dynamics gp year end close 2015

Dynamics GP Year End 2015

This presentation will NOT discuss

Agenda • What’s New?• Install & Upgrade• Inventory Control• Receivables Management• Payables Management• Fixed Assets• Analytical Accounting• General Ledger• US Payroll

What’s New?

What’s New?

• U.S. Payroll• Canadian Payroll• Payables Management• Fixed Assets

Release Information

• Release Dates– 2015 Year End Update – GP 2013 – Released 11/20– 2015 Year End Update – GP 2015 – Released 11/24

– 2016 Tax Update (Round 1) – Week of December 21– 2016 Tax Update (Round 2) – Mid January 2016

Install / Upgrade

Most Important Take Away

BACKUP!Early And Often!

Install & Upgrade Tips• Backup the DYNAMICS database and all company

databases• Export all modified reports and forms to package files

(Microsoft Dynamics GP | Tools | Customize | Customization Maintenance)

• Backup the modified reports and forms .DIC files (Refer to the Dynamics.set file for the path to the modified .DIC files)

• Configure a test environment to test the upgrade prior to installing in the production

Install & Upgrade Tips• User running the update must have local admin rights• Two components to the first update installation:– Update application install– Upgrade DYNAMICS and all company databases in

Microsoft Dynamics GP Utilities• Typically the update is installed at the SQL Server first

to upgrade the databases in Microsoft Dynamics GP Utilities

Install & Upgrade Tips• Verify the Microsoft Dynamics GP installation used to

upgrade the databases includes all additional product installations

• If the installation of the MSP or EXE fails, refer to the Windows Installer Log or Windows Event Viewer for more information. Refer to KB 2545723 for steps to create a Windows Installer Log

• If the installation of the MSP or EXE fails, try installing via command line. Refer to KB 912997 #13 for steps

http://support.microsoft.com/kb/2545723

http://support.microsoft.com/kb/912997/de

http://support.microsoft.com/kb/912997/de

Install & Upgrade Tips• Enable a Dexsql.log prior to upgrading the databases

in Utilities. Refer to KB 850996 for steps• If the database upgrade fails, do not restore the

databases as all troubleshooting can take place at the point of failure

• If a red X appears next to the company name in the Update Company window, the table conversion failed. Refer to the Support Information Section of the Upgrade Hot Topic for troubleshooting


https://mbs.microsoft.com/customersource/support/selfsupport/hottopics/hottopic_mdgp2010_update.htm?printpage=false

Install & Upgrade Tips• All modified reports and form dictionaries must be

upgraded using the Update Modified Forms and Reports process at the Additional Tasks window in Microsoft Dynamics GP Utilities

• If all modified reports and form dictionaries are shared, only upgrade the dictionaries once

• The MSP file can be pushed out to client workstations using Automatic Client Update, Group Policy or other mass deployment tools

Post-Install & Upgrade Tips

• Backup the DYNAMICS database and all company databases following the upgrade

• Export all modified reports and forms to package files following the upgrade (Microsoft Dynamics GP | Tools | Customize | Customization Maintenance)

Inventory Control

Inventory Control Year End

The Inventory module should be closed at the end of your Fiscal year, before any new transactions that would affect inventory quantities are posted

When should the close be done?

Inventory Control Year End• What does the year end close process do and/or affect?– 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

– Updates each Item’s Beginning Quantity from the Quantity on Hand at each site

– Zeros the Quantity Sold field in the Item Quantities Maintenance (Cards - Inventory – Quantities/Sites) for each Site

– Gives you the option to: Remove Discontinued Items, Remove Sold Receipts, Remove Sold Lot Attributes, and Update Item’s Standard Cost


What steps should I take to close the year? – Enter and post all Purchase Order Processing, Invoicing/Sales

Order Processing, and Inventory transactions for the current year

– Follow the rest of the steps outlined in KB872713: “Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP”


What are some of the key points to remember?

– Make restorable backups when recommended in KB872713 – 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– Year-end may be an opportune time to implement the

Historical Inventory Trial Balance (HITB) report

Inventory Control Year EndWhat are some of the related KnowledgeBase articles that can be referenced?

– KB872713 : “Inventory year-end closing procedures in Microsoft Great Plains Inventory Control ”

– KB864622: “Order in Which Reconcile Should be Run for the Distribution Series”

– KB855316: “Inventory Accidentally Closed Twice”– KB872182: “Inventory year end close does not remove

discontinued items”

http://support.microsoft.com/default.aspx?scid=kb;EN-US;864622



Receivables Mgmt

Receivables Mgmt Year End

The Calendar Year end close should be done at the end of the calendar year prior to posting any transactions in the next calendar year

The Fiscal Year end close should be done at the end of the fiscal year prior to posting any transactions in the next fiscal year



What does the year end close process do?

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)


What steps should I take to close the year? – Post all transactions for the current year– Follow the rest of the steps outlined in

KB857444: “Year-end closing procedures for Receivables Management in Microsoft Dynamics GP”




– Make restorable backups when recommended in KB857444– Receivables Management is not completely date sensitive – As there are some date sensitive features (summary values),

the best option is to close the year on time



What are some of the related KnowledgeBase articles that can be referenced?

– KB857444 : “Year-end closing checklist for Great Plains Receivables Management”

– KB851140 : “Effects of closing Great Plains Receivables Management after December 31”

– KB856865: “Removing outdated statement runs from the Reprint Statements Window”




Payables Mgmt

What’s New Payables Management Year End

Year End Close Update includes changes for:• 1099 Details window• 1099-DIV form• 1099-INT form• 1099-MISC form• 1096 Summary form

1099 Details Window – State/Payer’s State No field resized (MISC)– State Identification No field resized (INT/DIV)– FATCA filing requirement checkbox added• Note: If you mark the FATCA checkbox for the 1099-MISC,

you will get a notification that Box 3 – Other income will be zeroed out and user will get an option to continue.• TEN99FATCAFILEREQ field added to PM00204 table

– Position of other fields moved to accommodate changes


1099 DIV Form

- FATCA filing requirement checkbox added- Other fields repositioned to accommodate the

change


1099 MISC Form

- FATCA filing requirement checkbox added- Box 3 –Other Income will be zeroed out if the FATCA

filing requirement checkbox is marked- Other fields repositioned to accommodate the

change


1099 INT Form- FATCA filing requirement checkbox added- Renamed Box 15 to be Box 17 - State tax withheld- Box 12 added - Blank Description - Box 13 added – Bond Premium on tax-exempt bond- Many boxes resized/renumbered/repositioned


1096 Summary Form- Added Box 1098-Q- Removed Box 1099-H- Several other boxes were repositioned


What are some recent new features to note?– Microsoft Dynamics GP 2013 and later• Ability to edit 1099 information at transaction level• Utility to update 1099 information at vendor level (if you

need to update a vendor to be a 1099 vendor, or visa versa)• Ability to print 1096 Summary Form• 1099 Address ID on Vendor card


Payables Management Year End

The Calendar Year end close should be done at the end of the calendar year prior to posting any transactions in the next calendar year

The Fiscal Year end close should be done at the end of the fiscal year prior to posting any transactions in the next fiscal year



What does the year end close process do?

The Calendar Year End Close process transfers the 1099 Amount from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window (Cards | Purchasing | Summary | Yearly Button)The Fiscal Year End Close process transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view


What steps should I take to close the year?

– Post all transactions for the current year– Make sure transactions for the new year are saved, not

posted– Make a backup– Follow the steps in KB875169: “Year-end closing procedures

for the Payables Management module in Microsoft Dynamics GP”




– Follow the steps as outlined in KB875169– As with Receivables, Payables Management is not

fully date 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


Fixed Assets

What’s New - Fixed Assets Year End

Luxury Auto Maximum Depreciation Deduction Amounts

– The maximum depreciation deduction amounts allowed for luxury vehicles has been updated for assets placed in service in calendar year 2015 to comply with IRS Guidelines:

http://www.irs.gov/irb/2015-11_IRB/ar09.html



What’s New - Fixed Assets Year End

What are any new features to keep in mind?

Microsoft Dynamics GP 2015 RTM – Fixed Assets Year End report (optional) prints per book

and provides a status listing of all assets affected by the year-end close process

Fixed Assets Year End

The Fixed Assets Year End Close should be run after you close Payables Management, but before you close 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 CloseWhat does the Year End Close process do?– In the Asset General Information window (Cards | Fixed

Assets | General):• The YTD Maintenance amount is removed • The Quantity is copied to the Begin Quantity field

– In the Asset Book window (Cards | Fixed Assets | Book):• The YTD Depreciation Amount is removed• Cost Basis is copied to Begin Year Cost• Life to Date Depreciation is copied to Begin Reserve• Salvage is copied to Begin Salvage

– Current fiscal year increased for each closed book

Fixed Assets Year End CloseWhat steps should I take to close the year?– Print all the reports that you will need for the year

that you are closing– Make a backup– Follow the steps in KB865653: “The year-end

closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP”

– You must take depreciation to the last day of the year that you are closing before you close the year


Analytical Accounting

What are some important points to remember?

– Revised KB960356 : “The year-end close procedures for Analytical Accounting”

• Scripts to verify AA data in KB 2910626– Management Reporter (Data Mart) reads from AA

tables through CU 10.0– Make sure AA is installed and enabled on the

workstation where GL is being closed!

Analytical Accounting Year End



Analytical Accounting Year End• Follow the steps in KB960356 : “The year-end

close procedures for Analytical Accounting”• There is an Analytical Accounting year end close

option!!– This option enables balance brought forward entries

on dimensions– Analytical Accounting data closes with General

Ledger regardless of whether this option is marked


General Ledger

What’s NewGeneral Ledger Year End

What are some important points to note?

–Microsoft Dynamics GP 2013 R2• Reverse Historical Year button in Year End

Closing window – designed to reverse a successful close• Recommend to restore to a backup

immediately for a failed Year-End Close

General Ledger Year End

– The General Ledger Year End Close should be done after you have completed your Year End closings for all other modules

– Those other modules should be closed in the following order:• Inventory• Receivables• Payables• Fixed Assets


General Ledger Year End Close

What does the Year End Close process do?

– The year end close process closes all Profit and Loss accounts out to Retained Earnings, leaving the P&L accounts with a zero balance at the beginning of the new year

– All Balance Sheet accounts are updated with the beginning balance in the new year which will be the same as the ending balance from the year you are closing



– The Retained Earnings accounts are the only Balance Sheet accounts that should have a different beginning balance than the ending balance from the year that you are closing

– The Retained earnings account(s) are updated with the amount from all P&L accounts if you close to one Retained Earnings account, or with the amount from the P&L accounts in that division if you close to divisional Retained Earnings



– The year end close routine moves all open year transactions from the GL20000 table to the GL30000 table

– The Fiscal Period tables are updated to mark the year that you are closing as historical


What steps should I take to close the year?

– Follow the steps in KB888003: “Year-end closing procedures for General Ledger in Microsoft Dynamics GP”

– FAQ section covers most common YEC Issues


General Ledger Year End CloseWhat are some important points to remember?– Remember to make restorable backups as needed and

follow ALL the steps in KB888003 – Make sure that you have enough free space on the

server to allow for the GL20000 table to double– Perform the Year End Close at the server– Have all other users out of Dynamics GP when you

perform the year end close– The year end close routine sometimes appears to hang

at 50%, but it is still processing, so let it run


General Ledger Year End Close• What are some of the related KnowledgeBase

articles that can be referenced?– KB871679: “How to set up an adjusting period”– KB850615: “How to use divisional retained earnings accounts”– KB864913: “Changing the posting type on an account after you

close the year” – KB850741: “ Retained Earnings account not found” – KB857582: “Query to clear beginning balances for unit

accounts” – KB856550: “General Ledger year end close still in process and

batches cannot be posted”







US Payroll

What’s NewU.S. Payroll Year End

• No W-2/W-3 Form changes• EFW2 Changes (W-2 Electronic Filing)

*Minor change – Attn/Suite/Room# fields not required in Submitter Information

• Affordable Care Act changes• Product Quality Fixes around Payroll Year-End

See BLOG of list of fixes by version.https://community.dynamics.com/gp/b/dynamicsgp/archive/2015/11/20/2015-u-s-year-end-update-has-released

https://community.dynamics.com/gp/b/dynamicsgp/archive/2015/11/20/2015-u-s-year-end-update-has-released

https://community.dynamics.com/gp/b/dynamicsgp/archive/2015/11/20/2015-u-s-year-end-update-has-released


2016 Round 1 Tax Update• Target release date is week of Dec 21, 2015• FICA Social Security tax limit & rates – No Change• Federal tax table changes, all filing status• State tax changes – California, Kentucky• Maine – Moved to Round 2 code changes required

*Do not install the 2016 Tax Update until after Year End Wage file is generated and all payrolls for 2015 have been processed!


What is included in the Year-End update for the Affordable Care Act (ACA)?

• ‘2015’ year updated on form• Offer of Coverage if using 2 benefit codes• Self/Dependents printing in Part III of form• Box 15 –Lowest Cost Monthly Premium field added to

benefit setup and benefit enrollment• Remove Payroll Year-End Information utility to clear

ACA


What are some new features to keep in mind?

• ACA forms print with lines (no need to order forms)

• Smartlist Designer report instructions for ACA• Print online W-2 in Microsoft Dynamics GP

2015 R2

Documents, Numbers and Sites– Downloads >> Tax Updates– U.S. Year End Update.pdf– W-2 Wage and Tax Statement Data Source.pdf– Tax Forms – 800-432-1281

www.microsoftbusinesschecks.com– IRS Forms and Publications

http://www.irs.gov/formspubs/index.html– Accuwage for Electronic File Verification

http://www.ssa.gov/employer/accuwage/index.html

http://www.microsoftbusinesschecks.com/

http://www.irs.gov/formspubs/index.html



US Payroll Year End

– After all payroll runs for 2015 have been posted and before any 2016 payroll runs have been posted.

– Posting for payroll is completely independent of any other modules in Dynamics GP.


US Payroll Year End• Payroll Year End Closing Checklist– KB850663: “Year-end closing procedures for

Microsoft Dynamics GP Payroll”• Year-end Closing Procedures– Install 2015 Year End Update– Complete 2015 pay runs and verify period end

reports– Make a “Pre-Year End Wage File” backup


US Payroll Year End• Create the Year End Wage File– Tools | Routines | Payroll | Year End Closing

• Make a “Post Year End Wage File” backup• Year End Wage File– Held in UPR10100-UPR10107 tables– Year End Wage Report– Edit & Print W-2s– Create W-2 Electronic File

US Payroll Year End

• BEFORE any 2016 pay runs– Install 2016 Payroll Tax Update

• Microsoft Dynamics GP | Maintenance | U.S. Payroll Updates | Check for Payroll Tax Updates

• Downloads & Updates | Tax Updates (manual)

Summary

Additional Resources• Blog

http://blogs.msdn.com/b/dynamicsgp/• Year-end information on CustomerSource

https://mbs.microsoft.com/customersource/support/downloads/taxupdates

• Knowledge Basehttps://mbs.microsoft.com/knowledgebase/search.aspx

• Microsoft Dynamics Support https://mbs.microsoft.com/support/newstart.aspx

• Microsoft Dynamics Community https://community.dynamics.com/product/GP/default.aspx

http://blogs.msdn.com/b/dynamicsgp/




https://mbs.microsoft.com/knowledgebase/search.aspx

https://mbs.microsoft.com/support/newstart.aspx

https://community.dynamics.com/product/GP/default.aspx

Additional Questions

If you have a technical question, please feel free to contact Massey Consulting support through a service

request:

http://www.masseyconsulting.net/dynamics-gp-year-end-close/

[email protected]



mailto:[email protected]?subject=Dynamics%20GP%20Year%20End%20Support%20Request

Additional Questions

If you have a technical question, please feel free to contact Massey Consulting support through a service

request:

http://www.masseyconsulting.net/GP-Year-End

[email protected]



mailto:[email protected]?subject=Dynamics%20GP%20Year%20End%20Support%20Request

Thank You!!

Philip D. Massey, CPA(919) 508-6062

[email protected]

dynamics gp year end close 2015

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