
Prior to processing pay runs in New Year
Install Payroll Tax Update Round 1
Microsoft Dynamics GP >> Maintenance >> U.S. Payroll Updates >> Check for Payroll Tax Updates
Year-end closing procedures for General Ledger in Microsoft Dynamics GP
Changing the posting type on an account after you close the year
Query to clear beginning balances for unit accounts
How to set up an adjusting period
How to use divisional retained earnings accounts
Retained Earnings account not found
General Ledger year end close still in process and batches cannot be posted

42. US Payroll Year End Close
W-2 Wage and Tax Statement Data Source.pdf
IRS Forms and Publications
Accuwage for Electronic File Verification
KB Article Year-end closing procedures for Microsoft Dynamics GP Payroll
US Payroll Year End Close
Year-end closing procedures for General Ledger in Microsoft Dynamics GP
Changing the posting type on an account after you close the year
Query to clear beginning balances for unit accounts
How to set up an adjusting period
How to use divisional retained earnings accounts
Retained Earnings account not found
General Ledger year end close still in process and batches cannot be posted

43. Resources – Recap Year-End Closing Procedures:
KB – General Ledger
KB – Inventory
KB – Receivables Management
KB – Payables Management
KB – Fixed Assets
KB – Analytical Accounting
KB – US Payroll
- GL
- IV
- RM
- PM
- FA
- AA
– US Payroll
- CPR

44. Additional Resources
BLOG Year-end update on CustomerSource loads/tax-regulatory-updates Microsoft Dynamics Support and click on ‘Log a Support Incident’ Microsoft Dynamics Community

45. Additional Questions
Microsoft Dynamics GP Directory – This page provides easy access to all useful resource links for GP. Use this page as a one-stop shop to find information:
a/GP/learning/documentation/system- requirements/dynamicsgpresource

46. Additional Resources If you have a question, please contact HOOPS:
Phone: (715) 831 – 9737
Website:

47. Thank you!
Dynamics Partner Advantage Team