1. EDUCATIONAL SESSION Year End Closing Survival Guide
Presented by: Zubin Gidwani
Dynamic Budgets
Tel:

2. Agenda Goals Review Year-end Checklist
Review the common year-end process
Provide help with specific issues
Review Year-end Checklist
Overview & Comments
Step through applicable windows in GP
In this session we will cover the main steps and certain tips regarding year-end closing. I am assuming that your year-end is December 31st.
We will also look into some of the materials and tools available from Microsoft and Tribridge.
Finally, we will leave time for Questions and Answers and maybe some debate among your peers.
Before we start, I would like to get an idea of what your expectations are and what areas you expect me to cover. Specifically, I would like to know if your company utilizes the Dynamics GP Payroll module. Please indicate which year-end payroll process you are using via a group poll so I can tailor the webinar based on your company’s needs.
Ok then. Unless you have any questions or comments, let’s get started. Again, I will mute the line until we’re ready for questions.

3. Year-End Checklist Finalize any/all applicable transactions
Reconcile submodules to G/L
Print necessary reports & file
Make a backup when finished
Begin closing process

4. If there is 1 thing to remember today…
Click the Process or Close button only once!
Many year end closing screens do not indicate they have been previously run.
If you accidentally run a closing procedure twice it can cause problems and you will need to follow up with your GP consultants to fix the system.
Make a checklist and checkoff a closing step as soon as you click a button

5. Don’t get lost, use a simple checklist to track your progess

6. Module Closing Order SOP & POP Inventory Receivables Payables
Fixed Assets
Payroll
General Ledger

7. If there is a 2nd thing to remember:
Make a Backup of the database!
after each step of testing the process…If you make a mistake its easy to just go back one step, restore the database and do it again correctly.
or better yet, if using vmware make a snapshot of the entire test server.

8. Time to Make a Backup…

9. If there is a 3rd thing to remember:
If closing reports are available, be sure to select print to file (pdf or csv) when you process the report
(closing reports can not be regenerated)

10. Module Closing Order SOP & POP Inventory Receivables Payables
Fixed Assets
Payroll
General Ledger

11. Closing Subledgers Properly
SOP & POP modules
No specific Y/E 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
Reports>Purchasing>Analysis>Rec’d/Not Invoiced

12. Module Closing Order SOP & POP Inventory Receivables Payables
Fixed Assets
Payroll
General Ledger

13. Closing Subledgers Properly
Inventory Control (IC)
Wrap-up year-end physical count & related variance/adjustment transaction postings
Run the IC year-end closing process
Routines>Inventory>Year-end Close
Notes:
Inventory Batches – “Post to G/L” checkbox
Reports>Inventory>Activity>Stock Status & Historical

14. Inventory Closing This is the closing screen
No indication it was run previously
The progress screen pops-up while closing runs and then it disappears when it is done.
No confirmation, no closing report

15. Time for another backup…

16. Module Closing Order SOP & POP Inventory Receivables Payables
Fixed Assets
Payroll
General Ledger

17. Closing Subledgers Properly
Receivables Management (RM)
Complete monthly processes, including posting all non-recurring RM batches, aging reports, etc.
Review ‘Unapplied Documents’ report
Reports>Sales>Analysis>Unapplied Documents
Run the RM year-end closing process
Routines>Sales>Year-end Close
Discussion of ‘Customer Summary’ window

18. Sales / Receivables Closing
This is the closing screen
Last Closing Date is the system date on which you clicked Process
Can/should be run for both Fiscal and Calendar (if you run on a fiscal calendar)
Closing reports will generate, be sure to select print to file (pdf or csv) when you process the report Closing reports can not be regenerated

19. Time for another backup…

20. Module Closing Order SOP & POP Inventory Receivables Payables
Fixed Assets
Payroll
General Ledger

21. Closing Subledgers Properly
Payables Management (PM)
Complete monthly processes, like RM module
Run 1099s for tagged Vendors (if needed)
Routines>Purchasing>Print 1099
Edit 1099s: Cards>Purchasing>Summary>Period
Run the PM year-end closing process
Routines>Purchasing>Year-end Close
Two closes required if not on calendar year
One for 1099s; one for year-end process

22. Payables Closing This is the closing screen
Last Closing Date is the system date on which you clicked Process
Can/should be run for both Fiscal and Calendar (if you run on a fiscal calendar)
Closing reports will generate, be sure to select print to file (pdf or csv) when you process the report Closing reports can not be regenerated

23. Time for another backup…

24. Module Closing Order SOP & POP Inventory Receivables Payables
Fixed Assets
Payroll
General Ledger

25. Closing Subledgers Properly
Fixed Assets Management (FAM)
Close out Payables module before beginning
Double-check that all transactions – additions, retirements, etc. – are posted
Double-check that final depreciation routine and related G/L interface process are complete
Run the FAM year-end closing process
Routines (Financial Tile)>Fixed Assets>Year-end

26. Closing Subledgers Properly
Fixed Assets Management (FAM)
Close out Payables module before beginning
Double-check that all transactions – additions, retirements, etc. – are posted
Double-check that final depreciation routine and related G/L interface process are complete
Run the FAM year-end closing process
Routines (Financial Tile)>Fixed Assets>Year-end

27. Fixed Assets Closing This is the closing screen
No indication it was run previously
There is a popup screen to start the process but nor progress bar
Suggest using the Process Monitor to track status
No confirmation, no closing report

28. Time for another backup…

29. Module Closing Order SOP & POP Inventory Receivables Payables
Fixed Assets
Payroll
General Ledger

30. Closing Subledgers Properly
United States Payroll (UPR)
Year-end processing ALWAYS 12/31
Confirm status of any new updates from Microsoft
Process final payroll & period/qtr procedures
Build the Year-end Wage file/table (UPR10101)
Routines>Payroll>Year-end Closing
Holds all info needed to produce W-2s & 1099-Rs
Review & Edit W-2s & 1099-Rs (if needed)
Routines>Payroll>Edit W-2s
Routines>Payroll>Edit 1099-Rs

31. Closing Subledgers Properly
United States Payroll (continued)…
Print W-2s & 1099-Rs
Routines>Payroll>Print W-2s
Routines>Payroll>Print 1099-Rs
Apply new Dynamics GP Tax Tables
Available via ‘CustomerSource’ download
Maintenance>US Payroll Updates>Check for Updates
Typically, new tax tables installed after payroll close
New calendar year payroll can now be processed

32. Time for another backup…

33. Module Closing Order SOP & POP Inventory Receivables Payables
Fixed Assets
Payroll
General Ledger

34. Finalizing the Y/E Close
General Ledger (GL)
ALWAYS the final module to be closed!!!
Doesn’t need to be closed immediately
Finalize adjustments; post ‘Single Use’ batches
Print Detailed T/B & MR/FRx financials (optional)
SKIP the ‘Period Consolidation’ process

35. Finalizing the Y/E Close
General Ledger (continued)…
Double-check ‘Posting to History’ setting
Setup>Financial>General Ledger
Allows posting to most-recent closed fiscal year only
Also check ‘Maintain History’ & R/E acct. while here
Run the G/L year-end closing process
Routines>Financial>Year-end Closing
Click ‘Close Year’ button only once !
Edit R/E account and/or next JE number (not common)
Issue w/ financials if delayed past 1st new acctg period

36. Settings which impact the Financial Close Tools \ Setup \ Financial \ General Ledger
Retained Earnings Account(s)
Divisional Segments
Maintain History
Allow Posting to History (during closing, maybe uncheck after closing, and then recheck only when you need to post an adjusting entry into the most immediate prior year)

37. Settings which impact the Financial Close Tools \ Setup \ Financial \ General Ledger
Remove Unused Segment Numbers
(if segments have not been used in any GL accounts)
Maintain Inactive Accounts By default GP will delete inactive accounts (which have no transaction history)
2 Options if you choose to Maintain Inactive accounts
With Budget Amounts
All Inactive Accounts

38. Settings which impact the Financial Close Cards \ Financial \ Unit Account
Setup is per each specific Unit Account (not a global setting)
UnCheck to accumulate Life to Date balances
Or check to reset the Unit Account balances for the new year

39. Finalizing the Y/E Close
Ancillary items (iii)
Before closing G/L, create a simple ‘Accounts’ SmartList and review “Posting Type” settings
If you accidentally close with the wrong BS / PL settings and need to correct it you will need to look Microsoft’s Knowledge Base article KB# for the precise step by step instructions for a ‘surgical’ fix (This is not fun. I have had to do it once)
Close the TEST database first if you prefer
Fiscal Periods Setup Maintenance
Setup (Administration Tile)>Company>Fiscal Periods
Be sure all 2013 module boxes are closed
Create a new calendar for 2014 module postings

40. In ‘GP 2013’and more recent versions

42. Financial Year End Close
This is the closing screen
Last Closing Date is the Last Date of your Fiscal Calendar for the last year closed
There is an onscreen progress meter
Closing reports will generate, be sure to select print to file (pdf or csv) when you process the report Closing reports can not be regenerated

43. Questions? Zubin Gidwani Dynamic Budgets, Founder GPUG All Star
Tel: