GPUG® Summit 2011November 8-11

Caesars Palace – Las Vegas, NV

Troubleshooting the Finance Module

Content Provided by:Zubin Gidwani, Dynamic BudgetsMike McDowell, Sta-Home Health & Hospice

GPUG® Summit 2011November 8-11

Caesars Palace – Las Vegas, NV

Troubleshooting the Finance Module

• Year End Preparation• Protecting your Budgets• System Cleanup• Tax Filing/Reporting• Vendor Creation & TIN Matching• Account Reconciliations

GPUG® Summit 2011November 8-11

Caesars Palace – Las Vegas, NV

Troubleshooting the Finance Module

• Year End Preparation

GPUG® Summit 2011November 8-11

Caesars Palace – Las Vegas, NV

Year End Preparation

• Run File Maintenance Routines(Check links if you have particular known issues…)

• Create Smartlists to verify all accounts in BS range are flagged as BS, and that all accounts in P&L range are flagged P&L. If your natural class objects (assume segment 1) for the BS end at 39999Segment 1 < 40000 and Posting type not equal to Balance SheetSegment 1 > 39999 and Posting type not equal to Profit and Loss

• Create a smartlist reminder to proactively correct account classifications throughout the year

GPUG® Summit 2011November 8-11

Caesars Palace – Las Vegas, NV

Troubleshooting the Finance Module

• Protecting your Budgets

GPUG® Summit 2011November 8-11

Caesars Palace – Las Vegas, NV

Protecting your Budgets

GPUG® Summit 2011November 8-11

Caesars Palace – Las Vegas, NV

Protecting your Budgets

If GP Locks up during Budget Creation• Check to make sure a Save As window isn’t sitting in the

background, Go to Show Desktop and then click on the GP Icon in the system tray

Don’t accidentally Delete your Budget• Beware of the Power of the Budget Maintenance Window, this

should be restricted to Admins and Budget Admins ONLY! • The Delete Button Deletes the entire Budget

>> How2 - Budget Maintenance Pop Quiz

GL Tips & Tricks @ Month End/Year End

• System Cleanup

Opportunities available during Year End routines:

• Financial - Delete unused GL segments• Inventory - Remove discontinued Items

- Update Items’ Standard Cost

GL Tips & Tricks @ Month End/Year End>> Microsoft Dynamics Great Plains Professional Services Tool Library

GL Tips & Tricks @ Month End/Year End>> Corporate Renaissance Group's Changer

GL Tips & Tricks @ Month End/Year End

• Adjusting FRx reports for the New Year

Adjusting FRx Reports @ Year Change

• How do you generate Balance Sheets prior to closing the prior year?

(Audience Poll)1. Inform your staff that Financials will be complete

once the auditors have left and we close the prior year

2. Worksheet it

3. Adjust your Report Templates

Adjusting FRx Reports @ Year Change• BS - Force 12/31 to be your beginning balance

FRx – Applying Effective Dates• Create Year based versions of your column layouts

FRx – Applying & Define Effective Dates

Proposed Health Care Bill &Expanded Reporting Changes for 1099s

1. Effective 2012?2. Track payments not only for services

but also for tangible goods. 3. Requires that 1099s be issued not just to

individuals, but also to corporations. • The provision, inserted by Democrats on the Senate Finance Committee to help

offset the cost of the bill, requires companies to report to the IRS payments of more than $600 a year to any vendor.

• The intent is to capture $2 billion or more a year in taxes on income that currently goes unreported by contractors and small businesses.

• The form is meant to make sure these workers pay taxes that the business would withhold if they were regular employees. The new rule, set to take effect in 2012.

GL Tips & Tricks @ Month End/Year End

• Vendor Creation &TIN Matching

4. 1099 filing for Purchase Card transactions (Corporate Credit Cards) will shift from end-user organizations to the financial institutions(except for federal, state and large local governments to report all payments through any payment method)

• >> http://www.napcp.org/news/48517/IRS-releases-final-regulations-related-to-1099-reporting-changes-for-2011.htm

Proposed Health Care Bill Expanded Reporting Changes for 1099s

Potential Impact of Expanded 1099 Information Reporting

• Currently we are only issuing 1099s for about 15% of our total paid vendors.

• Amongst 6 companies, we will be issuing approximately 200+ 1099s.

• If we were to issue 1099s to all vendors paid $600 or greater, we would need to file 1300+ records.

1099 Vendor Best PracticesVendor Maintenance:• Perform Tin Matching as part of the New vendor creation

process• “Offer” to withhold payment until correct information is

submitted and validated• Near final bulk TIN match in December

– Double Check record validity– Validate EIN vs. SSN number format– Review for appropriate box types (rent, medical)– Reminder: Box 14 Gross Proceeds paid to an attorney is for legal

settlements only. Legal Services are recorded under Box 7 non-employee compensation

1099 - Why TIN Match

• Requirement for Payer To Secure a TIN

Initial solicitation - for all payees, you must make the initial solicitation when the payee opens an account or when the transaction occurs using Form W-9 to request the taxpayer identification number.

• The CP2100 or CP2100A Notice

CP2100 and CP2100A notices are notices that inform a payer that he or she may be responsible for backup withholding. This may be due to missing or potentially incorrect taxpayer identification numbers identified during the processing of Form 1099 information returns. It is accompanied by a listing of missing, incorrect, and/or not currently issued payee TIN. Large volume filers (250 or more erroneous documents) receive the CP2100 notice, while all other filers receive the CP2100A notice.

• Payers face potential fines of $50 per each 1099 filing with a missing or invalid TIN

• "B" Notice

If the IRS sends you a "B" notice indicating an incorrect payee TIN, you are required to backup withhold28% from a payee no later than 30 days after receipt. Backup withholding until the payee furnishes a TIN and certifies that it is correct.

1099 - IRS TIN Matching • Various 3rd parties will submit on your behalf (~$135 for up to 100,000 records)• Free through IRS e-services

– Program Summary>> http://www.irs.gov/govt/tribes/article/0,,id=131207,00.html

– TIN Matching tutorial>> https://la2.www4.irs.gov/PeopleBooks/CRMPROD/Training/3pdev/3ptin/tinbulk1.htm

• Required IRS e-services Registration Information– Legal name (verified with IRS & SSA records) – Social Security Number (verified with SSA records) – Date of birth (verified with SSA records) – Telephone number , E-mail address – Adjusted Gross Income (AGI) from either your current year or prior year filed tax return

(verified from IRS records) – Home mailing address (verified from IRS records). If you have moved since you last

transacted with the IRS, please update your information when registering.

The only TIN Match solution built specifically for Dynamics GP…

The Validator1099 automates the process of validating TIN’s for expedited and accurate 1099 processing.

Automatically perform a three way comparison between GP vendor data and current government/IRS data.

Automatically identify whether or not vendors provided erroneous TIN’s, false names, bad addresses or has relocated, changed names or started-up under a new TIN.

Catch the issues early and minimize, if not eliminate, your risk in reporting bad information to the government.

OVERVIEW

Automated TIN Matching

Eliminate errors w/ 1099 reporting

Stop waiting months to know if the TIN’s filed against were accurate

Stop wasting time manually tracking down inaccurate or erroneous details

Stop paying fines to the government for incorrect 1099 data

Confidence that 1099’s are filed w/ accurate data

The only TIN Match solution built specifically for Dynamics GP…

BENEFITS PRICING

Customers must subscribe to the US Government web-based TIN Match Service

Includes the first year's enhancement and support plan, renewals are based on 20% of current retail price.

Includes 1 hour of service for installation, configuration, testing and training

GL Tips & Tricks @ Month End/Year End

• Account Reconciliations

GL Tips & Tricks @ Month End/Year End

• Account Reconciliations • Common Challenges• Manual Workarounds• GP Native Capabilities• Third party enhancements

Numbers don’t match. Now you have to manually “tick & tie” your way out of this situation.

Reconciling – The Old Way

Reconciling in GP 2010…still the old way

Potentially matched? Back to the “tick and tie process.

Better, but what are the actual problems with these

transactions?

Unfortunately, it doesn’t seem to work correctly if there are outstanding transactions paid by Credit Card.

Reconciling the new way…with The Closer

With the push of a button offending transactions are:• found in seconds• grouped by error

code• easily analyzed• quickly fixedNow the root cause can be addressed!

Typical Errors

• Distribution Errors – Do not change control account for distribution types of Pay, Cash etc.

• Date Issues – Do not change date on financial batch.• Journal Entries – Do not do Journal entries to control

accounts. Only to correct distribution errors.• Setup Issues – Make sure correct control accounts on

Customers, Vendors and Items. Make sure keep history checked on item cards.

• Posting Issues – Watch for stuck transactions. Make sure inventory batch “Post To GL” always checked.