GPUG ® Summit 2011 November 8-11 Caesars Palace – Las Vegas, NV FIN 16 – ‘How2’ Manage Year- End Close More Efficiently Bob McAdam | Tribridge Zubin Gidwani

GPUG® Summit 2011November 8-11

Caesars Palace – Las Vegas, NV

FIN 16 – ‘How2’ Manage Year-End Close More

EfficientlyBob McAdam | TribridgeZubin Gidwani | Dynamic Budgets

GPUG Summit 2011– Las Vegas www.gpug.com

FIN16 – Y/E Close Checklist

Finalize any/all applicable transactions Reconcile submodules to G/L Print necessary reports & file Make a backup when finished Begin closing process


FIN16 – Module Closing Order

SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger


Did you make your backup?!?!





FIN16 – Closing Subledgers

SOP & POP modules 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






Inventory Control (IC) Wrap-up year-end physical count & related

variance/adjustment transaction postings Run the IC year-end closing process Other Item:

Inventory Batches – “Post to G/L” checkbox mention






Receivables Management (RM) Complete monthly processes, including

posting all non-recurring RM batches, aging reports, etc.

Review ‘Unapplied Documents’ report Run the RM year-end closing process

Save new year transactions to batches for now






Payables Management (PM) Complete monthly processes, like RM module Run 1099s for tagged Vendors (if needed) Run the PM year-end closing process

Two closes required if not on calendar year One for 1099s; one for year-end process






Fixed Assets Management (FAM)

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 FAM year-end closing process






United States Payroll (UPR) Year-end processing ALWAYS done @ 12/31

Confirm status of any new updates from MSFT Process final payroll & period/qtr procedures Build the Year-end Wage file/table

Tools>Routines>Payroll>Year-End Closing Holds all info needed to produce W-2s & 1099-Rs

Review & Edit W-2s & 1099-Rs (if needed) Tools>Routines>Payroll>Edit W-2s Tools>Routines>Payroll>Edit 1099-Rs



United States Payroll (con’t)... Print W-2s & 1099-Rs

Tools>Routines>Payroll>Print W-2s Tools>Routines>Payroll>Print 1099-Rs

Apply new Dynamics GP Tax Tables Available via CustomerSource OR import them Typically installed after payroll is closed

New calendar year payroll can now be processed!





FIN16 – Year-End Close

General Ledger (GL) ALWAYS the final module to be closed!

Doesn’t need to be closed immediately Finalize adjustments; post ‘Single Use’

batches Print detailed T/B & FRx/MR financials

(optional) SKIP Period Consolidation process

Tools>Routines>Financial>Period Consolidation



General Ledger (GL) Double-check ‘Posting to History’ setting

Tools>Setup>Financial>General Ledger Posting to most-recent closed fiscal yr only Also check ‘Maintain History’ & R/E acct

Run the G/L year-end closing process Tools>Routines>Financial>Year-End Closing

Click ‘Close Year’ button only once ! Edit R/E account and/or next JE number Issue w/ financials if delayed past 1st new period



Ancillary Items...If you’re licensed for Analytical Accounting on Dynamics GP v10 SP2+, and you’re closing your G/L, you may see this and then need KB #960356





Additional Ancillary Items... Before closing G/L, create a simple ‘Accounts’

SmartList and review “Posting Type” settings KB #864913 provides the required fix

Close the ‘TEST’ database first Fiscal Periods Setup Maintenance

Tools>Setup>Company>Fiscal Periods Be sure all 2011 module boxes are checked Create a new calendar for 2012 module postings


Thanks for joining us!

Please fill out your evaluation

CPE credit is available for GPUG Summit 2011

Follow-up questions?– [email protected]– [email protected]– 720.515.1565 (Zubin)

See you in Houston at Convergence 2012 next March

See you in Seattle for Summit 2012

Browse out to www.gpug.com for more information

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