1. 2018 Year End Best Practices
Elaine Foley

2. ELF EMPLOYED But first, a joke
What is the employment tax status of Santa’s helpers?
ELF EMPLOYED

3. Starting the YE Close Process
Best resource:
Knowledge Base Article:
Everyone out
Take Company Offline in GP2013 R2 or higher
Backups
You
Your IT Team
Your GP Partner

4. What Should I Close First?
SOP
POP
Inventory
Receivables
Payables
Fixed Assets
General Ledger
Payroll
Agenda slide
Analytical Accounting

5. Sales Order Processing

6. What Should I Keep in Mind?
No official close process
Good time to clean up records
Run “Reconcile – Remove Sales Documents”
Post all invoices for the period before closing

7. Purchase Order Processing

8. What Should I Keep in Mind?
No official close process
Good time to clean up records
Run “Reconcile Purchasing Documents”
Remove Completed Purchase Orders

9. Inventory

10. What Should I Keep in Mind?
Close at the end of your Fiscal Year before you post any transactions in the new year that would affect Inventory
Run Reconcile
No YE Closing report
Knowledge Base Article:
Inventory KB:
Open article and show Detailed steps vs. Summary steps

11. What Happens When I Close the Year for 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 (Cards - Inventory – Quantities/Sites) for each Site
Gives you the option to: Remove Discontinued Items, Remove Sold Receipts, Remove Sold Lot Attributes, and Update Item’s Standard Cost

12. Receivables

13. What Should I Keep in Mind?
Close on time!
Numerous YTD accumulators are cleared
Post all invoices for the year before closing
Close before any invoices are posted in the new year
Knowledge Base Article:
RM KB:

14. Payables

15. What should I keep in mind?
Close on time!
Numerous YTD accumulators are cleared
Post all transactions for the year before closing
Close before any invoices/checks are posted in the new year
1099s can be printed at any time
Knowledge Base Article:
PM KB:

16. Fixed Asset Management

17. Fixed Assets
Refer to The Year-End Closing Procedures for the Fixed Asset Management Module in Microsoft Dynamics GP
Knowledge Base Article:
FAM KB:

18. What Happens When I Close the Year for Fixed Assets?
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.
The Cost Basis field is copied to the Begin Year Cost field.
The LTD Depreciation field is copied to the Begin Reserve field.
The Salvage Value field is copied to the Begin Salvage field.
In the Book Setup window:
The Current Fiscal Year field is increased by one.
YE Closing Report for GP2015 or higher

19. General Ledger

20. What Happens When I Close the Year for the General Ledger?
In addition to transferring the data from the current year table to the history table, the YE close does the following:
Reconciles and summarizes the GL balances.
Can remove accounts that are marked as inactive if the accounts match the criteria for deleting a posting account.
Moves all P&L account balances to the R/E account.
Summarizes B/S accounts and brings the balances forward as the beginning balances of the account in the new fiscal year.
Prints the Year-End Closing report
BBF automatically done for AA:
AA KB:

21. Odds & Ends After the GL Close
Clearing BBF in Unit Accounts
Knowledge Base Article:
No longer an issue in GP2013 or higher
Fixing accounts with wrong Posting Type at YE
Knowledge Base Article:
Or Reverse Historical Year in GP2013 R2 or higher
Posting to historical year
Unit Accounts KB:
Wrong Posting Types KB:

22. Payroll

23. Payroll Year End Close When Should I Do the Payroll YE Close?
After all current year pay runs are complete
Before processing pay runs in the new year
After making a backup
What Does the Payroll YE Close Do?
Creates ‘Year End Wage’ file containing annual wage information used to generate W2’s, W3’s, 1099's, 1094/1095’s and Magnetic Media for the year being closed
Knowledge Base Article:
AA KB:
Acknowledge that not many people use Payroll

24. Payroll Overview – Before Processing a Pay Run in 2019:
Required:
Year End update applied
All 2018 pay runs completed
Year End Wage File created
Backup of company database made
Payroll Tax update for installed
Optional:
Print W-2s
Create W-2 Electronic File

25. 2018 Year End Update* Supported Versions GP2015 GP2016 GP2018
Build Number
Estimated
Release Date
Available Now!
*Need to install prior to creating the YE wage file
Can install the 2018 US YE Update even if your 2018 payrolls are not complete
IMPORTANT: Create the YE Wage file on 2018 tax tables – NOT 2019
The 2018 U.S. Payroll Year-End Update is currently targeted to release in mid November 2018.  

26. 2018 Year End Update Continued
Will only be available for GP2015, GP2016 & GP2018 (for R2) customers
NOT available for GP2010 or GP2013
All inclusive of prior updates
Will bump you up to R2
Modules with Changes:
Payroll
Payables
Changes to 1099 – DIV and 1096 forms
Link for 2018 payroll update :
2018 R2 was released in October
Technically only run the update for clients using payroll on 2015 or later
Reminder that this pertains to everyone!!

27. 2018 YE Update Changes Specific to Payroll
No W-2, W-3, or W-4 Form changes
Product Quality Fixes around Payroll Year-End
Affordable Care Act Updates – Form and Code changes
Link for 2018 payroll update :

28. 2019 –Tax Updates on the Horizon
2019 Tax Update – Round 1
Targeted Release = Mid-December 2018
Tax Table Update Only
Do Not Install until All 2018 Payrolls Are Complete
2019 Tax Update – Round 2
Targeted Release = Mid-January 2019
Specific to payroll

29. Summary of Year End Closing Procedures
Close Inventory
Close Receivables
Close Payables
Close Fixed Assets
Review Analytical Accounting
Close GL
Note: Payroll has a separate and unrelated year end close to the other modules
Please note that the following modules do not have a year-end closing routine:
Sales Order Processing
Purchase Order Processing
Bank Reconciliation

30. Where can I find additional Information?
Sikich Article
Knowledge Base Article:
Microsoft Dynamics GP Year-End Closing Blog

31. GP 2013 GP 2018 R2 Mainstream support ended on 4/10/2018
Payroll tax and year-end updates will no longer be released
GP 2018 R2
Released October 1st
Year-end update is included

32. Questions?