year end tips and tricks...year end tips and tricks questions 2 3 david gersten practice manager,...

Year End Tips and Tricks

Microsoft Dynamics GP

Invested. Prepared. Accountable.

Our Agenda

Introductions

Who is Dynamic Consulting

Year End Tips and Tricks

Questions

David GerstenPractice Manager, Sales & Strategy

David.Gersten@DynamicConsulting.com

@Dsgersten (Twitter)

US Vice President - IAMCP

Task Force Member - Voices for Innovation

Co-Chair - SoCal IT Roundtable

Co-Chair - Channel Marketing Alliance, DCI

GP PAC Member - Dynamic Communities

12 years in Dynamics Channel, 8 years in GP

Project Madeira Early Adopter – March 2016

Microsoft P-Seller (Previous) – Business Applications

Microsoft MVP, Business Applications

Shawn.Dorward@DynamicConsulting.com

Practice Manager

@LifeHacks365com

Long Time ERP User and Fan!

20+Years of Accounting and ERP experience

Charlotte Regional Chapter Leader (2012-Present)

Charleston Regional Chapter Leader (2017-Present)

GPUG All-Star

Podcast Co-Host

Summit Planning Committee (2012-Present)

Podcast: http://MBSPodcast.com

Personal Blog: http://LifeHacks365.com

Company: http://DynamicConsulting.com

Shawn Dorward

Dynamic Consulting

David Gersten

Practice Manager, SMB Sales & Strategy

Jake Roder

Senior ERP Solution Consultant

Charlie Fink

CRM Practice Manager

Microsoft Gold Certified Partner

• 40+ Consultants across the US

• Founded in 2009

• 100+ Certifications

• HQ in Chicago with offices in New

York and Southern California

Jon Stypula

President

Marjorie Schmeerbauch

AX/D365FO Practice Manager

Shawn Dorward

Practice Manager, SMB Delivery & Strategy

Active in the Community

Our Vision

Invested. Prepared. Accountable.We fully invest in our clients’ business transformation, equipping our employees with the

training and knowledge to apply intelligent software systems through innovative consulting

services.

Invested. Every member of our team is genuinely passionate about applying intelligent

technology solutions to improve our clients’ operations, customer experiences and business

outcomes.

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will help clients envision and achieve their business transformation objectives.

Accountable. We present realistic and well-grounded scope, timeline and budget for every

project with full confidence to deliver on client expectations.

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Versions Supported:

GP2015

GP2016

GP2018

Follow Year End Blog Post from Microsoft!

https://community.dynamics.com/gp/b/dynamicsgp/posts/microsoft-dynamics-gp-

2019-year-end-blog-series-schedule

Year End Software Update!

News from Microsoft

The 2020 U.S. Payroll tax update (still waiting for tables to publish from IRS) but looking to release by 12/20/2019Watch this site for all your 2020 U.S. TAX changes including states

Follow this blog for all your year end needs for all modules, tons of tips and no need to talk to us!!https://community.dynamics.com/gp/b/dynamicsgp/posts/microsoft-dynamics-gp-2019-year-end-blog-series-schedule

Canada:

The T4127 release last week of all the changes.

Year End Software Update

Not JUST for Payroll!

Everyone should consider applying the update to

their system!

• New Features

• Bug Fixes

• Law Changes!

Year End Topics we will cover

Closing of Modules

Reconciliations

Payroll (W2’s)

Payables (1099’s)

backup… Backup… BACKUP!!!!

System Database

Company Database(s)

Before AND after each

closing routine run.

Closing Checklist

Module Calendar Fiscal

Sales X X

Purchasing X X

Inventory X

Payroll X

Financial X

Fixed Assets X

Closing the Sales Module

Who should run this procedure?

• Use SmartList objects for Sales/Receivables

• Use Receivables Management summary reports

• Use Customer Summary window

When should this be run?

• Actual Date of Closing Type (Fiscal or Calendar)

• After all year transactions have been posted

• Before new year transactions are posted

What Options do I have?

• Closing is Optional

• Print Closing Report

• Close Calendar Only

• Close Fiscal Only

• Close Both at once!

What does it do?

• Updates Finance Charges YTD/LTD

• Updates YTD Summary Data for

Customer

• Updates Salesperson/Territory YTD/LTD

Reconcile to GL

Complete prior to closing the Financial Module!

Customer Maintenance

Great time to clean up

Customer list!

Bad Customer ID?

Multiple Customers ID’s for

Same Customer?

Write Off’s

In Bulk!

Customer Refunds

Closing of Tax Year (optional)

Close Tax Year? What does that mean?

Where: Administration >> Routines >> Company >> Tax Year-End Close

Use the Tax Year-End Closing window to close the tax year. Closing the tax year affects all the tax details you’ve

entered in Microsoft Dynamics GP. To protect the consistency and integrity of your records, we recommend that

you perform this procedure only once a year, after you’ve closed any sales and purchasing series years and

before posting any documents to the next year.

The main purpose of the Tax Year closing is moving the amounts from the current year column to the last year

column under the Tax Detail Maintenance window (Microsoft Dynamics GP menu >> Tools >> Setup >>

Company >> Tax Details), as closing the Fiscal Year doesn't move these amounts over.

GP Closing of Tax Year

What happens when I close the tax year?

When you close the tax year, tax information from the prior year is deleted;

be sure to make backups before closing the tax year. Even if you don’t want

to keep last years tax information, we recommend backing up your data. If

a system problem such as a power fluctuation occurs while you’re closing

the tax year, you’ll need to restore your data from a backup and begin this

procedure again.

Before you Start

• Enter and Post all current year

Sales Related Transactions

• Complete normal Month/Year

End Closing Process

• Create a Pre-Closing Backup

• 2019_SALES_Pre.bak (example)

Run the “Year-End Close” procedure

• Sales/Routine/Year-End Close

Close the Sales Calendar/Fiscal Year

Close Sales in Fiscal Year Setup

Make Another Backup

• 2019_SALES_FINAL.bak

Close Sales

Steps: Calendar Fiscal1. Post all sales & receivables transactions for the year. X X

2. Make a pre-year-end closing backup. X X

3. Close the year. X X

4. Close the fiscal periods. (This step is optional.) X X

5. Close the tax year. (Only if Payables is closed) X

6. Make a post-year-end closing backup. X X

Closing the Purchasing Module

• Use SmartList objects for Purchasing/Payables

• Use Payables Management summary reports

• Use Vendor Yearly Summary window

• Use ‘Amount Since Last Close’ View

• Closing is Optional

• Print Closing Report

• Close Calendar Only

• Close Fiscal Only

• Close Both at once!

What does it do?

• Updates YTD Summary Data for

Vendor

• Actual Date of Closing Type (Fiscal or Calendar)

• Before new year transactions are posted

What it updates

Yearly Summary

SmartList Buckets

Reconcile to GL

Complete prior to closing

Financial Module!

Not needed to close

Module!

Vendor Maintenance

Great time to clean up vendor list!

Bad Vendor ID?

Multiple Vendor ID’s for Same

Vendor?

Do before running 1099s!

1099’s

NOT CONNECTED TO YEAR END CLOSE!

Year End Software update COULD have changes needed for

proper handling!

Based on payment date!

1099’s

Use SQL View to audit 1099 Vendors and totals!

https://lifehacks365.com/2017/12/18/1099-year-end-edit-sql-view-for-dynamics-gp/

Modify Vendor/Transactions 1099 Type

Purchasing > Utilities > Update 1099 Information

Use the Update 1099 information window to modify tax

type or 1099 statement box numbers for a range of

vendors, 1099 transactions, or both.

In addition to modifying the tax type from one type to another, you can also change the type from a non-1099

vendor to a 1099 vendor and vice versa, This is helpful,

for example, when you add a new vendor record, but the

vendor doesn’t provide their Tax Identification Number

until later. This way, you can change the vendor record and the transactions that have already been entered at the

same time.

Edit 1099 Transaction Information

Use the Edit 1099 Transaction

Information window to

modify 1099 amounts or

change 1099 tax types for a

group of transactions for one

vendor. When you process the

changes, the transactions are

updated in the Open and

History tables.

Purchasing > Transactions > Edit 1099 Transaction

Edit 1099 Period Totals

Use the 1099 Details

window to view or change a

vendor’s 1099 transaction

amounts for a period or

calendar year.

Purchasing > Cards > 1099 Details

Print 1099’s

Encumbrance Balance Transfer

Where Purchasing >> Routines >> Year End Encumbrance Transfer

Close Purchasing

Purchasing > Routines > Year-End Close

Closing the Purchasing Module

Steps: Calendar Fiscal

1. Post all transactions for the year. X X

2. Print the Aged Trial Balance with Options report. X

3. Print the Vendor Period Analysis Report. X

4. Install the Payroll year-end update (optional)* X

5. Make a backup that is named "Pre-1099 Edits.“(optional) X

6. Verify the 1099 information and edit it if it is required.

(optional) X

7. Print the 1099 statements. (optional) X

8. Make a backup that is named "Pre Year-End." X X

9. Close the year. X X

10. Close the fiscal periods. X X

11. Close the tax year. (Only if Sales is Closed) X

12. Make a backup that is named "Post Year-End." X X

Closing the Inventory Module

• If you use the Inventory Module

• Use Annual Quantity Summaries

• Cards/Inventory/History

• Reports with ‘Year’ Dependencies

• Inventory is a fiscal year closing

• After all fiscal year transactions have been posted

• Before new fiscal year transactions are posted

Why should this be run?

• Updates Yearly Quantity Summaries

• Zeroes out beginning year amounts

• Update beginning year quantities

• Remove Discontinued Items

• Remove Sold Lot Attributes

• Remove Sold Receipts/Cost Change History

• Update Item’s Standard Cost

Before you Start

• Enter and Post all current year Inventory

Related Transactions

• SOP/POP/Inventory!

• 2019_INV_Pre.bak (example)

• Reconcile

• SOP

• POP

• Inventory

Physical Inventory/Stock Count

Post Inventory Adjustments

Print/Save Year End Reports

Report Path

Stock Status Report Inventory >> Reports >> Activity

Purchase Receipts Report Inventory >> Reports >> Activity

Turnover Report Inventory >> Reports >> Analysis

Transaction History Report Inventory >> Reports >> History

Serial Number List Inventory >> Reports >> Serial/Lots

Lot Number List Inventory >> Reports >> Serial/Lots

• Make Another Backup

• 2019_INV_MID.bak

• Run the “Year-End Close” procedure

• Inventory/Routines/Year-End Close

• Close the Inventory Fiscal Year

• 2019_INV_FINAL.bak

Inventory Closing Options

Discontinued Items

Mark this option to remove the records for discontinued items that have been

completely sold. Items assigned the discontinued item type will be removed from

the item records during the year-end closing process, unless there are quantities of

the item, or one of the following is true:

• The item is assigned to a kit.

• The item is a component of a bill of materials.

• The item has one or more bills of materials of its own.

Sold Lot Attributes Option

Sold lot attributes is the information that you might have kept for items tracked by lot

numbers—for example, if you track the expiration dates for items tracked by lots. In this

case, deleting the sold lot attributes would remove the information about the expiration

dates of the sold items.

Sold Receipts Option

Sold receipts are records of items that have been both received and then sold. Cost

change information is saved to history when the standard cost is changed for a LIFO

periodic item or a FIFO periodic item, or when the current cost is changed for an average

perpetual item.

Items Standard Cost Option

Mark this option to update the standard cost of items if you're using either the FIFO

periodic or LIFO periodic valuation method. If you choose to update the standard cost,

the standard cost of items will be adjusted automatically to the current cost.

Steps: Calendar Fiscal1. Post all transactions for the year. X

2. Reconcile inventory quantities. * Do in Test first X

3. Complete a physical count, and then post any adjustments. X

4. Print additional reports. X

5. Make a backup. X

6. Close the year. X

7. Close the fiscal periods for the Inventory series (optional). X

8. Make a final backup. X

Closing the Payroll Module

• If you use the Payroll Module

• Tracking Employees for ACA

• After the last payroll of the calendar year has

been processed and posted.

• Before the first payroll of the new calendar year

has been processed.

Do I need to install the year end update?

• Yes!

• Installing the year end SOFTWARE update is not

anchored to timing and can be done as soon as it is

released by Microsoft.

When do I apply the tax table changes?

• The tax table changes MUST be applied after the last

payroll of the old year, and before the new payroll of

the new year.

Year End Update

SOFTWARE UPDATE

Does NOT need to be installed after your

last payroll is run

**Make sure 2019 Tax Rates are still in

place**

TAX RATE UPDATE

Must be updated AFTER last payroll of 2019

but before first payroll of 2020

• Enter and Post all current year Payroll

Related Transactions

• Run any Reporting that you need for

the current year

(Monthly/Quarterly/Annual)

• 2019_UPR_Pre.bak (example)

• Install Year End Software Update*

• Verify that the 2019 Current Tax Rates

are in place

• Create the Year End Wage File

• Create Pre W2 Edit Backup

• 2019_UPR_PreW2.bak

Verify W2 Information

Edit W2 Information (if needed)

Verify 1099R Information

Edit 1099R Information (If Needed)

Create Post Closing Backup

• 2019_UPR_Post.bak

Apply Tax Table Update

GP Payroll Life Hack

ACA Review using Free Tool from

Integrity Data

Use this free tool to help Payroll

teams evaluate ACA data!

Email: Thomas Franz

TFranz@integrity-data.com

Tell him Shawn sent you!

Review W2 and 1095’s Early/Often!

Don’t wait!

You can run your year end wage file over and over again!

Run it early and start reviewing your 1095/W2 edit list!

Make a list of changes that need to be made.

Be sure to run one final time after last payroll

Make the changes you’ve already identified earlier

Tax Code

How to apply current tax codes?

https://lifehacks365.com/2018/01/19/how-to-apply-the-

payroll-tax-updates-dynamics-gp/

SQL VIEW FOR YEAR TO DATE HOURS

USE [TWO] -- Replace TWO with your Company Database Name

SET ANSI_NULLS ON

SET QUOTED_IDENTIFIER ON

CREATE VIEW [dbo].[HoursWorkedByYear]

select YEAR1,EMPLOYID,SUM((MTDHOURS_1+MTDHOURS_2+MTDHOURS_3+MTDHOURS_4+ MTDHOURS_5 + MTDHOURS_6 + MTDHOURS_7 + MTDHOURS_8 + MTDHOURS_9 + MTDHOURS_10 + MTDHOURS_11 + MTDHOURS_12)/100) as YTDHOURS

FROM dbo.upr30301

where PYRLRTYP='1'

group by YEAR1, EMPLOYID

grant select on [HoursWorkedByYear] TO DYNGRP

SQL VIEW FOR YEAR END WAGE SMARTLIST

https://lifehacks365.com/2017/10/06/year-end-payroll-data-sql-view-for-dynamics-gp/

Print W2’s?

Dynamics GP 2016 R2+ now includes the form graphics

for W2s.

Eliminate the need to purchase preprinted forms!

Where: HR/Payroll/Routines/Print W-2s

Closing Payroll

Updates W2 buckets

Uses Tax Code on System

Can be done multiple times

Edit W2/1099-R changes get

replaced when running this

process!

1. Verify that you have installed the latest 2019 payroll tax Table update X

2. Complete all pay runs for the current year X

3. Complete all month-end, period-end, or quarter-end procedures X

4. Make a backup of the original file X

5. Install the Year-End Update * X

6. Create the Year-End file X

7. Make a backup of the new file X

8. Verify W-2 and 1099-R statement information X

9. Print the W-2 statements and the W-3 Transmittal form X

10. Print the 1099-R forms and the 1096 Transmittal form X

11. (Optional:) Create the W-2 Electronic file X

12. (Optional:) Archive inactive employee Human Resources information X

13. Set up fiscal periods for 2019 X

14. (Optional:) Close fiscal periods for the payroll series for 2019 X

15. Install the payroll tax rate update for 2020 X

Closing the Financial Module

• Companies that are ready to close the

accounting year and mark it as historical

• When all other modules are formally closed

• AA users should validate AA Account setup

What happens when I close the

• P&L Accounts close to Retained Earnings

• Balance Sheet Accounts update

• Open Year Data is moved to History

• Analytical Accounting Balances are processed

at this time as well if you have the AA

dimensions setup to have a BBF entry created

• Print an Account List & verify

account types

• Don’t forget Unit Accounts!

• Verify General Ledger Setup Window

settings are correct

• Print Final Reports

• Trial Balance

• Financial Statements

• Setup the new Fiscal Year

• Create a Pre Closing Backup

• 2019_GL_Pre.bak (example)

• Financial/Routines/Financial/Year-End

Closing

• 2019_GL_FINAL.bak

• Unit Account Balances

GP Financial Life Hacks

Do I have to close Analytical Accounting?

No, There is not a 'separate' year-end close procedure for Analytical Accounting. Balance

Brought Forward (BBF) entries are created for AA dimensions automatically as part of the

GL year-end close process, if you have the AA dimensions setup to have a BBF entry

created. The steps in this article will assist to check your data prior to doing the GL year-

end close process to check for AA data that may cause errors during the GL year-end

close process. This article will also show you how to set up the AA dimensions to have a

Balance Brought Forward entry created in the new year per dimension, if desired.

https://support.microsoft.com/en-us/kb/960356

Do you use Unit Accounts and on an older version of Gp?

In older versions of GP, Unit accounts close out like they are Balance Sheet Accounts. If

you do not want those balances brought forward, run this script (modify to include the

specific unit accounts if you do not want this to apply to all accounts)

delete GL20000 from GL00100, GL20000 where GL00100.ACTINDX = GL20000.ACTINDX and GL00100.ACCTTYPE = 2 and GL20000.SOURCDOC = 'BBF‘

This sql script, when ran against the company database, will clear all

beginning balances for all unit accounts.

Should I wait until after the audit is over to close my year?

No, this process can be, and likely should be, done as early as possible without

implications. GP has the ability to reverse historic years and also has the ability to post in

the most recently closed year (this automatically updates retained earnings as well!).

Make sure you “Posting to History” option is checked in

Financial/Setup/General Ledger

Posting to History

Box MUST be checked

Fiscal Period Must be

Can post to most recently

closed Fiscal Year Only!

Account Posting Type Audit

Run a SmartList to audit your account posting types. This is critical in the closing process.

Just use the Financial/Accounts SmartList and build a filter grabbing JUST your Balance Sheet accounts and then

add ‘Posting Type’. Do the same for P&L Accounts.

Analytical Accounting

Check out this link!

https://community.dynamics.com/gp/b/dynamicsgp/archive/20

17/11/08/draft-microsoft-dynamics-gp-year-end-update-2017-

analytical-accounting

Management Reporter Reports not working when then year changes?

When closing GL, GP updates “Balance Brought Forward” – this

is used by MR as ‘Beginning Balance’

If you do not close you year, Beginning Balance will not work

Don’t Modify your reports! Just close the year… you can open it

back up later if you need to or post audit entries to it ☺

What happens if I close and an account was setup as the wrong type?

Don’t Move a MUSCLE!

Don’t try manual JE’s

Don’t change anything yet!

Reverse the Closing by reversing the

historic year.

Make the correction to the account setup

Close the Year again.

Year End Close Options

Verify Retained Earnings Account

Let JE # Auto Populate

Verify Year and Last Closing Date

Remove Unused Segment Numbers?

Maintain Inactive Accounts?

1. Complete the posting & the closing procedures for other modules. X

2. Post the final adjusting entries in General Ledger. X

3. Print an account list to verify the posting type of each account. X

4. Close the last period of the fiscal year. X

5. Verify the settings in the General Ledger Setup window. X

6. Make a backup. X

7. Print a final Detailed Trial Balance report. X

8. Print the year-end financial statements. X

9. Set up a new fiscal year. X

10. Close the fiscal year. X

11. Close all the fiscal periods for all the series. X

Why Fixed Assets AFTER General Ledger?

You can certainly close Fixed Assets before GL!

In the ‘real world’ there are usually tax changes, etc. that require

us to modify the previous years Assets/setup/depreciation.

You cannot undo a FA close.

You CAN post to GL that is closed.

Closing the Fixed Assets Module

• Users of Fixed Assets

• After Purchasing is closed formally

• After all year transactions have been

posted

• After all assets are depreciated to the

last day of the fiscal year you are

closing (don’t forget GL Posting!)

Print any needed Year End Reports

• Annual Activity

• Additions

• Retirements

• Transfers

• Depreciation Ledger

• Property Ledger

• Fixed Assets to General Ledger Reconciliation

• Book to Book Reconciliation

• Book to Book YTD Depreciation Comparison

GP Fixed Assets Life Hacks!

Closing Time?

You CAN close Fixed Assets after you close GL for the year:

We recommend that you close General Ledger last, after all the subsidiary modules have

been closed. However, Fixed Asset Management can be closed after General Ledger is

closed. The GL Posting (GL Interface) process can be performed, and then the transaction

or transactions can be posted to the closed year or to the historical year in the general

ledger.

Fixed Assets Life Hack

Historic Depreciation Reports

Go to Reports > Fixed Assets > Depreciation.

Choose the "Depreciation by Ledger" report which provides you with

the ability to print historical depreciation ledger reports

Want to use this in SSRS? Check out this link:

https://mahmoudsaadi.blogspot.com/2015/03/fixed-assets-

historical-depreciation.html

• Verify Fixed Asset Calendars is setup

• Verify Fixed Asset Quarters are setup

• 2019_FIXA_Pre.bak (example)

• Financial/Routines/Fixes Assets/Year End

• 2019_FIXA_FINAL.bak

1. Perform all the year-end closing procedures for Payables

Management (option but be sure all transactions are entered) X

2. Enter all the fixed asset transactions for the current fiscal year X

3. Depreciate all assets through the last day of the current fiscal year X

4. Perform the GL Posting (GL Interface) process (optional.) X

5. Run any reports that you want to keep for year-end records X

6. Confirm that the Fixed Assets calendar is built correctly (optional.) X

7. Verify that the quarters are set up correctly for all the fiscal years X

8. Create a backup X

9. Perform the fixed assets year-end closing routine X

Microsoft MVP, Business Applications

Shawn.Dorward@DynamicConsulting.com

Practice Manager

@LifeHacks365com

Long Time ERP User and Fan!

Almost 20 Years of Accounting and ERP experience

Charlotte Regional Chapter Leader (2012-Present)

Charleston Regional Chapter Leader (2017-Present)

GPUG All-Star

Podcast Co-Host

Summit Planning Committee (2012-Present)

Podcast: http://MBSPodcast.com

Personal Blog: http://LifeHacks365.com

Company: http://DynamicConsulting.com

How can we help you?

David GerstenDavid.Gersten@DynamicConsulting.com

Shawn DorwardShawn.Dorward@DynamicConsulting.com

year end tips and tricks...year end tips and tricks questions 2 3 david gersten practice manager,...

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