SOARING THROUGH YOUR YEAREND CLOSE Bob Mc Adam
SOARING THROUGH YOUR YEAR-END CLOSE Bob Mc. Adam General Manager MEMBERSHIP HAS ITS BENEFITS @GPUG 1
WHAT ABOUT BOB? ‒ Dynamics GP implementer & business development resource with two large partners for 13+ years ‒ Migrated from accounting gigs to Dynamics GP consulting in Jan 1998 (v 4. 0 then) ‒ Active w/ GPUG & GPUG Academy sinception (2007 & 2008, respectively) ‒ Former GP customer/end user at www. trucks. com ‒ Microsoft Certified Trainer (circa 2004) ‒ Inaugural GPUG ‘All-Star Award’ recipient (Nov 2011) ‒ Inaugural ‘Richard Whaley Academy Award’ recipient (Oct 2014) ‒ Dynamics World (UK) ‘Top 100 Most Influential in Microsoft Dynamics’ (May 2012 and May 2013) ‒ Dynamics GP Exam Certification Committee at www. dynamicspro. org ‒ Co-Host of ‘Enterprise Software Podcast’ Podcast www. enterprisesoftwarepodcast. com
AGENDA § Goals ‒ Review month- and year-end processes ‒ Provide help with specific issues § Review year-end checklist ‒ Overview and comments ‒ Step through applicable windows in Microsoft Dynamics GP
YEAR-END CHECKLIST § Finalize any/all applicable transactions § Reconcile submodules to G/L § Print necessary reports and file § Make a backup when finished § Now you’re ready to begin the closing process. . .
MODULE CLOSING ORDER § Sales Order Processing (SOP) and Purchase Order Processing (POP) § Inventory § Receivables § Payables § Fixed Assets § Payroll § General Ledger
Did you make your backup yet? ? ? !!!!
MODULE CLOSING ORDER § SOP & POP § Inventory § Receivables § Payables § Fixed Assets § Payroll § General Ledger
CLOSING SUBLEDGERS PROPERLY § SOP & POP modules ‒ ‒ No specific year-end 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>Received/Not Invoiced § A Historical Received/Not Invoiced report arrived w/ Dynamics GP 2016
MODULE CLOSING ORDER § SOP & POP § Inventory § Receivables § Payables § Fixed Assets § Payroll § General Ledger
Time for another backup…
CLOSING SUBLEDGERS PROPERLY § Inventory Control (IC) ‒ Wrap up year-end physical count and related variance/adjustment transaction postings ‒ Run the IC year-end closing process § Routines>Inventory>Year-end Close ‒ Notes: § Inventory Batches – “Post to G/L” check box § Reports>Inventory>Activity>Stock Status and Historical
MODULE CLOSING ORDER § SOP & POP § Inventory § Receivables § Payables § Fixed Assets § Payroll § General Ledger
Time for another backup…
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
MODULE CLOSING ORDER § SOP & POP § Inventory § Receivables § Payables § Fixed Assets § Payroll § General Ledger
Time for another backup…
CLOSING SUBLEDGERS PROPERLY § Payables Management (PM) ‒ Complete monthly processes, like RM module ‒ Run 1099 s for tagged Vendors (if needed) § Routines>Purchasing>Print 1099 § Edit 1099 s: 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 1099 s; one for year-end process ‒ Print 1099 s after closing PM? § Yes - 1099 printing is unrelated to closing Payables Management
MODULE CLOSING ORDER § SOP & POP § Inventory § Receivables § Payables § Fixed Assets § Payroll § General Ledger
Time for another backup…
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 Area Page)>Fixed Assets>Year-end
MODULE CLOSING ORDER § SOP & POP § Inventory § Receivables § Payables § Fixed Assets § Payroll § General Ledger
Time for another backup…
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 and period/quarter procedures ‒ Build the Year-end Wage file/table (UPR 10101) § Routines>Payroll>Year-end Closing § Holds all info needed to produce W-2 s and 1099 -Rs ‒ Review and edit W-2 s and 1099 -Rs (if needed) § Routines>Payroll>Edit W-2 s § Routines>Payroll>Edit 1099 -Rs
CLOSING SUBLEDGERS PROPERLY § United States Payroll (continued)… ‒ Print W-2 s and 1099 -Rs § Routines>Payroll>Print W-2 s § Routines>Payroll>Print 1099 -Rs ‒ Apply new Microsoft Dynamics GP Tax Tables § § Available via ‘Customer. Source’ download Maintenance>US Payroll Updates>Check for Updates Typically, new tax tables installed after payroll close Only has to be done once, not on every machine that touches UPR module ‒ New calendar year payroll can now be processed
MODULE CLOSING ORDER § SOP & POP § Inventory § Receivables § Payables § Fixed Assets § Payroll § General Ledger
Time for another backup…
FINALIZING THE YEAR-END CLOSE § General Ledger (GL) ‒ ALWAYS the final module to be closed!! § Doesn’t need to be closed immediately ‒ Finalize any adjustments; post ‘Single Use’ batches ‒ Print Detailed T/B and Microsoft Management Reporter financials (optional) ‒ SKIP the ‘Period Consolidation’ window § Combines transaction details into a single summary balance for each account carried forward to the next period. § Remember, hard drive space is cheap.
FINALIZING THE YEAR-END 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’ and R/E account while in 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) § Brings your Balance Sheet beginning balances forward
FINALIZING THE YEAR-END CLOSE § Ancillary items ‒ Before closing G/L, create a simple ‘Accounts’ Smart. List and review “Posting Type” settings § KB# 864913 provides ‘surgical’ fix steps ‒ Close the TEST database first if you prefer (really good idea) ‒ Fiscal Periods Setup Maintenance § Setup (Administration Area Page)>Company>Fiscal Periods § Be sure all 2017 module boxes are closed § Create a new calendar for 2018 module postings ‒ Security settings on this window should be very restricted
QUESTIONS? Bob Mc. Adam Dynamic Communities, Inc. bob. mcadam@dynamiccommunities. com http: //www. linkedin. com/in/bobmcadam “Bob’s Blo. GPipes” periodically at: http: //www. blogpipes. net
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