Dynamics GP Year-End Closing

Transcription

1 Dynamics GP Year-End Closing Tom Jablonski Year-End Close All Year-End processes are run from Routines 1

2 Year-End Close **** BACKUP, BACKUP, BACKUP **** Always backup before any year-end close procedure Year-End Close What to do if you do not have access to your SQL Server to perform a backup Request IT to perform backup for you or Verify with IT nightly backups are performed and plan to perform your year-end routines first thing in morning 2

3 Dynamics GP Year-end Close Which modules have a year-end close Payables Receivables Inventory Fixed Assets Payroll Job Cost General Ledger Close all subsidiary modules then close GL Payables Management Print 1099s Year End Close 3

4 Payables Print 1099s Print 1099 Edit List Verify Info Print 1099s 1099 Edit List 4

5 Review 1099s Adjust 1099 Amount if Needed 5

6 Print Your 1099s Payables Year-End Closes Fiscal Year moves all info (except 1099) to Last Year Column Calendar Year moves 1099 info 6

7 Receivables Year-End Close Inventory Year-End Close Before removing all sold receipts and historical cost changes, we recommend that you print a Purchase Receipts Report and review the receipts that will be removed. 7

8 Effects of Inventory Year-End Close Effects of closing a year in Inventory Control Processing that occurs when you close a year will complete these tasks: All summarized current-year quantities, costs, and sales information of items you ve been keeping summarized sales history are transferred to transaction history. The Beginning Quantity of each item is updated to be the On Hand quantity at each site. (Some reports such as the Turnover Report use the beginning quantity field in calculations.) The Quantity Sold field for each item is reset to zero. The following tasks might be accomplished, depending on the options you select when you begin processing: Purchase receipts of items that have been completely sold are removed. Cost change history information is removed. Discontinued items that have been completely sold are removed. Lot attributes of items that are tracked by lot numbers and that have been completely sold are removed. The standard cost of each item is updated to the current cost for items using FIFO Periodic or LIFO Periodic valuation methods. Before and After Year-End 8

9 Fixed Assets Close Effects of Closing Asset Books 9

10 GL Year-End Close 10

11 Prior to Year-end Run Accounts Smartlist Review Posting Type Verify Retained Earning (defaults from GL Setup) 11

12 Year End Close Report Process Complete 12

13 Can reverse Close if needed (depending on your version of GP) Payroll Year-End Close Clears out the open year for payroll information and moves all calendar year information to history. Creates the year-end wage file with annual wage information used to edit and generate W2s, W3s, 1099s, 1095s and 1094s as well as magnetic media for the year being closed. 13

14 Payroll Year-End Close Checklist Install Year-end Update can be performed as soon as released contains any form changes for reporting year Complete all pay runs for the current year Make a BACKUP Create Year-end Wage File Verify W2s and 1099-Rs Print W2s and W3 Transmittal form Print 1099-R forms and the 1096 Transmittal form and ACA forms Install Tax Update for 2018 Payroll Year-End Close To close a year: 1. Open the Payroll Year-End Closing window. (Microsoft Dynamics GP menu >> Tools >> Routines >> Payroll >> Year-End Closing) 2. Enter the calendar year to close and create a year-end wage file. A file will be created for printing W-2 statements and 1099-R forms. 3. Choose Process to close the year. The Year-End Wage File will be created. Printing the Year-End Employee Wage Report Use the Year-End Wage Report window to print the Year-End Employee Wage Report to verify W-2 amounts before printing W-2 statements. This report includes the same information that appears on the W-2 statement and includes headings for each field. You can print the Year-End Employee Wage Report only if the year-end wage file exists for the year to use. To print the Year-End Employee Wage Report: 1. Open the Year-End Wage Report window. (Microsoft Dynamics GP menu >> Tools >> Routines >> Payroll >> Year-End Wage Report) 2. Select a year. 3. Select the employee type. Employees classified as Medicare Qualified Government Employees (MQGE) always are listed after all Regular employees. 4. Select a sorting option. 5. Enter the range of employee IDs or choose All to include all employees. 6. Choose Print to print the Year-End Employee Wage Report. 14

15 Payroll Year-End Close(con t) To print W-2 statements: 1. Open the Print W-2 Forms window. (Microsoft Dynamics GP menu >> Tools >> Routines >> Payroll >> Print W-2s) 2. Select a year to print W-2 statements for. 3. Select a printing option. To print W-2 statements for employees at the end of the year, mark Normal Year-End. To print W-2 statements for inactive employees before the end of the year, mark Pre-Year-End Inactive Employees. 4. Select an employee type. Select Regular for employees who are required to pay both FICA Social Security and FICA Medicare taxes. Select Medicare Qualified Government Employee for employees who are exempt from FICA Social Security tax but subject to FICA Medicare tax. Medicare Qualified Government Employee must also be selected in the Employee Tax Maintenance window for each employee whose W-2 statement you re printing. 5. Enter a range of employee IDs or mark All to print W-2 statements for all employees. 6. Enter a starting control number. This is the number you can assign to help you track the W-2 statements you print. 7. Select a sorting order for the W-2 statements. 8. Enter your company name, address, and employer identification number. 9. Select a form to print. Mark Validation Report to print a report to verify information, such as Company EINs. Mark W-2 Forms Alignment to print a test form to ensure the forms are aligned. For information about adjusting the alignment of forms, refer to your Report Writer documentation. Mark W-2 Forms to print the W-2 statements. Mark W-3 Transmittal Form to print a summary of the W-2 statements. 10. Print a Validation Report and verify the information before printing W-2 and W-3 statements. 11. Choose Print to print the report or forms you selected. If you re printing W-2 statements, be sure to insert W-2 forms in the printer. Editing 1099-R information You can use the Edit 1099-R Information window to make changes to a retired employee s 1099-R information. A 1099-R statement shows an employee s distribution from a retirement plan. You must close the Payroll year before you can edit or print 1099-R statements for a specific year. Only pay codes with a pay type of Pension will be displayed in this window or printed on the 1099-R statement. Payroll Year-End 15

16 Create Yearend Wage File Click Process Then run Year-end Wage Report 16

17 Edit W2s Print W2s Validation Report 17

18 Print W2s Print w3 Transmittal 18

19 Print 1095 s and 1094 No 1095s on my Demo machine to print Remove Year-End File Remove Year-End Information Allows you edit year-end information using payroll transactions Create year-end wage file again when completed 19

20 Remove Year-End Wage Information Thank You for Attending!! 20