2. explore engage elevate Dynamics GP 2014 Year-End Procedures Presented by: Jeff Smith

3. exploreengage elevate Agenda Goals 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

4. exploreengage elevate Recommendations Use your resources 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

5. exploreengage elevate Recommendations Other resources GPUG (www.gpug.com)www.gpug.com GPWindow.com Internet search

6. exploreengage elevate Recommendations KnowledgeBase Articles: Inventory Control – 872713 Receivables Management – 857444 Payables Management – 875169 Fixed Asset Management – 865653 Payroll – 850663 Analytical Accounting – 960356 General Ledger - 888003

7. exploreengage elevate Year-End Guidelines Finalize any/all applicable transactions Reconcile submodules to G/L Print necessary reports & file backup Make a backup when finished Begin closing process

8. exploreengage elevate Module Closing Order Sales Order Processing & Purchase Order Processing Inventory Control Receivables Management Payables Management Fixed Assets Management Payroll Analytical Accounting General Ledger

9. Did you make your backup yet???!!!!

10. exploreengage elevate Sales Order Processing and 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

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

12. exploreengage elevate Inventory Control 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

13. exploreengage elevate Inventory Control Additional Options Remove Discontinued Items Remove Sold Receipts Remove Sold Lot Attributes and Cost Change History Update Item’s Standard Cost

14. exploreengage elevate Inventory Control 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

15. exploreengage elevate Inventory Control Inventory -> Routines -> Year-End Close

16. Time for another backup…

17. exploreengage elevate 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

18. exploreengage elevate 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 Sales -> Cards -> Summary -> Finance Charges Receivables Management

19. exploreengage elevate 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 *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

20. exploreengage elevate 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.

21. exploreengage elevate Receivables Management Sales -> Routines -> Year-End Close

22. exploreengage elevate Receivables Management Sales -> Cards -> Summary

23. exploreengage elevate Receivables Management Microsoft Dynamics GP -> Smartlist

24. exploreengage elevate Receivables Management Administration -> Routines -> Tax Year-End Close

25. exploreengage elevate Receivables Management Check the Year-End Closing checklist for instructions on finance charges printing on December and January statements

26. Time for another backup…

27. exploreengage elevate 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

28. exploreengage elevate 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 Payables Management

29. exploreengage elevate 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

30. exploreengage elevate 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.

31. exploreengage elevate Payables Management If closing Payables Management in GP 2013 Purchasing -> Utilities -> Update 1099 Information

32. exploreengage elevate Payables Management If closing Payables Management in GP 2013 Purchasing -> Transactions -> Edit 1099 Transaction Information

33. exploreengage elevate 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."

34. exploreengage elevate Payables Management Administration -> Routines -> Tax Year-End Close

35. exploreengage elevate Payables Management Purchasing -> Routines -> Year-End Close

36. exploreengage elevate Payables Management Purchasing -> Cards -> Summary -> Yearly

37. exploreengage elevate Payables Management Microsoft Dynamics GP -> Smartlist

38. Time for another backup…

39. exploreengage elevate Fixed Asset Management Close out Payables module before beginning Double-check that all transactions – additions, retirements, etc. – are posted Double-check that final depreciation routine and related G/L interface process are complete Run the Fixed Asset Management Year-End closing process Financial -> Routines ->Fixed Assets ->Year-End

40. exploreengage elevate Fixed Asset Management Financial -> Routines -> Fixed Assets -> Year End

41. exploreengage elevate 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

42. exploreengage elevate Fixed Asset Management Make sure hat 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

43. Time for another backup…

44. exploreengage elevate Payroll Year-End processing ALWAYS done by 12/31 Confirm status of any new updates from Microsoft Supported Versions: Dynamics GP 2010 This will be the last year-end update is available No support for Affordable Care Act Dynamics GP 2013 Dynamics GP 2015

45. exploreengage elevate Payroll The Year-End update is all inclusive of prior updates for Dynamics GP 2010 and 2013 GP 2010 – 11.0.2351 GP 2013 – 12.0.1801 Choose Help -> About Microsoft Dynamics GP The 2014 Year-End update and 2015 tax updates will not be available for Dynamics GP 10.0 and prior versions

46. exploreengage elevate Payroll The 2014 Year-End update has been released for Dynamics GP 2010 and 2013 The 2014 Year-End update will be released by January, 2015 for Dynamics GP 2015 The 2015 tax update will be available by the week of 12/20 Microsoft Dynamics GP -> Maintenance -> US Payroll Updates

47. exploreengage elevate Payroll Affordable Care Act Forms 1094-C and 1095-C will be used by employers with 50 or more full-time employees or full-time equivalents to determine whether they are liable for penalties under the employer shared responsibility requirements of the ACA

48. exploreengage elevate Payroll Affordable Care Act 1094-C – this is a summary the employer fills out of all the employees that received the 1095-C A 1094-C should accompany any 1095-C’s to the IRS It is a transmittal of Employer Provided Health Insurance Offer and Coverage Information Return 1095-C – this goes to the employee from the employer (like a W-2)

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56. exploreengage elevate Verify that you have installed the latest 2014 payroll tax update Complete all pay runs for the current year Complete all month-end, period-end, or quarter-end procedures for the current year Make a backup of the original file Install the Year-End Update Create the Year-End file Make a backup of the new file

57. exploreengage elevate Payroll Payroll -> Routines -> Year-End Closing

58. exploreengage elevate Payroll Verify W-2 and 1099-R statement information Print the W-2 statements and the W-3 Transmittal form Print the 1099-R forms and the 1096 Transmittal form (Optional:) Create the W-2 Electronic file (Optional:) Archive inactive employee Human Resources information Set up fiscal periods for 2015

59. exploreengage elevate Payroll Payroll -> Routines -> Year-End Wage Report

60. exploreengage elevate Payroll Payroll -> Routines -> Edit W-2 Information

61. exploreengage elevate Payroll Payroll -> Routines -> Print W-2 Forms

62. exploreengage elevate Payroll Payroll -> Routines -> Edit 1099-R Information

63. exploreengage elevate Payroll Payroll -> Routines -> Print 1099-R Forms

64. exploreengage elevate Payroll Payroll -> Routines -> W-2 Electronic Filing

65. exploreengage elevate Payroll (Optional:) Close fiscal periods for the payroll series for 2014 Install the payroll tax update for 2015

66. exploreengage elevate Payroll

67. exploreengage elevate https://mbs.microsoft.com.customersource/downloads/taxupdates/u sgpye2010 https://mbs.microsoft.com.customersource/downloads/taxupdates/u sgpye2010 The Year-End update is a service pack and may include updates to other modules

68. exploreengage elevate Payroll https://mbs.Microsoft.com/customersource/downloads/taxupdates/ usgpye2013 https://mbs.Microsoft.com/customersource/downloads/taxupdates/ usgpye2013 The Year-End update is a service pack and may include updates to other modules

69. exploreengage elevate Payroll The most recent fixes for Dynamics GP and other quality report fixes related to the payroll year-end. There are no W-2 or W-3 form changes W-2 electronic filing changes

70. exploreengage elevate Payroll Dynamics GP currently supports electronic filing of W-2 information in the federal EFW2 format. Some states also accept this format.

71. exploreengage elevate Payroll Electronic filing of 1099-R forms, state unemployment tax (SUTA) forms, or state W-2 forms in formats other than EFW2 are not supported.

72. exploreengage elevate 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.

73. exploreengage elevate Analytical Accounting Microsoft Dynamics GP -> Tools -> Setup -> Company -> Analytical Accounting -> Options

74. exploreengage elevate Analytical Accounting Financial -> Cards -> Analytical Accounting -> Transaction Dimension

75. Time for another backup…

76. exploreengage elevate 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. If using Unit Accounts check the “Clear Balance During Year-End Close” setting Close the last period of the fiscal year. Optional: Perform file maintenance on the Financial series group of modules.

77. exploreengage elevate General Ledger

78. exploreengage elevate Financial -> Cards -> Unit Account

79. exploreengage elevate 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.

80. exploreengage elevate General Ledger Financial -> Setup -> General Ledger

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82. exploreengage elevate Financial -> Routines -> Year-End Closing

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

84. exploreengage elevate General Ledger Key things to remember ALWAYS the final module to be closed!!! Doesn’t need to be closed immediately like others Issue with financials if delayed past first new accounting period Before inclosing G/L, create a simple ‘Accounts’ SmartList and review “Posting Type” settings KB# 864913 provides ‘surgical’ fix steps Click ‘Close Year’ button only once !

85. Questions?