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Dynamics GP2018 year-end webcastChip Reed, Sr. Consultant
December 6, 2018
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Presentation agenda
• Part 1• Accounts Payable, Accounts Receivable
• Inventory
• Company
• Fixed Asstes and General Ledger
• Q&A
• Part 2• Payroll year end
• Payroll Tax Update
• ACA considerations
• Q&A
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Data Backup
• SQL Backup
• SQL Backups should happen every night• Perform closing first thing in the morning
• Get your IT Department to run backup before closing
• Inside of GP• Microsoft Dynamics > Maintenance > Backup
• Must be logged on as ‘sa’ or DYNSA
• File Location considerations
Part 1Module year end close procedures
Recommended order for closing
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PayrollInventory
AP
1099s
POP
AR
SOP
FA
GL
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Recap
1. Sales Invoices & Purchase Order Receipts
2. Receivables
3. Payables and 1099s
4. Inventory
5. Fixed Assets
6. General Ledger
7. Payroll
Module Year-end Close Procedures
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Receivables Management
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Receivables Management – Timing
• Fiscal should be done at the end of the company’s fiscal year before posting any transactions in the new fiscal year
• Calendar should be done at the end of the calendar year, 12/31 before posting any transactions in the new calendar year
• Post prior year transactions
• Can enter and save transactions in batches for the new year
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Receivables Management – What it does
• Closing is recommended by NexTecas Receivables Management is not completely date sensitive.
• Skipping the close will skew the summary view for Amounts Since Last Close as well as Smartlistobjects
• Use date sensitive Fiscal Year orCalendar Year
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Receivables Management – What it does
• 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 (Cards –Sales – Summary – Finance Charges)
• 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 (Cards – Sales – Summary)
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Receivables Management – What it does
• The Fiscal closewill reset Year-to-Date fields
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Receivables Management – Procedures
• Enter and post all AR and Sales transactions for current year• Save, do not post transactions for new year
• Complete Sales Month End Procedures
• Make a Pre-year-end backup *** (SQL)
• Perform Year-end Close
• Close the fiscal periods (This should be a monthly process)
• Close the Tax Year (Company)
• Make a Post-year-end backup *** (SQL)
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Payables Management
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Payables Management – Timing
• Fiscal should be done at the end of the company’s fiscal year before posting any transactions in the new fiscal year
• Calendar should be done at the end of the calendar year, 12/31 before posting any transactions in the new calendar year
• Post prior year transactions
• Can enter and save transactions in batches for the new year
• Can process 1099s after close
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Payables Management – What it does
• Closing is recommended by NexTecas Payables Management is not completely date sensitive.
• Skipping the close will skew the summary view for Amounts Since Last Close as well as Smartlistobjects
• Use date sensitive Fiscal Year orCalendar Year views as an option if the close is skipped
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Payables Management – What it does
• Calendar – transfers the 1099 amount from YTD to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window
• Fiscal – transfers all other amounts from YTD to the Last Year column in the Amounts Since Last Close view
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Payables Management – Procedures
• Post prior year transactions
• Can enter and save AP and Purchasing transactions for the new year
• Complete Payables Month End Processes
• Make a pre-year-end backup (SQL)
• Perform Year-end Close
• Close Fiscal Periods for Payables (Monthly process)
• Make a post-year-end backup (SQL)
AR and AP Year-end Close Demo
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1099s
• Updated when invoices and payments are posted if vendor is set as 1099 vendor
• Vendor is set to a 1099 vendor mid-year can cause 1099 amounts to be understated
• No state magnetic media
• 2018 Year-End Update Changes• Changes to Payables forms 1099-DIV, 1096 and Payroll 1099-R
(Pension)
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1099s – Validate and Print• Verify 1099 amounts
• Print a 1099 edit list
• Edit 1099 Transaction details (recommended)
• Use the Update 1099 Information utility for mass changes
• Edit the 1099 directly using 1099 details or Summary inquiries
• Install Year-end Update *** GP2015 and higher if needed
• Print 1099s
1099s Demo
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Inventory - Timing
• Should be run before transactions are posted for the new year
• Post all Sales Order Processing and Purchase Order Processing transactions as they affect inventory quantities
• Okay to enter and save transactions for the new year
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Inventory – What it does
• 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 *** Seen here: Cards Inventory History
• Updates each Item’s Beginning Quantity from the Quantity on Hand at each site *** Some reports—such as the Turnover Report—use the beginning quantity field in calculations
• Zeros the Quantity Sold field in the Item Quantities Maintenance (Cards - Inventory – Quantities/Sites)
• Gives you the option to: Remove Discontinued Items, Remove Sold Receipts, Remove Sold Lot Attributes, and Update Item’s Standard Cost
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Inventory – Procedures
1. Post all Sales Invoices and Returns for the current year
2. Post all Purchase Receiving and Returns for the current year
3. Post all Inventory Adjustments and Transfers for the current year
4. Complete Physical Inventory Counts and post Variances
5. Run Inventory Reconcile Utility – If you are using SOP and/or POP run check links these modules prior to closing. Check Links Order: SOP, POP and then Reconcile Inventory.
6. Print reports
7. Take a backup before the next step (SQL)
8. Perform Year-end Close
9. Close Fiscal Periods for Inventory
10. Make a final backup.
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Inventory – Year-end Close Options
• Remove Discontinued Items will remove discontinued items with zero quantities. It will remove all transaction history for those items. There are some reports that will print discontinued item information. If a discontinued item is part of a kit or a component of a BOM or is a BOM, it will not be removed.
• Remove Sold Lot Attributes will remove those lot attributes of items that are tracked by lot numbers and that have been completely sold.
• Remove Sold Receipts and Cost Change History will remove receipts that have been completely sold. If you choose to remove, you must enter a cutoff date to remove prior to.
• Update Item’s Standard Cost If an item is using standard cost, the standard cost will be updated with the current cost, or the last purchased cost
Inventory Year-end Close Demo
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Company (Sales Taxes) – Timing
• Post all Sales and Receivable Transactions for the prior year
Company Year-end Close Demo
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Fixed Assets – Timing
• After completing additions, retirements, and depreciation for the current year
• Run after Payables Year-end and before closing Fixed Assets
• Cannot process new year transactions in FA until year-end is completed.
• Each book can be closed separately, but ALL books must be closed before you can do any processing in Fixed Assets for the new year
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Fixed Assets – What it does
• In the Asset General Information Window (Cards >> Fixed Assets >> General):
• 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 (Cards >> Fixed Assets >> Book):• The YTD Depreciation Amount is cleared
• Cost Basis is copied to Begin Year Cost field
• Life to Date Depreciation is copied to Begin Reserve field
• Salvage Value is copied to Begin Salvage field
• Current Fiscal Year is set to the new year in the Book
• Dynamics GP 2015 and higher have a Fixed Assets Year End report (Status report of all assets affected by the close)
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Fixed Assets – Procedures
• Complete all Additions, Retirements, and
• Depreciation all assets through the last day of the year
• Perform the GL Posting process
• Print reports
• Verify the FA calendar is correct and Quarters are correct• Non-calendar year or non-standard year: Contact NexTec
• Make a backup
• Perform Year-end Close
Fixed Assets Year-end Close Demo
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General Ledger – Timing
• The General Ledger Year End Close should be done after you have completed the Year End close process for all other modules
• Other modules should be closed in the following order:• Receivables
• Payables
• Inventory
• Company
• Fixed Assets
• Usually done after the first month-end of the new year
• Can still enter prior year entries after close
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General Ledger – What it does
• Updates beginning balances for next year from ending balance for balance sheet accounts.
• Creates a closing entry to retained earnings for P&L accounts.
• Moves all year transactions from open to closed historical table.
• Can removes inactive GL accounts without a balance/history.
• Can clear out Unit Accounts if marked
• The Fiscal Period tables are updated to mark the year just closed as a historical year
• Automatically closes Analytical Accounting
• Year-end Close Report prints (cannot reprint)
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General Ledger – Procedures
• Complete the posting procedures and the closing procedures for the other modules.
• Post the final adjusting entries in GL.
• Use smartlist to verify posting types for all accounts
• Reconcile year
• Verify the GL Setup by going to Financial Page• Confirm the Retained Earnings Account • Make sure you are maintaining transaction history
• Print a final Detailed Trial Balance Report
• Create new year and close the fiscal periods.
• Make a backup!
• Have all other users out of Dynamics GP when you perform the year end close
• Perform the year-end close
• Close all the fiscal periods for all the series
General Ledger Year-end Close Demo
Questions?
Part 2Payroll year-end update and procedures
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Payroll Year-end Update - Explained
• Code update (installation and upgrade data)
• No longer available for GP2013
• Available now• Download YE Update for GP2015
• Download YE Update for GP2016
• Download YE Update for GP2018
• Must be installed on server and workstations
• Server install and upgrade requires no users in GP
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Payroll Year-end Update - Explained
• No W-2, W-4 or W-3 Form changes
• ACA 1095-C - format changes 3 boxes for name and ACA 1094-C - certification checkboxes movedOnly need if you are printing ACA forms from Dynamics GP
• Email: [email protected]
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Payroll 2018 Tax Update - Explained
• Tax table update for 2018 final payrolls• Verify you have installed last tax update for 2018
• Administration > Setup > System > Payroll Tax
Microsoft Dynamics > Maintenance > U.S. Payroll Updates > Check for updates
• 2019 Tax updates target release date 12/19/2018
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Payroll Year-end Procedures1. Verify that you have installed the latest 2018 payroll tax update
2. Complete all pay runs for the current year
3. Complete all month-end, period-end, or quarter-end procedures for the current year
4. Make a backup of the original file
5. Install the 2018 Year-End Update (If Required)
6. Create the Year-End file
7. Make a backup of the new file
8. Verify W-2 and 1099-R statement information
9. Print the W-2 statements and the W-3 Transmittal form
10. Print the 1099-R forms and the 1096 Transmittal form and ACA forms
11. (Optional:) Create the W-2 Electronic file
12. (Optional:) Archive inactive employee Human Resources information
13. Set up fiscal periods for 2019
14. (Optional:) Close fiscal periods for the payroll series for 2018
15. Install the payroll tax update for 2019
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ACA Considerations
Payroll Year-end Demo
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Payroll Year-end - Recap
• Be sure you have the latest 2018 tax update
• Install the Year-end Update before you create the Year-end Wage File
• You can remove and recreate the Year-end Wage File, this will clear any W-2 or ACA edits
• Coordinate time with IT (or us) to take lots of backups during the process
• Be sure to install the 2019 tax update before processing 2019 payroll – we will let you know when that’s available
• Scheduled for (12/19/2018)
