2016 Year End CloseMicrosoft Dynamics AX

• Overview of Dynamics NAV Year End Process

• Demonstration of Dynamics NAV Year End Process

• Overview of Payroll Year End Preparation

• Demonstration of Payroll Year End Preparation

Agenda

Agenda

Dynamics NAV Year End Process

Review Chart of Accounts and confirm: All revenue and expense accounts are set to Income

Statement

All asset, liability and retained earnings accounts are set to Balance Sheet

Create a backup of your database

Housekeeping – Pre Year End

Housekeeping

• Process– Complete period end procedures prior to

closing the accounting periods

– From the Accounting Periods window, select Close Year from the process group

• Points to Note– The financial year cannot be re opened or

changed following a close

– You can still post prior year and adjusting entries into closed accounting periods

Close Accounting Periods

• Process– Complete the Accounting Period Close Year

process prior to closing the Income Statement

– Run the Close Income Statement task

– Close Income Statement journal is created automatically, but not posted

• Points to Note– You can run the Close Income Statement

batch job multiple times

– If posting to a prior year, you need to rerun the Close Income Statement batch job

Close Income Statement

• Process– Select the Year End batch– Review and Post

• Points to Note– Posting Date is prefixed with a “C”– No accounts are closed until the

batch is posted

Post Close Income Statement Journal

• Process– Entry & posting performed as

per a standard transaction, with prior year posting date

– Re run the Close Income Statement batch job

• Points to Note– Entries will be automatically

flagged as a Prior Year Entry when posted

Prior-Year & Adjusting Entries

• Current Year

– Income Statement Accounts will have a $0 balance at the start of the new year, prior to transaction posting

• Prior Year

– Using the Date Filters to Limit Totals to prior year

• Filtering Closing Entries

– Including the Closing Entries in Date Filters

Reporting & Filters

Verify Income Statement Accounts have a zero opening balance

Create Accounting Periods for the new Fiscal Year

Create new Inventory Periods (optional)

In General Ledger Setup and/or User Setup, change the dates in the Allow Posting From & To fields to prevent posting to the previous year (if applicable)

Change the dates in the Allow FA Posting From & To fields to prevent posting to the previous year (if applicable)

Update work/machine center calendars if using manufacturing (if applicable)

Housekeeping – Post Year End

Housekeeping

Dynamics NAV Payroll Update Process

Preparing Payroll Data for the New Year

• Employee Tax Authority Information

– Update employee details

• Pay Cycle Terms

– Create Pay Cycle Terms

– Generate Pay Cycle Periods

Preparing Payroll Data for the New Year

Update Payroll Tax Tables2 methods available for updating Brackets

– via Payroll Set Up

– via Payroll Controls

Please check with the IRS for the most current Publication 15 (Circular E) Employer’s Tax Guide

• Update Company Information\Employer information (address, federal identification no., W-2 Contact, etc)

• Review Employee Information (address, social security no., etc.)

• Contact the Social Security Administration to request a pin\password.

• Go to www.ssa.gov/employer

• Call 1-800-772-6270

Prepare for Year-End Payroll Reporting

Tasks

Supported Versions for the 2016 Year-End Releases• Serenic will be releasing the 2016 Payroll Regulatory Update soon. This release will contain

updated objects for filing and reporting for the 2016 calendar year.

• The following versions are supported by these updates:

• HCM for NAV 20137.00.00.087.10.00.10

• HCM for NAV 20158.00.00.05

• HCM for NAV 20169.00.01.00

Greenshades• For the 2016 calendar year, Serenic continues its partnership with Greenshades Software to

provide for the filing and producing of the Payroll regulatory reports. The tool consists of two components. The Filing Center and the Forms Center.

Prepare for Year-End Payroll Reporting

• Filing Center The Filing Center is a program installed on your system and is opened from within Payroll to file reports with the applicable regulatory agencies. The Filing Center will be used for filing reports for federal, state, and local agencies, and includes an E-file Wizard that walks you through the E-Filing process . (*Note: Registration is required for the Filing Center and is included with your Serenic Enhancement plan.)

• Forms CenterThe Forms Center is a secure, web-based program that provides several options for distributing regulatory forms (W-2s, 1095-Cs, T4s, and T4As) to employees. You have the option to download and print the forms (on blank stock) and/or have employees sign into the Forms Center and download their own W2 form. For 2016, the Forms Center Upload fee is the same as last year, $0.31 per form.

Additional points to note include:

• You can upload forms more than once without duplicate billing

• There are no charges for E-Filing, regardless of type (Federal or State)

• There is no license fee for the Filing Center

• A Print and Mail service is also offered. Fees ranged between $0.75 - $3.25 per form (depending on the service date requested)

Prepare for Year-End Payroll Reporting

Notes

• Greenshades can be used to file and distribute the following regulatory reports:

– Canada: T4 and T4A

– US: W-2 (W-2 Copy A, W-2 4-Up), 940, 940A, 941, 941B, SUTA, New Hire and 1095-C

• Serenic HCM can be used to generate, file and print/export the following regulatory reports without using the Filing Center:

– Canada: RL-1, RL-1 Summary, and Record of Employment

IMPORTANT - Effective with the CY 2013 Regulatory Releases, the T4, T4 Summary, T4A, and T4A Summary will also be available from within Serenic HCM for printing and filing.

– US: Equal Opportunity Employment and Social Security Verification

• Requirements for the Greenshades Filing Center and Forms Center include:

– An active internet connection

– Microsoft .NET Framework version 4.0 (Full or Extended) or newer to be installed

– Microsoft Silverlight 5.0 or higher installed

Prepare for Year-End Payroll Reporting

• Prepare Your Data– Reconcile your payroll history. Watch for unusual items that need to be added to W-2’s at year-end most notably,

third-party disability payments, both accountable and non-accountable moving expenses, group term life, or employer-paid health insurance that may not have been recorded throughout the year.

– Resolve any outstanding Payroll checks, voiding if necessary before you begin the year-end process.

– Review your data for any inconsistencies (e.g., suffixes, like Sr., Jr. or III, should not be in the last name field, missingaddress information, missing email addresses).

– Have employees put their requests for duplicate W-2’s or T4’s into writing. This way you can confirm that an authorized person is asking for the information.

– Get your W-2’s processed early and do not file the W-3 until closer to the deadline –January 31st for paper filing, and March 31

stfor magnetic media filing. By waiting on the electronic filing, you can simply reissue the W-2 if any

information needs to be corrected. You will not need to file a W-2C, you will just reprint the form. After the electronic filing has been completed, then a reissue of a W-2 would require a W-2C and a separate electronic submission.

• Order Paper and Envelopes– If you are uploading your forms to Greenshades and you plan on printing your W-2, T4, or T4A forms yourself and

would like to order blank, perforated paper or envelopes from Greenshades, you can contact Greenshades directly at: Sales@Greenshades.com 888-255-3815 x2

– Canadian Customers: if you will be using the T4 and T4A generation and printing functionality from within Serenic HCM, you must use the pre-printed forms available from the Canada Revenue Agency.

Prepare for Year-End Payroll Reporting

2017 Payroll Tax Updates

• Payroll tax updates are scheduled to be released in mid to late December 2016.

• Customers current on their Serenic Enhancement are eligible for this update in addition to the regulatory update mentioned earlier.

• Subsequent tax updates will be released as state and local agencies release information.

• Manually update company-specific calendar year brackets, such as health insurance premiums, vacation accruals, etc.

2017 Pay Cycle Periods

• Remember to create your 2017 Pay Cycle Periods before processing your first payroll in the new year.

Prepare for New Year Payroll Processing

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