Year End Tips & Tricks

1. Year End Tips & Tricks Authored by Bob McAdam, GPUG All Star, Tribridge Regional Chapters

2. AGENDA • Goals • Review the common year-end process • Provide help with specific issues • Review Year-end Checklist • Overview & Comments • Step through applicable windows in GUI

3. YEAR-END CHECKLIST • Finalize any/all applicable transactions • Reconcile submodules to G/L • Print necessary reports & file • Make a backup when finished • Begin closing process

4. MODULE CLOSING ORDER • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

5. Did you make your backup yet???!!!!

6. MODULE CLOSING ORDER • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

7. CLOSING SUBLEDGERS PROPERLY • SOP & POP modules • No specific Y/E close process in either module • 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 • Reports>Purchasing>Analysis>Rec’d/Not Invoiced

8. MODULE CLOSING ORDER • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

9. CLOSING SUBLEDGERS PROPERLY • Inventory Control (IC) • Wrap-up year-end physical count & related variance/adjustment transaction postings • Run the IC year-end closing process • Routines>Inventory>Year-end Close • Notes: • Inventory Batches – “Post to G/L” checkbox • Discussion of ‘Master Posting’ window • Reports>Inventory>Activity>Stock Status Report

10. MODULE CLOSING ORDER • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

11. CLOSING SUBLEDGERS PROPERLY • Receivables Management (RM) • Complete monthly processes, including posting all non-recurring RM batches, aging reports, etc. • Review ‘Unapplied Documents’ report • Reports>Sales>Analysis>Unapplied Documents • Run the RM year-end closing process • Routines>Sales>Year-end Close • Save new year transactions to batches for now • Discussion of ‘Customer Summary’ window

12. MODULE CLOSING ORDER • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

13. CLOSING SUBLEDGERS PROPERLY • Payables Management (PM) • Complete monthly processes, like RM module • Run 1099s for tagged Vendors (if needed) • Routines>Purchasing>Print 1099 • Edit 1099s: Cards>Purchasing>Summary>Period • Run the PM year-end closing process • Routines>Purchasing>Year-end Close • Two closes required if not on calendar year • One for 1099s; one for year-end process

14. MODULE CLOSING ORDER • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

15. CLOSING SUBLEDGERS PROPERLY • 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 • Routines (Financial Tile)>Fixed Assets>Year-end

16. MODULE CLOSING ORDER • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

17. CLOSING SUBLEDGERS PROPERLY • United States Payroll (UPR) • Year-end processing ALWAYS done @ 12/31 • Confirm status of any new updates from Microsoft • Process final payroll & period/qtr procedures • Build the Year-end Wage file/table (UPR10101) • Routines>Payroll>Year-end Closing • Holds all info needed to produce W-2s & 1099-Rs • Review & Edit W-2s & 1099-Rs (if needed) • Routines>Payroll>Edit W-2s • Routines>Payroll>Edit 1099-Rs

18. CLOSING SUBLEDGERS PROPERLY • United States Payroll (continued)… • Print W-2s & 1099-Rs • Routines>Payroll>Print W-2s • Routines>Payroll>Print 1099-Rs • Apply new Dynamics GP Tax Tables • Available via ‘CustomerSource’ download • Maintenance>US Payroll Updates>Check for Updates • Typically, new tax tables installed after payroll close • New calendar year payroll can now be processed

19. MODULE CLOSING ORDER • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

20. FINALIZING THE Y/E CLOSE • General Ledger (GL) • ALWAYS the final module to be closed!!! • Doesn’t need to be closed immediately like others • Finalize adjustments; post ‘Single Use’ batches • Print Detailed T/B & MR/FRx financials (optional) • SKIP the ‘Period Consolidation’ process • Routines>Financial>Period Consolidation

21. FINALIZING THE Y/E CLOSE • General Ledger (continued)… • Double-check ‘Posting to History’ setting • Setup>Financial>General Ledger • Allows posting to most-recent closed fiscal year only • Also check ‘Maintain History’ & R/E acct. while here • Run the G/L year-end closing process • Routines>Financial>Year-end Closing • Click ‘Close Year’ button only once ! • Edit R/E account and/or next JE number (not common) • Issue w/ financials if delayed past 1st new acctg period

22. FINALIZING THE Y/E CLOSE • Ancillary items (iii) • Before closing G/L, create a simple ‘Accounts’ SmartList and review “Posting Type” settings • KB# 864913 provides ‘surgical’ fix steps • Close the TEST database first if you prefer • Fiscal Periods Setup Maintenance • Setup (Administration Tile)>Company>Fiscal Periods • Be sure all 2010 module boxes are closed • Create a new calendar for 2011 module postings

23. Questions?