Microsoft Dynamics GP Year End Close - Armanino Webinar Presentation

1 © ArmaninoLLP | amllp.com © ArmaninoLLP | amllp.com

Microsoft Dynamics GP Year-End Close

2 © ArmaninoLLP | amllp.com

About the Presenters

Erin Chan, Senior Dynamics GP Consultant, MCP

Erin has over 10 years of experience in implementing Microsoft Dynamics GP. She is a Microsoft Dynamics GP Certified Master (MCP) and she specializes in training and implementing:

• Core Financials• Distribution• Multicurrency and Consolidations• Report Writer • Management Reporter


About the Presenters

Liane Mcllraith, Senior Dynamics GP Consultant

Liane has over 16 years of experience implementing Microsoft Dynamics GP. She has extensive experience in training and implementing:

• Core Financials• Distribution• Multicurrency and Intercompany• Management Reporter• FRx• Various 3rd party products


• Welcomeo Year End Close Planning

• Module Closingo Saleso Inventoryo Purchasingo Fixed Assetso General Ledgero Payroll

Agenda


Support Dates


Task Due Date Designated Contact

Duration toComplete

CompletionDate

Hold Year-End Planning Meeting Download Checklists from CustomerSourceInstall Year End updateOrder Forms:-W-2’s, 1099’s, Other

Create fiscal calendar for new year

Test Backup and RESTOREEnter budget information for new yearFollow Sales ChecklistFollow Inventory ChecklistFollow Purchasing ChecklistFollow Fixed Assets ChecklistFollow Payroll ChecklistCheck available disk spaceFollow Financial Checklist

Planning: Use a Checklist


The Microsoft Dynamics GP 2014 year end update will be released the end of November 2014. To obtain the year end update, log into Customersource and search for Microsoft Dynamics GP 2014 Year End update.

Microsoft Dynamics GP 2014 Year End Update will be released for:

• GP 2010 *• GP 2013

* This is the LAST year end update for GP 2010. Tax Updates will

continue through October 2015.

Install the Year-End Update

If you need assistance, please contact [email protected].

mailto:[email protected]


The following are changes to GP as a result of the Year-End Update:

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 Changes

For GP 2013, the Affordable Care Act functionality will also be included in this year end update.

If you need assistance, please contact: [email protected].

Install the Year-End Update (continued)



SalesDynamics GP Year-End Close


• Post all sales invoices• Post all cash receipts and credit memos• Process commissions• Run Sales Reconcile (see checklist from

MS)• Close Sales Series: As close to your fiscal year-end as possible. As close to the calendar year-end as

possible (both can be run at once)

Sales


Customer Class Settings


Customer Settings


Amounts Since Last Close View


Fiscal Year View


Summary Info is Reset During the Close


Salesperson YTD is Reset


Territory YTD is Reset


Fiscal/Calendar Year-End Close


InventoryDynamics GP Year-End Close


• Post all Sales Invoices• Post Purchase Receipts• Post all Inventory Transactions• Run Inventory Reconcile Utility• Take physical inventory – post adjustments• Check item settings – maintain history• Run reports (Stock Status, Purchase Receipts,

Turnover Report)• Run Inventory Year-End Close

o Run this as close to the end of your fiscal year as possible

Inventory


Item Class Settings


Item Maintenance Settings


Discontinued items must have 0 on-hand quantity and be marked as discontinued for the item card to be removed during the year-end closing process

Removing Discontinued Items


Removing Sold Receipts


Purchase Receipts Report


Removing Sold Receipts


Updating Item’s Standard Cost


Updating Item’s Standard Cost

Period valuation methods only -

Current Cost will replace

Standard Cost


Quantity Sold is Reset After Close


Inventory Turnover Report


PurchasingDynamics GP Year-End Close


• Ensure you have Tax ID numbers for 1099 Vendors

• Post all Payables Invoices• Post all payments• Post voids (payments, invoices)• Run Reconcile Utility in the Purchasing

Series• Close Purchasing Series:

o Run the fiscal year-end as close to actual fiscal year-end as possible (moves “Amounts Since Last Close” from YTD to LYR)

o Run the calendar year-end as close to 1/1/14 as possible (both can be run at the same time)

Purchasing


• Print 1099s• Filing Deadlines:o Recipient copies due February 2, 2015o IRS copies and 1096 due March 2, 2015o Electronic filing deadline is March 31, 2015

If you have more than 250 1099’s you must file electronically.

Purchasing (continued)


Vendor Class Settings


Vendor Settings


1099 Setup Window


Edit 1099 Amounts or 1099 Transactions


Enter Company Tax ID


Print 1099 Preview


Print 1099s


Payables Year-End Closing


If you have more than 250, 1099’s contact:

Kristina [email protected]

For additional information on electronic filing for Greenshades Software.

1099’s, More than 250?



Fixed AssetsDynamics GP Year-End Close


• Complete all month-end processesPrint all reports –

o For versions prior to GP 2013, you will not be able to print Fixed Asset reports for 2013 once you have run the Fixed Assets year-end close

o For all versions (including GP 2013), we recommend you print the following reports prior to the Fixed Assets Year-End Close:

• Annual Activity

• Additions

• Retirements

• Transfers

• Depreciation Ledger

• Property Ledger

• Fixed Assets to General Ledger Reconciliation

Fixed Assets


• Complete all month-end processes

• Run the Fixed Assets Year-End Close:

o This can be run any time after printing your year-end reports, and must be run prior to calculating depreciation for the new year.

Fixed Assets


Remember to Print Your Year-End Reports Before Closing!


Closing the Year-Fixed Assets


What Gets Reset?


Summarizing Financial Details (Optional)


Warning to Summarizing Fixed Asset Data


No More Drill-Down Capabilities After the Summarization


Books Are Reset to The New Year


General LedgerDynamics GP Year-End Close


• Complete all month-end processeso Closing the year will close your P&L accounts to Retained Earnings and create

BBF (balance brought forward) entries for all Balance Sheet accounts. You can still post journal entries (such as audit JE’s) to the closed year!

• Print Financial Statements• Create New Fiscal Year• Check Retained Earnings account; reset next JE and/or enable posting

numbers• Run Financial Reconcile Utility• Check available disk space! (*2x the size of your GL open file,

GL20000)• Verify Account Posting Types• Make a Backup prior to year-end close• Run the year-end closeo Print the closing journal entry

General Ledger


General Ledger Setup Options


Enabling Posting Numbers in the General Ledger


Posting Numbers in the General Ledger

Posting number field is added when you enable this feature


Posting Numbers in the General Ledger


Posting Types

Be sure to double-check posting types (Balance Sheet and P&L before closing the year!


Posting Types


Unit Accounts

Unit accounts are treated like balance sheet accounts-their balances will be brought forward when you close the year


General Ledger


Questions before we move on?

Submit your questions through The chat box.


PayrollDynamics GP Year-End Close


Payroll

1. Install the 2014 Year End Update2. Complete Pay Runs for the Current Year3. Complete monthly and quarterly payroll and period-end

procedures4. Make a Backup of the database5. Create the Year-End file6. Make another Backup of the database7. Verify W-2 Statement information8. Print the W-2 and W-3 Transmittal forms9. Close Fiscal Periods for the Payroll Series10. Install the Payroll Tax update for 2015


The Microsoft Dynamics GP 2014 year end update will be released the end of November 2014. To obtain the year end update, log into Customersource and search for Microsoft Dynamics GP 2014 Year End update.

Microsoft Dynamics GP 2014 Year End Update will be released for:

• GP 2010 *• GP 2013

* This is the LAST year end update for GP 2010. Tax Updates will

continue through October 2015.

Install the Year-End Update

If you need assistance, please contact [email protected].



The following are changes to GP as a result of the Year-End Update:

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 Changes

For GP 2013, the Affordable Care Act functionality will also be included in this year end update.

If you need assistance, please contact: [email protected].

Install the Year-End Update (continued)



Administration> Setup > Payroll Tax. The “Last Tax Code Update” date should read December 18, 2014.

How to Check for the Latest Tax Update


Microsoft Dynamic GP>Tools>Routines>Payroll, and then select Year-End Closing

Create the Year-End File


If you happen to close the year by mistake, you can re-open the year. Microsoft Dynamic GP> Tools> Utilities>Payroll, and then select Remove Year-End Information.

Cancel the Year-End File


To view the W-2 information, Microsoft Dynamics GP>Tools>Routines> Payroll, and then select Year-End Wage Report

Print Employee Report


To view the W-2 information, Microsoft Dynamics GP>Tools>Routines> Payroll, and then select Edit W-2s.

Edit the W-2 Files


Note the Special, Other, State, and Local Boxes. You can edit wages for state and local taxes. 401K classification would be found in the other section. Changes in this window do not effect live Payroll data.

Edit the W-2 Files (continued)


To print W-2 Forms, Microsoft Dynamics GP>Tools>Routines>Payroll, and then select Print W-2s

Print W-2 Forms

Running a validation report is very helpful in determining if records have an address that is too long or a social security number that appears to be invalid.

This box allows you to view inactive employee W-2 information prior to closing the year. You cannot run this report after you create the Year-End file.


Microsoft Dynamics GP>Setup>Company, and then select Fiscal Periods

Close the Previous Year in PAYROLL


Install the Payroll Tax update for 2015. Note: Do not install the Payroll Tax update for 2015 until the Year-End file has been created for 2014!

To install the Payroll Tax update for 2015, follow these steps:

1. Microsoft Dynamics GP > Maintenance> U.S. Payroll Updates, and then select Check for Tax Updates

2. In the Tax Update Method window, select Automatic, and then select Next.

3. In the Authorization Number field, type your authorization number, and then select Log in.

4. Select Finish.

Microsoft will release the R1 tax update for Calendar year 2015 in mid-December.

Install 2015 Tax File


Install 2015 Tax File- Continued

Because Payroll utilizes the current tax tables in the system despite when Payroll is ran, you want to install the Payroll Tax update for 2015 between the last Payroll of 2014 and the first payroll run of 2015.


Erin Chan p. 408.200.6464 e. [email protected] McIlraith p. 858.207.5135 e. [email protected]

General Support p. 925.790.2643 e. [email protected]


