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“Fixed Price, Guaranteed Results”
2016 Year-EndClose Procedures
Introduction
Aaron SamuelBusiness Consultant
Kathleen Wong
About TGO Consulting
We are proven financial systems specialists,
delivering guaranteed solutions at a fixed price,
focused on the office of the CFO.
Agenda Current GP Version Receivables Management Payables Management Inventory Control Fixed Assets Analytical Accounting General Ledger Payroll Management Reporter
Plan Your Upgrades!
Another year has passed, another version of GP has been released!
When to Close?
The most common question is when should you close the year in GP?
1. When all Sales Invoices have been delivered 2. Product has been received3. Payables Invoices have been entered
Year-End Preparations
Preparing to close GP: Make sure all batches are posted in GP Process al sales invoices for the fiscal year Enter any payables invoices to be recognized
in the current fiscal Balance Receive any outstanding PO’s where
product has been delivered in the current fiscal
Receivables Management (Sales)
Receivables Management Year-End
What steps should I take to close the year? Run the unapplied Documents Report (Sales >>
Reports >> Analysis >> Unapplied Documents) Age your Receivables (Sales >> Routines >> Aging) Apply any Finance Changes (Sales >> Routines >>
Finance Charges) Paid Transactions Removal (Sales >> Routines >>
Paid Transactions Removal) Write Off Documents (Sales >> Routines >> Write
Off Documents) Balance Subledger to GL (Historical Aged Trial
Balance) Receivables Year-End Close (Sales >> Routines >>
Year-End Close)
Receivables Management Year-End
What are some of the related KnowledgeBase articles that can be referenced?
KB 857444: “Year-end closing procedures for Receivables Management in Microsoft Dynamics GP”
KB 856865: “Removing outdated statement runs from the Reprint Statements Window”
Payables Management
Payables Management Year-End
What steps should I take to close the year? Balance your Subledger to General Ledger
(Historical Aged Trial Balance) Close Year-End (Payables >> Routines >>
Year-End Close)
Payables Management Year-End
What are some important points to remember? Follow the steps as outlined in KB 875169 Payables Management is not fully data-
sensitive, so it is still recommended that you process your year-end closing routines at the actual year-end
1099 Information will not auto-populate if the transactions were not processed as 1099 transactions at the time of the posting Use KB 918536 to correct this Use 1099 Details window to edit 1099 amounts
individually (Cards | Purchasing | 1099 Details)
Inventory Closing
Inventory Control Year-End
What steps should I take to close the year? Do a stock count and enter adjustments This process is quite involved (See help or
Microsoft Knowledge base to complete) Run any Analysis Reports Close the year (Inventory >> Routines >>
Year-End Close)
Inventory Control Year-End What are some of the key points to
remember? Make restorable backups when recommended
in KB 872713 If you are using Sales Order Processing and/or
Purchase Order Processing, reconcile these modules in addition to the inventory module prior to closing
Reconcile Order: SOP, POP, and then inventory
Fixed Assets Year-End Close
Fixed Assets Year-End Close
When should the Fixed Assets Year-End Close be done?
After you close Payables Management Before you close the General Ledger You can close each book separately, but you
must close all books before you can do any processing in Fixed Assets for the new year
Fixed Assets Year-End Close
What steps should I take to close the year?
You must depreciate all assets through the last day of the current FA year before you close the year
Print all the reports that you will need for the year you are closing
Make a backup Close Fixed Assets Year-End (Financial >>
Routines >> Fixed Assets Year-End Close)
Analytical Accounting Year-End Close
Analytical Accounting data closes with General Ledger
Review the KB article if you encounter the following Error Message: “You must run the consolidate transactions and transfer detail to history utility for closed years to recreate the Analytical Accounting Balances Brought Forward.”
Follow the steps in KB 960356: “The year-end close procedures for Analytical Accounting”
General Ledger Year-End Close
General Ledger Year-End Close
What does the Year-End Close process do? The year-end close routine moves all open-year
transactions from the GL20000 table to the GL30000 table
Balance brought forward journal entries are created in the GL20000
The Fiscal Period tables are updated to mark the year that you are closing as historical
Inactive GL Accounts can be removed Unit Accounts may be cleared out to 0 for the
new year Moves AA data to history and creates BBF entries
on dimensions
General Ledger Year-End Close
What steps should I take to close the year?
Post All Batches Verify the Retained Earnings Account is set-up
correctly (Financial >> Setup >> General Ledger) Run SmartList of Account Type and validate
Accounts are set-up as required (Balance Sheet vs. Profit and Loss)
Close the Year-End (Financial >> Routines >> Year-End Close) All users must be out of GP company
Lock Fiscal periods (Administration >> Setup >> Company >> Fiscal Periods)
Common Issues Review account posting types! Perform test-run of the GL close on a test
company first Allow the year-end close process to run Close the Close Year button only once You cannot reopen a year once it has
been closed, Microsoft does not support this (unless you’re on GP2013 R2 or GP2015)
YEC report cannot be reprinted
Reverse Historical Year What are some important points to
remember? Back-up before attempting No users should be logged in Dynamics GP Reverse the most recent historical year first Process will delete balance brought forward
amounts in balance sheet accounts, not voided
Historical Analytical Accounting details are deleted from the history tables, and moved to open tables
Account summary balances (history and open) will be recalculated
General Ledger Year-End Close
What are some of the related KnowledgeBase articles that can be referenced? KB 871679: “How to set up an adjusting period” KB 850615: “How to use divisional retained earnings
accounts” KB 864913: “Changing the posting type on an account
after you close the year” KB 850741: “ Retained Earnings account not found” KB 857582: “Query to clear beginning balances for unit
accounts” KB 856550: “General Ledger year end close still in process
and batches cannot be posted” KB 2452542: “Inactive GL Accounts deleted during Year-
End Close process for General Ledger”
US Payroll Year-End Closing Supported Versions
Dynamics GP 2013 Dynamics GP 2015
Release Dates 2015 Year-End Update – Released Nov. 20,
2015 2016 Tax Update (Round 1) – Approx. Dec. 21,
2015 2016 Tax Update (Round 2) – Mid-Jan. 2016
Canadian Payroll What steps should I take to close the
year?
Complete all pay runs for 2016 Take a back-up Install the 2016 Canadian Year-End update Complete the “Year-End File Reset” process Take a back-up Create and print the T4, T4A, and RL-1 reports Verify that pay periods are set correctly in
2017
Management Reporter
Management Reporter CU16
Released May 3rd, 2016 When did you install MR? Is it time to
upgrade? Last update on MR Improved Web operations
Additional Resources
Microsoft Dynamics Community Blog https://community.dynamics.com/product/gp/gptechnical/b/dynamicsgp/default.aspx
Year-End Close Bloghttps://community.dynamics.com/gp/b/dynamicsgp/archive/2015/10/08/dynamicsgpye2015
Additional Resources
Knowledge Basehttps://mbs.microsoft.com/knowledgebase/search.aspx
Microsoft Dynamics Supporthttps://mbs.microsoft.com/support/newstart.aspx
Microsoft Dynamics Community https://community.dynamics.com/product/GP/default.aspx
Tools that can help
Additional Questions
Dynamics Supporthttps://mbs2.microsoft.com/Support/newstart.aspx?r=187&l=5
Contact Us
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Year Ahead
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