2013 Year End WebinarJanelle Montplaisir, MCT

GP Year End WebinarPlease place your phone on Mute

Download Slides at:http://dynamicsuniversity.com/microsoft-dynamics-gp-year-end

Click the Download PPT button

Agenda• Changes and supported versions• Install Year End Update Highlights• Module close order• US Payroll• Canadian Payroll• Inventory• Receivables Management• Payables Management• Fixed Assets

Agenda cont’d….• Analytical Accounting• General Ledger• Additional Information• Year End Resources• Q&A

Year End Changes:• Payroll• Payables 1099’s• Fixed Assets

Year End Supported Versions:• Dynamics GP2010• Dynamics GP2013

Year End Update is Required…1. Payroll - Any employee making $200,000 and

over2. Payables – Print 1099 Interest forms printed

from GP3. Fixed Assets – Luxury automobile max

depreciation amounts

**Note: Payroll Tax Table updates are still required after 2013 wage file creation and before first 2014 pay run

Year End update is Optional…• Payroll – W2 electronic files• Payables – 1099 DIV or 1099 MISC

Package files can be installed or edits in RW

• Payables – 1096 (GP2013)Package file can be installed or edits in RW

• Payroll quality fixes

**Note: We always highly recommend customers to be on the latest updates and versions.

Install Year End Update Highlights• Determine if Year End update is needed • Download media from Microsoft Customer

Source and read all instructions prior to starting

• All prior service packs, hotfixes, compliance, and year end updates are included (GP2013 SP2 new features)g

• Can be applied now – do not have to wait until last 2013 pay transactions

• Plan ahead – May take some time to complete and all users must stay out

Install Year End Update Highlights cont’d….• Backup the DYNAMICS database and all

company databases• Backup all reports and forms dictionary

(.DIC) files• Install on server and all workstations• Install server first and run utilities to

update Dynamics database and all companies databases, then apply to all workstations

Install Year End Update Highlights cont’d….• Recommended to complete in test

environment first• Refer to the 2013 Year End

Update.pdf or detailed steps• Contact your Partner to schedule

and for assistance• Backup, Backup, Backup!!!

Module Close Order• Payroll – (independent from other modules

and always performed at calendar year end)

• Inventory Control• Receivables Management• Payables Management• Fixed Assets• Analytical Accounting• General Ledger

US Payroll – Code Changes:Required• Employee salary of $200,000Optional• W2 Electronic file• Product Quality Fixes

Can be installed today…

US Payroll – Round 1 Tax Changes• Circular E for 2014 not finalized yet• FICA SS limit changes• States: Kansas, Maryland, North

Carolina, California• Microsoft to release mid December **Required for payroll customers**Payroll Tax Table updates are to be applied after 2013 wage file creation and before first 2014 pay run

US Payroll – Supported VersionsSupported versions• Dynamics GP 2010 • Dynamics GP 2013

Release Dates – check on dates• 2013 Year End Update – Released Nov 16th

• 2014 Tax Update (Round 1) – Mid-December

US Payroll – Close Highlights• Complete 2013 pay transactions and

verify reports• Make a ‘Pre-Year End Wage File’ Backup• Create the 2013 Year End Wage File -

(complete listed tasks anytime after wage file is created)

• Year End Wage Reports• Edit W-2 information• Print W-2 information• Generate W-2 Electronic File

US Payroll – Close Highlights Cont’d…• Apply 2014 Payroll Tax Updates prior to any

2014 Pay transactions• Refer to KB850663: ‘Year-End closing

procedures for Microsoft Dynamics Payroll’ for detailed closing steps

US Payroll Year End Summary1. Apply the 2013 Year End Code (if

needed)2. Complete all 2013 pay transactions3. Create 2013 Year End Wage File4. Apply 2014 Tax Tables

US Payroll – Additional information• Microsoft Customer Source

• Downloads and Tax Updates• US 2013 Year End Update.pdf

• Tax Forms – 800-432-1281 www.microsoftbusinesschecks.com

• IRS Forms and Publications http://www.irs.gov/formspubs/index.html

• Accuwage for Electronic File Verificationhttp://www.ssa.gov/employer/accuwage/index.html

Canadian Payroll• Canadian Payroll 2013 Year End

Update has not yet been released• Check Microsoft Customer Source

and blog site for more updates• Refer to KB861806: “Year-End closing

procedures for the Canadian Payroll module in Microsoft Dynamics GP” for detailed steps and information

Inventory – When to Close?The Inventory module should be closed at the end of your Fiscal year, before any new transactions that would affect inventory quantities are posted for the next year

Inventory – Close Highlights• Is not date sensitive• Post all transactions (IV, SOP, POP) for

the year• Pre-reconcile backup• Reconcile inventory quantities• Complete physical inventory count

and post adjustments as needed• Print reports as needed

Inventory – Close Highlights Cont’d…• Close Inventory • Close fiscal periods for Inventory Series

(Optional)• Make a final backup• Refer to KB872713: ‘Year-End closing

procedures in Inventory Control in Microsoft Dynamics GP’ for detailed Inventory closing steps

**Good time to implement Historical Inventory Trial Balance (HITB)**

Inventory – What is affected?• 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 the Item Quantities Maintenance for each Site

• Gives you the option to: Remove Discontinued Items, Remove Sold Receipts, Remove Sold Lot Attributes, and Update Item’s Standard Cost

Inventory – Additional Information• KB872713: “Year-End Closing procedures in

Inventory Control in Microsoft Dynamics GP” • KB864622: “Information about the order in

which the reconcile procedures should be run in Microsoft Dynamics GP”

• KB855316: “Inventory Accidentally Closed Twice”

• KB872182: “Inventory year end close does not remove discontinued items”

Receivables – When to Close?

• The Calendar Year end close should be done at the end of the calendar year prior to posting any transactions in the next calendar year

• The Fiscal Year end close should be done at the end of the fiscal year prior to posting any transactions in the next fiscal year

Receivables – Close Highlights • Not everything is date sensitive• Post all transactions• Make a pre-year end backup• Close year (fiscal, calendar, or both)• Close fiscal periods (optional)• Close Tax Year• Refer to KB857444: ‘Year-end closing

procedures for Receivables Management in Microsoft Dynamics GP’ for detailed steps

Receivables – What is affected?• 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)

Receivables – Additional Information• KB857444: “Year-end closing procedures for

Receivables Management in Microsoft Dynamics GP”

• KB851140 : “Information about performing the year-end closing procedure in Receivables Management in Microsoft Dynamics GP after December 31”

• KB856865: “Removing outdated statement runs from the Reprint Statements Window”

• SQL Scripts available if not closed on time – contact your Partner

Payables – When to Close?• 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

Payables – 2013 Year End UpdateRequired• 1099 INT printed out of GP

Optional• 1099 DIV printed out of GP• 1099 MISC printed out of GP• 1096 (GP2013 only) printed out of GP

**Note: 1099 DIV, 1099 MISC, and 1096 can be completed with a reports package file or edit to RW

Payables – Close Highlights• Not everything is date sensitive• Post all transactions for the year• Print Aged Trail Balance (optional)• Install 2013 Year End update if needed or

apply report package files• Verify 1099 information • Edit 1099 information if needed

• 1099 Details• PSTL 1099 modifier • Edit 1099 Transactions (Dynamics GP2013 only)

Payables – Close Highlights cont’d…• Print 1099’s• Print 1096’s (Dynamics GP2013 only)• Make Pre-Year End backup• Close year (fiscal, calendar, or both)• Close Tax Year• Refer to KB875169: ‘Year-End closing

procedures for the Payables Management module in Microsoft Dynamics GP’ for detailed steps

Payables – What is affected?

• The Calendar Year End Close process transfers the 1099 Amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window

• The Fiscal Year End Close Process transfers all

other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view

Payables – Additional Information• KB875169: “Year-end closing procedures

for the Payables Management module in Microsoft Dynamics GP”

• KB918536: “How to change the 1099 amount for vendor who was not marked as 1099 vendor…….”

• SQL Scripts available if not closed on time – contact your Partner

Fixed Assets – When to close?• The Fixed Assets Year End Close should be

run after you close Payables Management, but before you close the General Ledger

• You can close each book separately, but you must close all books before you can do any processing in Fixed Assets for the new year

Fixed Assets – 2013 Year End Update• Luxury auto depreciation amounts

Fixed Assets – Close Highlights• Perform Payables Year End close• Enter all Fixed Assets and complete

transactions for current fiscal year• Depreciate all assets through the last day of

current fiscal year• Print any reports needed• Close Year• Refer to KB865653: “The year-end closing

procedures for the Fixed Asset Management module in Microsoft Dynamics GP” for detailed steps

Fixed Assets – What is affected?• In the Asset General Information Window:

• The YTD Maintenance amount is cleared from the Expand last Maintenance Date Window

• The Quantity is copied to the Begin Quantity field in the Expand Quantity Window

• In the Asset Book Window:• 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

• The Current Fiscal Year is increased for each closed book

Analytical Accounting • Analytical Accounting is closed with General

ledger so no ‘separate’ process• Follow the steps in KB960356 : “The year-end

close procedures for Analytical Accounting”• With Dynamics GP2013, GP2010 and GP 10.0

SP2 or later there is an Analytical Accounting year end close option• This option enables balance brought forward entries on dimensions• Analytical Accounting data closes with General Ledger regardless of

whether this option is marked

General Ledger – When to close?• The General Ledger Year End Close should

be done after you have completed your Year End closings for all other modules in the following order:

• Inventory• Receivables• Payables• Fixed Assets

• General Ledger is a Fiscal Year close

General Ledger – Close Highlights• Complete posting and closing

procedures in other modules first• Post adjusting entries (can post back

one historical year if needed)• Verify account posting types• Print trial balance and financial

statements as needed• Make Pre-close backup

General Ledger – Close Highlights Cont’d…• Close Fiscal Year – let process run to

completion• Print Year End close report• Close Fiscal Periods (Optional)• Refer to KB888003: “Year End

closing procedures for General Ledger in Microsoft Dynamics GP” for detailed steps

General Ledger – What is affected?• The year end close process closes all Profit and Loss

accounts out to Retained Earnings, leaving the P&L accounts with a zero balance at the beginning of the new year

• All Balance Sheet accounts are updated with the beginning balance in the new year which will be the same as the ending balance from the year you are closing

• The Retained earnings account(s) are updated with

the amount from all P&L accounts 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

General Ledger – What is affected cont’d..?

• The Retained Earnings accounts are the only Balance Sheet accounts that should have a different beginning balance than the ending balance from the year that you are closing

• The year end close routine moves all open year transactions from the GL20000 table to the GL30000 table

• Balance brought forward journal entries are created in the GL20000

• The Fiscal Period tables are updated to mark the year that you are closing as historical

General Ledger – Important points• Remember to make restorable backups as

needed and follow ALL the steps in KB888003 • Make sure that you have enough free space on

the server to allow for the GL20000 table to double in size

• Perform the Year End Close at the server• Have all other users out of Dynamics GP when

you perform the year end close• The year end close routine does appear to hang

at 50%, but it is still processing, so let it run

General Ledger – Additional Information• KB871679: “How to set up an adjusting period”• KB850615: “How to use divisional retained

earnings accounts”• KB864913: “Changing the posting type on an

account after you close the year” • KB850741: “ Retained Earnings account not

found” • KB857582: “Query to clear beginning balances

for unit accounts” • KB856550: “General Ledger year end close still

in process and batches cannot be posted”

Year End Resources• Connect – Home Page• Microsoft Blog

https://community.dynamics.com/product/gp/gptechnical/b/dynamicsgp/default.aspx

• Dynamics University http://dynamicsuniversity.com/gp-year-end

• Year-end information on Customer Sourcehttps://mbs.microsoft.com/customersource/downloads/taxupdates

• Knowledge Basehttps://mbs.microsoft.com/knowledgebase/search.aspx

Q&Ahttp://dynamicsuniversity.com/microsoft-dynamics-gp-year-end

Thank You for Attending!!