Dynamics GP Payroll Year End Processing - Maner …€¦ · Payroll Year End Processing • Dynamics Support ... Verify the version of Microsoft Dynamics GP 2. ... Dynamics GP Dynamics

Maner Costerisanwww.manersolutions.com

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Scott WitteveenConsultant

V3 Technologies LLC

Dynamics GP Payroll Year End Processing

Payroll Year End Processing

• Dynamics Support Tech Knowledge articles that you may want to download from CustomerSource and review

850663 – Year‐End Closing procedures

856808 – How to process a “test” Payroll Year‐End Close(This article also explains how to recreate the YE wage file)

872100 – Description of error messages on Payroll Validation report


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Payroll Year End Processing• Dynamics Support suggests the following steps:

1. Verify the version of Microsoft Dynamics GP2. Complete all pay runs for the current year3. Complete all monthly and quarterly period‐end procedures4. Make a backup of the original file5. Install the Year‐End update6. Create the Year‐ End file7. Make a backup of the new file8. Verify the W‐2 and 1099‐R statement information9. Print W‐2 statements and W‐3 Transmittal form10. Print 1099‐R forms and 1096 Transmittal form11. Create a W‐2 Electronic file12. Archive inactive employee Human Resources information13. Set up fiscal periods for 201514. Close fiscal periods for the payroll series for 201415. Install the payroll tax update for 2015


Scott’s recommended steps + Tips and Timing


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• Verify the version of Microsoft Dynamics GP

Dynamics GP versions 2010 and 2013 are presently supported for the YE updates .

Prior versions of Dynamics GP are not supported for YE updates which may effect your ability to print W‐2’s on the required form and create the Electronic file.

Timing

Now – you may want to update to a currently supported version before 12/31


• Complete all pay runs for the current year

If you have taxable benefits or need to adjust taxable wages in a regular payroll run, make sure you include those in or before the final pay run


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• Install the Year‐End (YE) Update

Before installing any update or service pack make sure you have a backup of your Dynamics and Companies databases.

The YE Update usually updates the W‐2 and W‐3 forms and Electronic Filing layout, but there can be other updates included in the YE Update.

The YE update needs to be installed on the server and all workstations.

Timing

The YE Update will be released in late November.


• 2014 Year ‐ End Update includes:

1. No W‐2 Form changes2. EFW2 changes (Electronic Filing)3. Product Quality Fixes around Payroll Year‐End4. W‐3 Form changes5. 1099 Interest ‐ form and application changes6. 1099‐R distribution code changes7. Fixed Asset Luxury Auto Depreciation changes8. Affordable Care Act Changes


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• Create the Year‐End Wage file (Routines – Payroll –Year‐End Closing)

This routine reads the payroll tables and calculates the W‐2 data based on the pay codes, deductions and taxable benefits setting at the time of the pay run

If you need to delete or recreate the YE wage file reference TechKnowledge 856808

Timing

After the last pay run for the year


• Verify the W‐2 Information

Print the following Period‐End Payroll reports for the calendar year:Pay Code Summary, Deduction Summary and Benefit Summary

• Gross wages, less Federal TSA deductions, plus taxable benefits should equal the Federal taxable wages.

• Gross wages, less FICA TSA deductions, plus taxable benefits should equal the Social Security wages.

• Reconcile the difference between Social Security and Medicare wages.

• Michigan taxable wages should equal the Federal Taxable wages.

Timing

After creating the YE wage file


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• Print the W‐2 statements and W‐3 transmittal

Use 4‐up forms for employees (Form 5205)


• Print quarter end payroll reports

If any adjustments where made to the W‐2 file use the W‐3 transmittal and back into the final 941 data..


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• Create a W‐2 Electronic file

Register with the Social Security (SS) Administration. You will need a PIN number to create the electronic file in GP. http://www.ssa.gov/bso/bsowelcome.htm

Upload the file to the SS website and submit electronically

Timing

After the data is verified, but before the filing deadline


• Close the Payroll series fiscal periods for 2014

When the payroll series fiscal periods are closed a warning message will be returned when entering a date in the closed period

Timing

After the last payroll is posted


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• Set up the fiscal periods for 2015

2015 will need to be set up before any processing and posting can occur for 2015.

Timing

Now – If you setup the 2015 fiscal period now, close November and December 2015 so that no one posts to those periods in error.


• Install the Round 1 payroll tax update for 2015

The payroll tax update updates the withholding tables for any tax changes for 2015

The 2015 payroll tax update is installed once

Use the automated update by going to Microsoft Dynamics GP –Maintenance – U.S. Payroll Updates – Check for Tax Updates (sa user or equivalent)

Timing

Before processing the first payroll of 2015


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FICA Social Security Limit $118,500


What is included in Round 1 payroll tax update for 2015

Affordable Care Act

Dynamics GP is adding ACA reporting capability to the HR module in the Payroll Year End update. If you are presently only using the payroll module and are on GP2013 you may want to activate the HR module.


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Affordable Care Act Forms

1094‐C – this is a summary the employer fills out of all the employees that received the 1095‐C. A 1094‐C should accompany any 1095‐C ‘s to IRS. It is a transmittal of Employer Provided Health Insurance Offer and Coverage Information Return

1095‐C – this goes to the employee from the employer (like a W2) Employer Provided Health Insurance Offer and Coverage

Affordable Care Act Windows


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Questions?


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Thank you for attending the Payroll Year End Processing session

Documents

Dynamics GP Payroll Year End Processing - Maner …€¦ · Payroll Year End Processing • Dynamics Support ... Verify the version of Microsoft Dynamics GP 2. ... Dynamics GP Dynamics