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Dynamics SL 2014 Year End Updates & Processing Hector Ball - Senior Consultant January 6, 2015

Dynamics SL

2014 Year End Updates & Processing

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AGENDA

• 2014 YEAR END UPDATES

• INSTALLATION

• YEAR END PROCESSING

Payroll Project Controller Accounts Receivable Accounts Payable General Ledger

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2014 Year End Updates

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New in AP

ACCOUNTS PAYABLE 1099S

• 1099‐MISC FORM CHANGES

Box 11 – Foreign tax paid is no longer used to report foreign tax paid on payments. The form layout remains the same. However, Box 11 is now dimmed and no longer used.

Box 12 ‐ Foreign country or U.S. possession is no longer used to report the name of the foreign country or U.S. possession for which the foreign tax was paid and reported in Box 11. Box 12 is now dimmed and no longer used.

• FILING 1099 FORMS: YOU CAN FILE 1099 FORMS ELECTRONICALLY OR ON PAPER.

1099 Electronic File Changes – Payer “A” Record Changes: Box 11 ‐ Foreign Tax Paid is removed in field positions 28 – 43, Amount Code “9” is no longer a valid value.

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2014 Year End Updates

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New in Payroll

• PAYROLL W‐2S

NO CHANGES WERE REQUIRED FOR THE LAYOUT OF THE W‐2 FORM OR THE W‐3 FORM.

• FILING W‐2 FORMS: YOU CAN FILE W‐2 FORMS ELECTRONICALLY OR ON PAPER.

W‐2 ELECTRONIC FILE CHANGES – RA SUBMITTER RECORD CHANGES

– RO EMPLOYEE RECORD CHANGES – RU TOTAL RECORD CHANGES – RW EMPLOYEE WAGE RECORD CHANGES – RT TOTAL RECORD CHANGES – RO RECORD CHANGES – RU RECORD CHANGES

Dynamics SL

2014 Year End Updates - Installation

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Applying Year End Updates

OBTAIN YEAR END UPDATES FROM MICROSOFT

CUSTOMER SOURCE:

HTTPS://MBS.MICROSOFT.COM/CUSTOMERSOURCE/NORTHAMERICA/SL/DOWNLOADS/TAX‐REGULATORY‐UPDATES/MSDSLYREND2014UPDATE PARTNER SOURCE:

HTTPS://MBS.MICROSOFT.COM/PARTNERSOURCE/NORTHAMERICA/DEPLOYMENT/DOWNLOADS/TAX‐REGULATORY‐UPDATES/MSDSLYREND2014UPDATE ** Installation instructions are included in the downloaded file **

HOW TO INSTALL VIDEO:

HTTP://YOUTU.BE/QTHLUKNYPGA

Dynamics SL

2014 Year End Updates - Installation

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Applying Year End Updates

THE YEAR END UPDATES ARE SUPPORTED FOR USE WITH THE FOLLOWING MICROSOFT DYNAMICS SL VERSIONS:

2011 SERVICE PACK 1

2011 FEATURE PACK 1

2011 SERVICE PACK 2

2015

Kernel Build Version Hotfix

8.12.40821.00 SL 2011 SP2 n/a

8.10.40626.01 SL 2011 FP1 25789

8.10.30917.00 SL 2011 FP1 n/a

8.01.40220.0 SL 2011 SP1 25242

8.01.31106.2 SL 2011 SP1 25008

8.01.30705.00 SL 2011 SP1 24600

8.01.30615.01 SL 2011 SP1 24453

8.01.30314.00 SL 2011 SP1 24242

8.01.30305.01 SL 2011 SP1 24187

8.01.21219.00 SL 2011 SP1 24026

8.01.21207.00 SL 2011 SP1 23997

8.01.21108.01 SL 2011 SP1 n/a

Dynamics SL

2014 Year End Updates - Installation

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Applying Year End Updates

YEAR END UPDATES INCLUDE:

ANY CURRENT YEAR REPORTS ANY YEAR END RESOLUTIONS MAGNETIC MEDIA CHANGES ‐ AP 1099 & PAYROLL W2 CHANGES

- THERE IS A YEAR END UPDATE FOR PAYROLL AND A SEPARATE TAX TABLE UPDATE THAT MIGHT NEED TO BE APPLIED.

YEAR END PAYROLL TAX TABLES UPDATES

ON PARTNERSOURCE: HTTPS://MBS.MICROSOFT.COM/PARTNERSOURCE/NORTHAMERICA/DEPLOYMENT/DOWNLOADS/MSDSLDEC2014PAYROLLTAXUPDATES

ON CUSTOMERSOURCE: HTTPS://MBS.MICROSOFT.COM/CUSTOMERSOURCE/NORTHAMERICA/SL/DOWNLOADS/MSDSLDEC2014PAYROLLTAXUPDATES

THE UPDATE WILL REQUIRE ACCESS TO THE DYNAMICS SL APPLICATION DIRECTORIES AND THE SQL SERVER MANAGEMENT STUDIO AS A USER WITH PROPER NETWORK AND SQL RIGHTS.

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2014 Year End Updates - Installation

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Applying Year End Updates

USE THE CORRECT FILES

Dynamics SL

2014 Year End Updates - Installation

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Applying Year End Updates

YE UPDATE SETUP

SQL MANAGEMENT STUDIO

Dynamics SL

2014 Year End Updates

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Applying Year End Updates

YEAR END CONSIDERATIONS

CALENDAR YEAR AND FISCAL YEAR – TAX REPORTING IS DONE ON A CALENDAR YEAR BASIS.

YOU ARE REQUIRED TO DO CALENDAR YEAR END PROCESSING IN PAYROLL AND ACCOUNTS PAYABLE EVEN IF YOU ARE ON A FISCAL YEAR SETUP.

YOU CAN POST ENTRIES TO PRIOR PERIODS AS NEEDED EVEN IF THEY ARE CLOSED – MUST HAVE SECURITY ENABLED TO ALLOW THAT POSTING.

W2 AND THE 1099 DOCUMENTS ARE UPDATED BASED ON THE CHECK DATE.

Dynamics SL

Payroll

Year End Processing

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W2’s Steps for Year End

Close Payroll for the Year.

Apply Year End Updates.

Calculate W2’s.

Review Data.

Edit/Correct if needed.

Run Magnetic Media File for Upload.

Dynamics SL

Payroll

Year End Processing

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Payroll Closing

CLOSING THE PAYROLL MODULE

• Payroll is closed with the Year closing type option in GL Closing.

• Closing will cycle Payroll to next Calendar year.

• Closing will create new deductions and history records, allowing new checks to be created.

• Fiscal Periods (period to Post) will remain on fiscal posting schedule.

Dynamics SL

Payroll

Year End Processing

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Payroll YE Processing

• Confirm all of the data for 2014 has been entered and processed.

• Review PR Batch Register to make sure all batches have been released and posted.

• Reconcile your payroll accounts in PR with GL – Can use account distribution and GL Trial Balance.

• Print Period End Reports - 941 Quarterly Tax Worksheet - Unemployment Tax Worksheet - Earning and Deductions Report

Dynamics SL

Payroll

Year End Processing

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W2 Calculation

OPEN W2 CALCULATION SCREEN. CHOOSE CURRENT W2 YEAR. SELECT PAY GROUPS THAT YOU WISH TO CALCULATE. BEGIN PROCESSING.

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Payroll

Year End Processing

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Reviewing Data/Calculations

CAN PRINT W2 FORMS TO BLANK PAPER TO REVIEW

USE PLAIN PAPER COPY FORMAT TO PRINT BOXES AROUND THE CALCULATED FIGURES, TO VERIFY BOX INFORMATION.

USE EMPLOYEE W2 HISTORY TO VERIFY INDIVIDUAL EMPLOYEES.

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Payroll

Year End Processing

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Correcting W2’s

DETERMINE THE CAUSE OF THE PROBLEM

• Fed Wages incorrect?

– Identify earnings types that are set up incorrectly. – Identify missing exemptions. – Fix setup and re-calculate W2’s to correct.

• State Wages incorrect?

– Identify earnings types that are set up incorrectly. – Identify missing exemptions. – Use initialize mode to correct the wages in Employee History so that they

are correct.

• Tax amount incorrect

– Determine the cause of the problem. – Initialize the Tax Amount to be the correct tax amount.

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Payroll

Year End Processing

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Correcting W2’s - Continued

COMMON ISSUES ERROR 6960 CHECK DATE CALENDAR YEAR CANNOT BE CHANGED IN THE

CALCULATION SCREEN IN PAYROLL.

YOU CAN CLEAR CALCULATIONS AND THAT SHOULD RESOLVE IT AND LET YOU DO YOUR NEW CALCULATION IN THE NEW YEAR.

STATE WAGES DO NOT MATCH FEDERAL KB ARTICLE 848521 – THIS ARTICLE WILL GO THROUGH SOME COMMON CAUSES OF THESE TWO NOT MATCHING.

YOU CAN SEARCH ON THIS ARTICLE NUMBER ON CUSTOMERSOURCE IN THE KNOWLEDGEBASE AND FIND THIS ARTICLE.

W2 FORMULAS KB 875688 – LISTS EACH FORMULA ON W2 FORMS.

WAGES ON PR W2 FORMS OR 941S ARE NOT REDUCED BY PENSION AMOUNTS KB 87148.

INCORRECT MEDICARE OR SOCIAL SECURITY WAGES ON 9941 OR PR W‐2 FORMS. THIS IS ADDRESSED IN KB ARTICLE 856266.

Dynamics SL

Payroll

Year End Processing

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Printing W2’s

USE THE W2 FORMS REPORT TO PRINT W2’S

• Can obtain pre-printed forms from Solomon Forms - http://www.microsoftbusinesschecks.com

• Can print your own forms using the Copy A, Copy B, Copy C and Copy D formats

– Copy A for W2 forms must be printed in a red scannable 2up format ink

Dynamics SL

Payroll

Year End Processing

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Running Magnetic Media File

USE W2 MAGNETIC MEDIA SCREEN IN PAYROLL • Populate required fields

–Calendar year –Can change file path to easily locate the generated file –Transmitter PIN number provided by SSA –Contact person information

• Company identification fields default from Company Maintenance, but can be overridden

Dynamics SL

Payroll

Year End Processing

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Running Magnetic Media

SENDING FILE TO SSA

• Follow instructions provided by the Social Security Administration for W2 transmittal

• File format is usable by AccuWage program

– AccuWage is free software provided by SSA to check the file for formatting accuracy

–http://www.socialsecurity.gov/employer/accuwage/installation.html

Dynamics SL

Project Controller

Year End Processing

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Closing Project Controller

PROJECT SYSTEM MUST BE CLOSED AT THE END OF EACH FISCAL PERIOD.

CLOSING CAN BE FISCAL PERIOD OR YEAR END.

COMPLETED IN CLOSE PERIOD SCREEN PA.CLO.00.

THIS SCREEN PERFORMS A SET OF CONTROL TESTS.

• Checks that all sub modules have posted to project.

• The accounting modules are closed to additional entries.

• All project charge batches are posted.

• Closing is blocked if any exception is identified.

• Timecards are reviewed and a warning message appears containing the number of un-posted items being carried forward.

Dynamics SL

Project Controller

Year End Processing

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Project Controller - Close Period Screen

Dynamics SL

Project Controller

Year End Processing

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Closing Project Controller

IF CLOSE PERIOD (PA.CLO.00) DETECTS THAT THE CURRENT PERIOD IS ALSO THE LAST PERIOD OF THE FISCAL YEAR, THE TITLE OF BEGIN PROCESSING CHANGES TO BEGIN YEAR-END CLOSE, AND CLOSE PERIOD (PA.CLO.00) CLOSES THE YEAR.

IF A YEAR-END CLOSE TAKES PLACE, BALANCE FORWARD AMOUNTS ARE CALCULATED FOR THOSE PROJECTS THAT HAVE THEIR BALANCE FORWARD SWITCH ON AND SUMMARY RECORDS ARE WRITTEN FOR THE NEW YEAR.

Dynamics SL

Project Controller

Year End Processing

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Closing Project Controller

PRIOR TO PROCESSING CLOSING PROCESS:

• Review the project maintenance records for open projects.

• Any open projects that should have their balances carried forward should have the Balance Forward at Year-End option selected.

– Balance Forward at Year End determines whether the year-end total of a project’s budgets and actuals are rolled forward as the beginning balance for the coming year during the year-end Close Period (PA.CLO.00) process.

– Projects that span multiple fiscal years should have this check box selected so that the

ending balance is rolled forward to the next year. – For annual projects or those that are re-budgeted each year without regard to previous

years, this check box should be clear so the beginning balance is set to zero for the next year.

Dynamics SL

Project Controller

Year End Processing

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Closing Project Controller

IF THE YEAR IS CLOSED AND SOME PROJECTS WERE NOT MARKED AS BALANCE FORWARD, THE BALANCES CAN BE CORRECTED BY CHANGING THE CURRENT PERIOD IN PC SETUP BACK TO THE LAST PERIOD OF THE PREVIOUS YEAR, THEN MARKING THE BALANCE FORWARD OPTION IN PROJECT MAINTENANCE AND RUNNING THE CLOSING PROCESS AGAIN.

• IN PROJECT CONTROLLER MODULE REVIEW THE FISCAL PERIOD MAINTENANCE TO SET UP THE FISCAL PERIODS FOR THE NEW YEAR.

• IN TIME & EXPENSE MODULE REVIEW WEEK MAINTENANCE TO SET UP THE WEEK ENDING DATES FOR THE NEW YEAR.

Dynamics SL

Accounts Receivable

Year End Processing

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Closing Accounts Receivable

REVIEW OPEN ACCOUNTS RECEIVABLE BATCHES.

PRINT AR BATCH REGISTER AND REVIEW STATUSES.

POST TRANSACTION IN GL MODULE.

PRINT THE CUSTOMER TRIAL BALANCE AND THE GL TRIAL BALANCE.

CAN USE GL TRANSACTIONS – UNPOSTED, AR ACCOUNT DISTRIBUTION, OR AR TRANSACTIONS TO REVIEW DATA.

RUN AGED AR DETAIL PROCESS.

PRINTED AGED AR REPORT.

CLOSE ACCOUNTS RECEIVABLE.

Dynamics SL

Accounts Payable

Year End Processing

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AP Year End Steps

REVIEW OPEN ACCOUNTS PAYABLE FILES.

PRINT AP BATCH REGISTER AND REVIEW STATUSES.

POST TRANSACTION IN GL MODULE.

PRINT THE VENDOR PERIOD TRIAL BALANCE, AND THE AP PERIOD SENSITIVE REPORT.

TIE BOTH OF THESE REPORTS TO GL TRIAL BALANCE.

CONFIRM RECURRING ENTRIES HAVE BEEN GENERATED AND RELEASED.

PRINT CHECK REGISTER AND AGED AP.

CLOSE THE YEAR.

CLOSE 1099 CALENDAR YEAR.

Dynamics SL

Accounts Payable

Year End Processing

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AP Year End Steps

1099 YEAR CALENDAR YEAR CONTROL.

VENDOR AMOUNTS CAN MANUALLY BE UPDATED IN INITIALIZE MODE.

1099 AMOUNTS ARE A CALCULATED BY CHECK DATE.

AP INTEGRITY CHECK.

1099 PREVIEW WILL CONTAIN ALL VENDORS.

1099 FORMS WILL PRINT ONLY ONES THAT HIT THAT 600 LIMIT.

Dynamics SL

Accounts Payable

Year End Processing

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AP 1099 Processing

1099 INFORMATION IS UPDATED THROUGHOUT THE YEAR

• No extra process required to print.

• Only need to run a process if generating magnetic media for sending to IRS.

Dynamics SL

Accounts Payable

Year End Processing

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Printing 1099’s

IN ACCOUNTS PAYABLE, GO TO REPORTS AND CLICK 1099 FORMS REPORT.

CAN PREVIEW USING 1099 PREVIEW REPORT, OR BY PRINTING THE 1099’S.

1099 PREVIEW SHOWS ALL 1099 VENDORS, REGARDLESS OF LIMIT. FORMS WILL ONLY PRINT 1099 VENDORS THAT HAVE GONE OVER THE LIMIT.

CUSTOM 1099 REPORT KB 936577.

Dynamics SL

Accounts Payable

Year End Processing

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Printing 1099’s

CUSTOM 1099 REPORT KB 936577

Dynamics SL

Accounts Payable

Year End Processing

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1099 Forms

CLICK THE OPTIONS TAB AND SELECT THE BOX FOR NEXT 1099 YEAR, IF THE YEAR YOU WISH TO REPORT ISN’T THE CURRENT YEAR.

Dynamics SL

Accounts Payable

Year End Processing

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1099 Year Closing

• CHANGE OPTION TO PURGE OLDEST YEAR.

• BEGIN PROCESSING.

This process gets rid of the “first year” information and cycles the vendors to the “next year”, leaving the new year open. In our example, information from 2013 will go away, 2014 will remain, and 2015 will be open for new information.

Dynamics SL

Accounts Payable

Year End Processing

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Editing 1099 Information

IF EDITING IS NEEDED, YOU CAN GO INTO INITIALIZE MODE AND CORRECT THE 1099 TOTALS BY VENDOR.

NEED INITIALIZE ACCESS RIGHTS TO VENDOR MAINTENANCE SCREEN TO DO THIS.

Dynamics SL

Accounts Payable

Year End Processing

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1099 Magnetic Media

DONE IN GENERATE 1099 ELECTRONIC FILE SCREEN.

CAN GENERATE FOR EITHER OF THE 2 YEARS OPEN.

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General Ledger

Year End Processing

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Year End Steps for GL

LAST MODULE TO CLOSE FOR THE YEAR.

POST BACK TO PRIOR PERIODS.

PRINT GL TRANSACTIONS(UNPOSTED) AND GL BATCH REGISTER (H,B,S,U) STATUS BATCHES.

CLOSE ALL OPEN GL BATCHES.

REVIEW AND RELEASE ALLOCATIONS.

REVIEW GL TRIAL BALANCE/DETAIL GENERAL LEDGER REPORT.

REVIEW FINANCIAL REPORTS IN FRX OR MANAGEMENT REPORTER.

GL INTEGRITY CHECK.

RESOLVE ANY BALANCES PROBLEMS.

CLOSE THE GENERAL LEDGER.

Thrive. Grow. Achieve.

Dynamics SL 2014 Year End Updates & Processing Hector Ball - Senior Consultant January 6, 2015