Dynamics GP 2017 Year-End Closing Procedures Jeff Smith, Socius jsmith@socius1.com

Agenda Goals Review Year-end Checklist Review the common year-end processes Provide tips and tricks for preparing for year-end Review Year-end Checklist Provide an overview and comments Step through applicable windows in GP

Recommendations Use your resources Be prepared Be methodical CustomerSource Microsoft Dynamics GP Solutions Support Your Dynamics GP partner Be prepared Make sure all day-to-day activities are completed Be methodical Review and follow year-end checklists Verify ISV compatibility Make backups

Recommendations Other resources GPUG (www.gpug.com) GPWindow.com VictoriaYudin.com DynamicAccounting.com

Recommendations KnowledgeBase Articles: Inventory Control – 872713 Receivables Management – 857444 Payables Management – 875169 Fixed Asset Management – 865653 Analytical Accounting – 960356 General Ledger – 888003

Year-End Checklist Finalize any/all applicable transactions Reconcile submodules to General Ledger Print necessary reports & file Make a backup when finished Begin closing process

Closing Fiscal Periods Administration -> Setup -> Company -> Fiscal Periods

Modular Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger

Modular Closing Order Sales Order Processing & Purchasing Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger

Sales Order Processing/Purchase Order Processing No specific Year-End close process in either module SOP: Double-check for any applicable invoices/returns and post POP: Double-check for any applicable receivers/invoice matches and post POP: Received/Not Invoiced report ties out your ‘Accrued Purchases’ liability account Purchasing -> Reports -> Analysis ->Received/Not Invoiced

Modular Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger

Inventory The Inventory module should be closed at the end of your Fiscal year, before any new transactions that would affect inventory quantities are posted

Inventory 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 (Inventory -> Cards –> Quantities/Sites) for each Site

Inventory Additional Options Remove Discontinued Items Remove Sold Receipts Remove Sold Lot Attributes and Cost Change History Update Item’s Standard Cost

Inventory Post all transactions for the year Reconcile inventory quantities (GP or PSTL) Complete a physical inventory count, and then post any adjustments Print additional reports Make a backup Close the year Close the fiscal periods for the inventory series (optional) Make a final backup

Inventory Inventory -> Routines -> Year-End Close

Modular Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger

Receivables Management 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 Management 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 (Sales -> Cards -> Summary) The Calendar Year end close transfers Calendar YTD Finance Charge amount to the Last Year column in Customer Summary using the Amounts Since Last Closed View (Sales -> Cards -> Summary) *If the amounts are incorrect in the Amount Since Last Close View contact support for scripts that can be ran to correct the amounts.

Receivables Management Post all the sales and receivables transactions for the year Make a pre-year-end closing backup Close the year Close the fiscal periods (This step is optional) Close the tax year (RM and PM at the same time) Make a post-year-end closing backup

Receivables Management Sales -> Cards -> Summary

Receivables Management Sales -> Cards -> Summary -> Finance Charges

Receivables Management Sales -> Routines -> Year-End Close

Receivables Management Microsoft Dynamics GP -> Smartlist

Modular Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger

Payables Management The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transactions in the next Calendar year The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the next Fiscal year

Payables Management The Calendar Year End Close Process transfers 1099 Amount from the Year to Date Column to the Last year column in the Amounts Since Last Close view 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 *If the amounts are incorrect in the Amount Since Last Close View contact support for scripts that can be ran to correct the amounts.

Payables Management Post all transactions for the year Print the Aged Trial Balance with Options report Print the Vendor Period Analysis Report Install the Payroll year-end update (optional) Make a backup that is named "Pre-1099 Edits" Verify the 1099 information and edit it if it is required

Payables Management Print the 1099 statements Make a backup that is named "Pre Year-End" Close the year Close the fiscal periods Close the tax year Make a backup that is named "Post Year-End"

Payables Management Purchasing -> Cards -> Summary -> Yearly

Payables Management Purchasing -> Routines -> Year-End Close

Payables Management Microsoft Dynamics GP -> Smartlist

Payables Management Purchasing -> Transactions -> Edit 1099 Transaction Information

Payables Management Purchasing -> Utilities -> Update 1099 Information

Payables Management Purchasing -> Routines -> Print 1099

Receivables Management/Payables Management Administration -> Routines -> Tax Year-End Close

Module Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger

Fixed Asset Management Perform all the year-end closing procedures for Payables Management Enter all the fixed asset transactions for the current fiscal year Depreciate all assets through the last day of the current fiscal year Perform the GL Posting (GL Interface) process Run any year-end reports that you want to keep as part of the year-end financial records

Fixed Asset Management Make sure that the Fixed Assets calendar is built correctly Verify that the quarters are set up correctly for all the fiscal years Create a backup Perform the fixed assets year-end closing routine

Fixed Asset Management Financial -> Routines -> Fixed Assets -> Year End

Module Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger

Analytical Accounting There is not a separate year-end close procedure for Analytical Accounting Balance Brought Forward (BBF) entries are created for AA dimensions automatically as part of the year- end close process, if you have the AA dimensions setup to have a BBF entry created

Analytical Accounting Administration -> Setup -> Company -> Analytical Accounting -> Options

Analytical Accounting Financial -> Cards -> Analytical Accounting-> Transaction Dimension

Module Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Analytical Accounting General Ledger

General Ledger ALWAYS the final module to be closed!!! Doesn’t need to be closed immediately like others

General Ledger Complete the posting procedures and the closing procedures for other modules Post the final adjusting entries in General Ledger Print an account list to verify the posting type of each account Close the last period of the fiscal year Optional: Perform file maintenance on the Financial series group of modules

General Ledger Verify the settings in the General Ledger Setup window Make a backup Print a final Detailed Trial Balance report Print the year-end financial statements Set up a new fiscal year Close the fiscal year Close all the fiscal periods for all the series

General Ledger Adjust the budget figures for the new year, and then print the financial statements Make a backup

General Ledger Financial -> Routines -> Year-End Closing

General Ledger Financial -> Setup -> General Ledger

General Ledger Microsoft Dynamics GP -> Smartlist

Payroll Year-End Processing

2017 Statements Before 2018 Pay Runs Complete all 2017 pay runs Complete all payroll month-end, period-end and quarter-end procedures Make a backup of your 2017 company database. Label the backup “Pre Year-End Wage File”. Install the U.S. Year-End Update. Create the Year-End Wage File. Make a Backup of your 2017 company database(s). Label the backup “Post Year-End Wage File”. Verify W-2 and 1099-R statement information. Make another backup if changes are made. Print the W-2 Validation Report, W-2 statements, and W-3 Transmittal form.

2017 Statements Before 2018 Pay Runs Print the 1099-R Validation report, 1099-R forms and 1096 Transmittal form. Prepare and submit W-2 information in the federal EFW2 format, if required. Archive Human Resources information for inactive employees (optional). Setup fiscal periods for 2018. Delete Human Resources information for inactive employees (optional). Close the fiscal periods for the Payroll series for the 2016 year (optional). Install the 2018 Payroll tax update.

2018 Pay Runs Before 2017 Statements Complete all 2017 pay runs. Complete all month-end, period-end and quarter-end procedures. Make a backup of your 2017 company database(s). Label the backup “Pre Year- End Wage File”. Install the U.S. 2017 Year-End Update. Create the Year-End Wage file. Make a backup of your 2017 company database(s). Label the backup “Post Year- End Wage File”. Verify W-2 and 1099-R statement information. Make another backup if changes are made. Archive Human Resources information for inactive employees (optional).

2018 Pay Runs Before 2017 Statements Setup fiscal periods for 2018. Clear Human Resources information for inactive employees (optional). Close the fiscal periods for 2017. Install the 2018 Payroll tax update. Process 2018 pay runs. Print the W-2 Validation report, W-2 statements, and W-3 Transmittal forms. Print the 1099-R Validation report, 1099-R forms and 1096 Transmittal form. Prepare and submit W-2 information in the federal EFW2 format, if required.

Important Updates GP 2016 Payroll Year-End Update – TBD GP 2015 Payroll Year-End Update – Release Date: TBD GP 2013 Payroll Year-End Update – Release Date: TBD 2017 Payroll Tax Update – Release: Mid-December 2016 Reminder – There are no payroll year-end or tax updates for GP 2010

Create Year-End Wage File HR & Payroll -> Routines -> Year-End Closing

Year-End Wage Report HR & Payroll -> Routines -> Year-End Wage Report

Edit W-2’s HR & Payroll -> Routines -> Edit W-2’s

Print W-2’s HR & Payroll -> Routines -> Print W-2’s

Edit 1099-R’s HR & Payroll -> Routines -> Edit 1099-R’s

Print 1099-R’s HR & Payroll -> Routines -> Print 1099-R’s

W-2 Electronic Filing HR & Payroll -> Routines -> W-2 Electronic Filing

Tax Updates Microsoft Dynamics GP -> Maintenance -> U.S. Payroll Tax Updates -> Check for Tax Updates

Add-On Modules Integrity Data (www.integrity-data.com) Greenshades (www.greenshades.com)

Greenshades Payroll Add-Ons Dynamics Payroll Inspector Benefits ACA Eligibility Tracking Local Tax Rates E-Filing for ACA 1095 (if using Payroll only) Greenshades Center for 1099 E-Filing for ACA 1095 (if use HR and track ACA) Greenshades On-Line Employee Services Portal W-2’s on-line Greenshades Center/Payroll Tax Service State and local tax filing

What can Greenshades do for ACA? Every day Every day e-file Data is uploaded from GP HR, Payroll Inspector, or Benefits Enrollment 1094/ 1095-C e-filed directly to IRS via Tax Fling Center 1099s license 1095-C 1095-C e-file Dynamics Payroll Inspector ACA tracks eligibility and offer of coverage Benefits Enrollment Module tracks eligibility and offer of coverage Dynamics Payroll Inspector ACA tracks eligibility and offer of coverage Benefits Enrollment Module tracks eligibility and offer of coverage Data is uploaded from GP HR, Payroll Inspector, or Benefits Enrollment 1095-Cs are distributed from Year-End Forms module Data is uploaded from GP HR, Payroll Inspector, or Benefits Enrollment 1095-Cs are distributed from Year End Forms module Data is uploaded from GP, Inspector, or Benefits Enrollment 1094/1095-C e-filed directly to IRS via Tax Fling Center 1099s license

Benefits of Integrity Data’s ACA Compliance Solution Complete Compliance and Reporting Accepts data from any payroll or ERP system No Pre-requisites, Quick to Deploy ACA User Group webinars and Customer Care In the Cloud – Always up to date with changing rules www.integrity-data.com/aca

Dynamics GP and Excel – Better Together

Excel Tools Excel Reports Analysis Cubes for Excel Excel Report Builder Microsoft Query SQL

Excel Reports 200+ included in Dynamics GP Can add additional reports as needed Reports available anywhere using Office 365

Analysis Cubes for Excel Included in Dynamics GP licensing Provide Dynamics GP data in pivot table format Uses a data warehouse approach

Excel Report Builder 3rd party solution from eOne Solutions Included with Smartlist Builder Build custom Excel reports

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