Welcome to Dynamics GP Users Group Year-End Processing

Transcription

1 Welcome to Dynamics GP Users Group 2012 Year-End Processing

2 Introduction Charles Allen Managing consultant More than 20 years experience Microsoft MVP 2

3 Year-End Closing Agenda 1:00 1:05 1:05 1:45 1:45 2:15 2:15 2:30 2:30 3:00 3:00 3:30 3:30 4:00 4:00 4:30 Introduction Payroll Fixed Assets Break Inventory Payables Management Receivables Management General Ledger 3

4 Payroll & HR 4

5 Payroll Year-End Closing Procedures Changes this Year No W-2 or W-3 Form changes EFW2 Changes (electronic filing) 2013 New Medicare Taxes on High Earners Product Quality Fixes Around Payroll Year-End 1099 DIV and 1099 MISC (movement of fields & changes in height of fields) Luxury Auto Maximum Depreciation Deduction Amounts have been updated to comply with IRS Guidelines 5

6 Payroll Year-End Closing Procedures Important Notes About Year-End Update Inclusive of all previous updates for same version of GP Includes fixes to modules in addition to form changes 10.0 update is EXE file 2010 update is MSP file 6

7 Payroll Year-End Closing Procedures Installing Year-End Update Make backup of all GP-related databases Export all modified reports & forms to package file Turn on dexsql.log file Back up GP folder Allow plenty of time, at least 15 to 30 minutes per database For GP 2010, right-click on file & choose Apply from menu For GP 10, double-click on executable file 7

8 Payroll Year-End Closing Procedures (Required) Verify version of GP you are using (Required) Complete all pay runs for 2012 (Optional) Complete all monthly & quarterly procedures for Payroll Make backup of your Dynamics & company databases Install year-end update on ALL GP workstations 8

9 Payroll Year-End Closing Procedures Where to find year-end update files GP gpye2010.htm?printpage=false GP 10 (Important info coming at end of this section) gpye10.htm?printpage=false 9

10 Payroll Year-End Closing Procedures (Required) Close Payroll Year, Tools >> Routines >> Payroll >> Year- End Closing (Recommended) Make backup of post close data (Recommended) Verify W-2 & 1099-R statement information (Required) Print W-2 statements & W-3 transmittal form (Required) Print 1099-R Validation Report, 1099-R forms & 1096 Transmittal form (Required) File your taxes (Optional) Archive inactive employee HR Information 10

11 Payroll Year-End Closing Procedures (Required) Set up fiscal periods for 2013 (Optional) Delete HR information for inactive employees (Optional) Close fiscal periods for payroll series in 2012 (Required) Install payroll tax update for 2013 Maintenance >> U.S. Payroll Updates >> Check for Tax Updates You will need your authorization number this is usually your main phone number with area code check CustomerSource account information You can also download latest tax updates from CustomerSource & install using manual method 11

12 Payroll Year-End Closing Procedures Tax Table Update Schedule November Tax Update Adds necessary line to tax tables for FICA/Medicare Round 7 Updates California taxes Round through Mid-December 12

13 Payroll Year-End Closing Procedures 2013 Round 1 Tax Update Contents - California - Kansas - Kentucky - Maine - Maryland - Minnesota - Nebraska - North Dakota - Puerto Rico - FICA Employee Social Security limit $113,700 - FICA Employee Social Security rate New Medicare taxes on high earners (after $200,000) extra.9 (2.35) 13

14 Payroll Year-End Closing Procedures Verify year-end update has been applied Open Payroll Setup window (Microsoft Dynamics GP Menu >> Tools >> Setup >> Payroll >> Payroll) & check last year-end update date it should be 11/12/2012 Go to Microsoft Dynamics GP menu >> Tools >> Setup >> System >> Payroll Tax & confirm last tax update is 11/1/2012 or 11/30/

15 Payroll Year-End Closing Procedures Magnetic Media Filers Take Note Confirm registered with SSA Complete all pay runs in 2012 Create Year-End Wage File Verify W-2 amounts Confirm that no one updates W-2 data while electronic filing is in process 15

16 Payroll Year-End Closing Procedures Dynamics GP does not support electronic filing of 1099-R, SUTA forms, or state W-2 forms Two third parties provide solutions Greenshades MasterTax 16

17 Payroll Year-End Closing Procedures Important information about GP 10 Last tax update for GP 10 will be Round 1 U.S. tax tables for 2013 You must upgrade to GP 2010 or 2013 (due to release on December 19, 2012) to get any tax updates after Round tax updates 17

18 Payroll Year-End Closing Procedures If using Personal Data Keeper, you must install latest service pack 18

19 Payroll Year-End Closing Procedures For more information, consult Payroll User Guide or Microsoft s MSDN blog aspx 19

20 Payroll Year-End Closing Procedures End Payroll 20

21 Inventory 21

22 Inventory Year-End Closing Procedures Post all transactions for year Reconcile inventory quantities Complete physical inventory count & post any adjustments Print additional reports Back up your company database Close year Close fiscal periods for Inventory series (optional but recommended) Back up your company database 22

23 Physical Inventory Create stock count schedule Start count this freezes inventory Stock print options allows you to print count sheet Physically count inventory Enter stock count results 23

24 Physical Inventory Other Options ABC analysis Physical inventory without Dynamics GP 24

25 Close Year for Inventory Closing year for Inventory Updates each Item's Beginning Quantity to be Quantity on Hand at each site Quantity Sold field for each item is reset to zero 25

26 Inventory Year-End Closing Tips Year-end close must be completed before any transactions for new year have been posted Option to remove Discontinued Items, Sold Receipts & Sold Lot Attributes 26

27 Inventory Year-End Closing Tips If you mark Update Item's Standard Cost, Standard Cost for any Items assigned FIFO periodic or LIFO periodic Valuation Method will be adjusted automatically to reflect each Item's current Cost Current Cost is amount you most recently paid for Item Inventory has no Year-End Closing report 27

28 Inventory Year-End Questions & Answers Question How is Average Cost of Item updated throughout year & during year-end closing process when using Average Perpetual Method of Costing? If using Average Perpetual Costing Method, all Receipts for each Item will be averaged to determine Average Cost. Average doesn't change until another Purchase Receipt for Item is posted to Inventory Purchase Receipts File. Year-end closing process doesn't change Average Cost, but it will remove Purchase Receipts completely sold 28

29 Inventory Year-End Questions & Answers Question Can Inventory Year-End Closing window (Routines Inventory Year- End Close) be used throughout year to update standard Cost of Items if using Periodic Valuation Method? This is not recommended because Beginning Quantity field is updated during year-end closing process 29

30 Inventory Year-End Closing For more information, consult Inventory User Guide or Microsoft s MSDN blog aspx 30

31 Inventory Year-End Closing Procedures End Inventory 31

32 Fixed Assets 32

33 Fixed Assets Year-End Closing Changes this Year Luxury Auto Maximum Depreciation Deduction Amounts have been updated to comply with IRS Guidelines 33

34 Fixed Assets Year-End Closing Perform all year-end closing for Payables Enter all fixed asset transactions for year Depreciate all assets through end of year Perform GL Posting through end of year Run year-end reports Verify Fixed Asset calendar is built correctly Verify quarters are set up correctly Perform year-end closing routine 34

35 Fixed Assets Year-End Closing Reports to Print Annual Activity Additions Retirements Transfers Depreciation Ledger Property Ledger Fixed Asset to General Ledger Reconciliation Book to Book Reconciliation Book to Book YTD Depreciation Comparison 35

36 Fixed Assets Year-End Closing Items Updated During Close Updates Begin Quantity on Asset General Information Clears YTD Maintenance amount Clears YTD Depreciation amount Copies Cost Basis amount to Begin Year Cost Copies LTD Depreciation to Begin Reserve Copies Salvage Value to Begin Salvage Increases Current Fiscal Year by one on Book Setup 36

37 Fixed Assets Year-End Closing For more information consult the Fixed Assets User Guide or Microsoft s MSDN blog aspx 37

38 Fixed Assets Year-End Closing End Fixed Assets 38

39 Payables Management 39

40 Year-End Closing Procedures for Payables Changes this year 1099-DIV form 40

41 Year-End Closing Procedures for Payables Master Year-End Closing Checklist Post all transactions for year Print Aged Trial Balance with Options report Print Vendor Period Analysis report Install Payroll Year-End Update (Optional) Verify 1099 data Print 1099 statements Close year Close fiscal periods Close tax year 41

42 Year-End Closing Procedures for Payables Calendar Year-End Closing List Post all transactions for year Print Aged Trial Balance with Options report Print Vendor Period Analysis report Install Payroll Year-End Update (Optional) Verify 1099 data Print 1099 statements Close calendar year Close fiscal periods Close tax year 42

43 Year-End Closing Procedures for Payables Fiscal Year-End Closing Checklist Post all transactions for year Print Vendor Period Analysis report Close fiscal year Close fiscal periods 43

44 Printing 1099s Print 1099 Statements Microsoft Dynamics GP menu >> Tools >> Routines >> Purchasing >> Print

45 Closing Year for Payables Electronic Filing of 1099 GP does not support electronic filing of state 1099s Greenshades Software provides product to electronically submit 1099s 45

46 Payables Closing Tip We recommend Posting all payables transactions for calendar year before closing year Entering future-period payables transactions prior to closing year Enter new year transactions in separate batch Post new year batch after closing year 46

47 Payables Closing Questions Question Can I remove inactive vendors? If vendor has no 1099 amounts for year & has no documents in work or history, necessary to purge historical data for vendor to remove it 47

48 Payables Closing For more information consult the Payables Management User Guide or Microsoft s MSDN blog aspx 48

49 Payables Year-End Closing Procedures End Payables Management 49

50 Receivables Management 50

51 Receivables Year-End Closing Procedures Post all transactions for year Make backup Close calendar year Close fiscal year Close tax year 51

52 Calendar Year for Receivables Clears Following Fields Finance Charges Current YTD Total # Finance Charges YTD Total Finance Charges YTD Total Waived FC YTD Unpaid Finance Charges YTD Updates Following Fields Finance Charges LYR Calendar Total # FC LYR 52

53 Fiscal Year for Receivables Summary Amounts Transferred From Year-to-Date Column to Last Year Column Only transfers amounts from fiscal year being closed New fiscal year amounts remain in year-to-date column 53

54 Receivables Closing Areas Not Date-Sensitive Amounts since last close Customer finance charge summary =window SmartList objects 54

55 Receivables Closing Question Why close Receivables Management? Produce reports for each year s summary data rather than calculating it each time 55

56 Receivables Closing For more information consult Receivables Management User Guide or Microsoft s MSDN blog efault.aspx 56

57 Receivables Year-End Closing Procedures End Receivables Management 57

58 General Ledger 58

59 General Ledger Year-End Closing Pre-Close Because year-end close moves data from one set of data to another by using temporary tables, confirm you have enough hard drive space. Must have free disk space equal to size of GL20000 table Your database administrator can aid you with this item 59

60 General Ledger Year-End Closing Procedures Close all other modules Post final adjustments Print GL Account List to verify Posting Type (Balance Sheet vs. Profit Loss) or use Accounts SmartList Confirm Maintain History is marked in Setup >> Financial >> GL Print Trial Balance Detail report 60

61 General Ledger Year-End Closing Procedures Print final financial reports Set up new fiscal year Close fiscal year Back up your company database 61

62 Year-End Closing General Ledger What will General Ledger closing process accomplish?

63 Year-End Closing General Ledger Transfers amounts to transaction & account history Reconciles & summarizes General Ledger balances Closes P&L accounts to Retained Earnings Clears all profit & loss account balances for new year Summarizes year-end balance sheet accounts to bring balances forward to new fiscal year Removes inactive accounts with zero balances Prints Year-End Closing Report 63

64 General Ledger Closing Tip Run smart list for GL Accounts & review Posting Type for accuracy!!! Remember Balance Sheet Type accounts will have balance forward in new year Profit & Loss Type accounts will be closed to retained earnings & have zero balance in new year 64

65 General Ledger Closing Question Question Once I close GL for a year, can I reopen it to post new transactions? Yes. You can post into most recently-closed fiscal year, confirm Allow Posting to History is marked in General Ledger Setup 65

66 General Ledger Closing Question Question I need to print financial reports and trial balance reports for the new year prior to closing the old year. Can I do this? Yes. With FRx or Management Reporter, you can create provisional reports to print new year reports prior to closing old year 66

67 General Ledger Closing For more information, review your General Ledger User Guide or Microsoft s MSDN blog aspx 67

68 General Ledger Year-End Closing Procedures End General Ledger 68

69 69

70 Business Intelligence (BI) Assessment In effort to help our clients have better reporting capabilities, BKD Technologies is offering a full-day BI strategy assessment to your organization We plan to Come to your office Review existing BI capabilities & needs Document gaps/draft BI assessment Recommend options for filling gaps 70

71 Introducing Training Options from BKD BKD wants to help support your GP solution by offering training opportunities for your organization Training alternatives will include classroom training in Kansas City area as well as Web-based training Look for following courses in 2013 Business Intelligence for Microsoft Dynamics GP Report Design in Management Reporter

72 Next Webinar A Walk Through GP 2013 A Walk Through GP 2013 January 17, 2013 Register at 72

73 BKD Technologies Support Center Microsoft Dynamics GP Monday - Friday, 8 a.m. - 5 p.m. Support Center toll free 73

74 BKD Holiday Hours During upcoming holiday season, BKD will be closed following days Monday, December 24, 2012 Tuesday, December 25, 2012 Tuesday, January 1, 2013 Holiday Support Contact If you run into problems on the days above, please contact Cindy Boersma at

75 Stay Connected dynamicsgpinsights.com Follow us on Twitter Join us on LinkedIn At Dynamics GP Insights you can read articles, watch webinars & join conversation! View videos at YouTube 75

76 Happy Holidays We wish you & your family a safe & happy holiday We hope 2013 brings you much happiness 76

77 Charles Allen Managing Consultant