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trinsoft.comtrinsoft.com
Dynamics NAV Year-End Processing
Bobby Haggard
trinsoft.com
Agenda
• Pre-Close
• General Ledger Year-End
• Payroll Year-End
• Accounts Payable Year-End
• Questions
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Pre-Close
• Make sure all invoices, batches, fixed assets etc. are posted
• Review account types
• Print/save normal month end reports as a snapshot
• Take a back-up of the database
• Run through the close in a test company
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General Ledger
• Closing Posting– No Sub Ledger closing required (Except Inv.)
– Inventory Considerations (Inventory Periods)
• Creating Accounting Periods– Always create the new one before closing old one
• Closing Accounting Periods
• Cashflow and Cost Management
• Consolidations
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General Ledger
• Closing Steps– Update posting dates to prevent additional
posting to those periods
– Create new fiscal year
– Execute year-end closing
• Close fiscal year (Accounting Periods)
• Close Income Statement – Which generates year-end closing entry
• Review & post year-end closing entry
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Update posting dates
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Update posting dates
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Create New Fiscal Year
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Close Income Statement• You are required to supply a Journal
Template and Batch. We suggest setting one up specifically for year-end close.
• Document No. and Retained Earnings account are also required. This is where the net equity is posted to the balance sheet.
• Business Unit Code is selected if you are using them as part of consolidations.
• Closing by dimension will post equity by the specified dimension value.
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Payroll
• Tax Table Updates
• Year-End Steps prior to W-2s
• Generating W-2s
– Only done through Greenshades now
– Be sure your Greenshades account is current
• Other forms
• Magnetic Media
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Payroll cont.
• Employee Setup
– The Social Security Number is critical
• Making Adjustments
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Accounts Payable
• Year-End Steps prior to 1099s
• Printing 1099s
• Magnetic Media
• What if the data is wrong?
• Can I reprint 1099s?
• Why aren’t they printing for these vendors?
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Accounts Payable
• Get the vendor setup properly BEFORE the first payment
• Be sure to use the correct 1099 code (do NOT use MISC alone – it needs a two digit number after it –MISC-07 is the common one)
• Multiple 1099 types for the same vendor are not easy to handle – best practice is to setup a separate vendor card for each 1099 type
• Making Adjustments (VLEs are editable)
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Questions