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Dynamics GP Year End 2012

Troy Minor, Sr. Financial Systems Consultant

January 3rd, 2013

2012 YEAR END CLOSE REVIEW

1099 & REVIEW FAQ

INVENTORY YEAR-END CLOSE

RECEIVABLE YEAR-END CLOSE

PAYABLES YEAR-END CLOSE

FIXED ASSET YEAR-END CLOSE

GENERAL LEDGER YEAR-END CLOSE

FAQ FOR YE CLOSE

PAYROLL W2

MANAGEMENT REPORTER RU3

AGENDA

STEPS FOR 1099

1. POST ALL PAYABLE TRANSACTIONS FOR THE YEAR

2. PERFORM MONTH-END PERIOD CLOSE

3. PERFORM BACK UP (PRE-1099 EDITS)

4. VERIFY 1099 INFORMATION

Tools/routine/purchasing/print 1099 (File/print)

Edit 1099 amount –cards/purchasing/details/period

5. PRINT 1099 STATEMENTS

Tools/routines/purchasing/ Print 1099

3Dynamics GP Year End 2012

REVIEW FAQ FOR 1099

•Refer to your FAQ 1099 document

4Dynamics GP Year End 2012

1099 NEW FEATURES IN GP2010

GREATER CONTROL OVER 1099 BOX

•Vendor maintenance screen

•Payables Transaction Entry screen

•Vendor Summary

•Print 1099 screen

5Dynamics GP Year End 2012

YE CLOSE

•INVENTORY

•RECEIVABLES MANAGEMENT

•PAYABLES MANAGEMENT

•FIXED ASSETS MANAGEMENT

•GENERAL LEDGER

6Dynamics GP Year End 2012

WHAT HAPPENS IN INVENTORY CLOSE

•ZEROS THE QUANTITY SOLD FIELD IN ITEM QUANTITY MAINTENANCE WINDOW FOR EACH SITE

•UPDATES THE AMOUNT IN THE ITEM’S BEGINNING QUANTITY FIELD TO THE QUANTITY ON HAND FIELD AT EACH SITE

•TRANSFER ALL SUMMARIZED CURRENT YEAR QUANTITY (COST AND SALES AMOUNTS) TO TRANSACTION HISTORY FOR THE ITEMS

•UPDATES THE STANDARD COST OF EACH ITEMS TO THE CURRENT COST IF YOU USE EITHER THE FIFO PERIODIC OR THE LIFO PERIODIC VALUATION METHOD

7Dynamics GP Year End 2012

INVENTORY YEAR-END CLOSE

CHECKLIST

1. POST ALL TRANSACTIONS FOR THE YEAR

2. RECONCILE INVENTORY QUANTITIES

3. COMPLETE PHYSICAL INVENTORY COUNT AND

POST ANY ADJUSTMENTS

4. MAKE A BACKUP

5. PERFORM YEAR END CLOSE

(TOOLS/ROUTINE/INVENTORY/YEAR END)

6. MAKE FINAL BACKUP

8Dynamics GP Year End 2012

WHAT HAPPENS IN RECEIVABLE CLOSE?

•CALENDAR YEAR CLOSE

•CLEARS FINANCE CHARGE FOR YTD

•UPDATES FINANCE CHARGE LYR

•FISCAL YEAR CLOSE

•CLEARS THE YTD BALANCES FOR EACH

CUSTOMER

•UPDATES LYR BALANCES FOR EACH CUSTOMER

(CARDS/SALES/SUMMARY)

9Dynamics GP Year End 2012

RECEIVABLES YEAR-END CLOSE

CHECKLIST

1. Post all sales and receivables transactions for the year

2. Perform month-end period close

3. Perform back-up (Pre year-end close)

4. Close the fiscal and calendar year

Make sure your user date is 12/31/xx Tools/routines/sales/ year-end close

5. Perform another back-up (post year-end close)

10Dynamics GP Year End 2012

WHAT HAPPENS IN PAYABLES CLOSE?

•CALENDAR YEAR CLOSE

•CLEARS AMOUNT FOR YTD

•FOR AMOUNT SINCE LAST CLOSE VIEW, UPDATES LYR

•FOR CALENDAR VIEW, UPDATES AMOUNT FOR LYR

•FISCAL YEAR CLOSE

•CLEARS THE YTD BALANCES FOR EACH VENDOR

•UPDATES LYR BALANCES FOR EACH VENDOR FOR

FISCAL YEAR VIEW-(CARDS/PURCHASING/SUMMARY)

11Dynamics GP Year End 2012

PAYABLES YEAR-END CLOSE CHECKLIST

1. Print the aged TB w/ options report

2. Perform back-up (Pre year-end close)

3. Close the fiscal and calendar year

Make sure your user date is 12/31/xx

Tools/routines/purchasing/ year-end close

4. Perform another back-up (post year-end close)

12Dynamics GP Year End 2012

WHAT HAPPENS IN FA CLOSE?

•CURRENT FISCAL YEAR IN EACH CLOSED BOOK

INCREASED BY ONE YEAR

•SYSTEM ZEROS THE FOLLOWING FIELDS

•YTD depreciation

•YTD Maintenance

13Dynamics GP Year End 2012

FIXED ASSET YE CLOSE CHECKLIST

1. ENTER ALL FA TRANSACTIONS

2. DEPRECIATE ALL ASSETS THROUGH THE LAST

DAY OF THE YEAR

3. BUILD FA CALENDAR IF NECESSARY

4. CREATE BACKUP

5. RUN FA YE CLOSE ROUTINE

(TOOLS/ROUTINE/FA/YE)

6. CREATE FINAL BACKUP

14Dynamics GP Year End 2012

WHAT HAPPENS DURING GL YEAR-END

CLOSE?

•TRANSFERS ALL CURRENT YEAR INFORMATION FOR EACH ACCOUNT TO ACCOUNT HISTORY

•RECONCILES AND SUMMARIZES THE GL BALANCES THAT ACCUMULATES THROUGHOUT THE YEAR

•REMOVES ALL ACCOUNTS THAT ARE MARKED AS INACTIVE IF THE ACCOUNTS MATCHES CRITERIA FOR DELETING

•REMOVES ALL P&L ACCOUNT BALANCES TO RE

•SUMMARIZES BALANCE SHEET ACCOUNTS AND BRINGS THE BALANCE FORWARD AS THE BEGINNING BALANCE OF THE ACCOUNT IN THE NEW YEAR

•PRINTS THE YEAR-END CLOSING REPORT

15Dynamics GP Year End 2012

PREPARING FOR GL CLOSE

1. VERIFY DISK SPACE AVAILABILITY (MUST HAVE FREE DISK

SPACE = TO GL20000

2. CLOSE ALL SUB-LEDGER

– Inventory

– Receivables Management

– Payables Management

– Fixed Assets Management

16Dynamics GP Year End 2012

GENERAL LEDGER YEAR-END CLOSE

CHECKLIST

1. Post all outstanding entries in GL

2. Print an account list to verify the posting type of each account (reports/financial/accounts/ all accounts (include inactive accounts)

3. Perform month-end period close

4. Verify setting in the GL setup window

5. Perform pre-close backup

6. Print detailed TB report and Financial Statement (to file) Setup new fiscal year if not already setup

7. Close the fiscal and calendar year

Make sure your user date is 12/31/xx

Tools/routines/financial/ year-end close8. Perform another back-up (post year-end close)

17Dynamics GP Year End 2012

FAQ – YEAR-END CLOSE

REFER TO YOUR YEAR-END CLOSE FAQ DOCUMENT

18Dynamics GP Year End 2012

PAYROLL W2

1. CREATE YE FILE (TOOLS/ROUTINE/PAYROLL/YE CLOSE)

• Information is from employee summary records

• Generate the file as of 12.31.xx date.

• MS recommends generating the YE file prior to payroll run in new calendar year

• Pay runs can be processed in new year before W2 statements are printed

2. REVIEW YE WAGE REPORT AND VERIFY W-2 (TOOLS/ROUTINE/PAYROLL/YE WAGE REPORT)

3. PRINT W2 & W3 FORMS USING THE PRINT W2 WINDOW (TOOLS/ROUTINE/PAYROLL/PRINT W2)

19Dynamics GP Year End 2012

PRINT W2 FORM

PRINT AND REVIEW THE VALIDATION REPORT

PRINT THE W2 FORMS

•Print for both active and inactive employees

•W2 forms are printed for each employee that has

worked during the year

•You can print W2 for any year that a YE wage file exists

PRINT THE W3 FORM

20Dynamics GP Year End 2012

W2 VALIDATION REPORT

•VALIDATES THE FOLLOWING INFORMATION:

•SOCIAL SECURITY NUMBERS

•SOCIAL SECURITY WAGE LIMITS

•SOCIAL SECURITY TAX AMOUNTS

•MEDICARE TAX AMOUNT

•BLANK WAGE FIELDS

21Dynamics GP Year End 2012

ADDITIONAL INFO ON W2

•YOU CAN PROCESS PAYROLL IN NEW YEAR W/O

PRINTING W2

•YOU CAN REPRINT W2 AS MANY TIME AND FOR ANY

YEAR AS LONG AS THE YE FILE EXISTS

•YE FILE CAN BE DELETED AND RECREATED AS

NEEDED.

•YOU SHOULD VERIFY THE INFORMATION ON THE YE

WAGE REPORT BEFORE PROCESSING PAYROLL IN

THE NEW YEAR.

22Dynamics GP Year End 2012

ADDITIONAL INFO ON W2 CONT.

•IF YOU’VE ALREADY PROCESS PAYROLL IN NEW

YEAR AND YOU NEED TO MAKE EDITS TO W2, YOU

CAN EDIT THE SPECIFIC W2 RECORD AND NOT

AFFECT THE MASTER RECORD.

•IF YOU EDIT SS WAGES TO BE HIGHER THAN THE TAX

TABLE LIMIT, THE EDITED W2 INFORMATION WINDOW

WILL DISPLAY THE EDITED AMOUNT BUT W2 WILL

ONLY PRINT UP TO THE LIMIT.

23Dynamics GP Year End 2012

MANAGEMENT REPORTER

•VIEWER VS WEB VIEWER

•Browser

•Comments

•Graphs

24Dynamics GP Year End 2012

Page 25

QUESTIONS?

Troy Minor

Direct: 301-279-6507

E-mail: tminor@raffa.com

Support email

gpsupport@raffa.com

Dynamics GP Year End 2012