Microsoft Dynamics GP Year-End Close

Presenter – Troy Minor, Buu-Linh Tran

January 24, 2018

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Agenda

• Objective

• 1099 & review FAQ

• Receivable Year-End Close

• Payables Year-End Close

• Fixed Asset Year-End Close

• Inventory Year-End Close

• General Ledger Year-End Close

• FAQ for YE Close

• 1099 & review FAQ

Learning Objective

• Review Dynamics GP 1099 process

• Review GP year end close process

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Nasba essentials

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COURSE UPDATE DATE: JAN 23, 2018

COURSE REVIEWED BY: BUU-LINH TRAN

COURSE REVIEW DATE: JAN 23, 2018

NASBA FIELD OF STUDY: SOFTWARE TRAINING

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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

1. Print 1099 statements-Tools/routines/purchasing/ Print 1099

6. Print 1096 Form

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1099 Issues

• Alignment Issue: call Raffa

• Vendor was not marked as a 1099 vendor– Update 1099 details– Run update utility(GP2016)

Print 1099 and 1096

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Print 1099

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1099 Detail

Changes need to be done at the month level

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Edit 1099 Transaction Info at Transaction level

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YE Close

• Receivables Management

• Payables Management

• Fixed Assets Management

• Inventory

• General Ledger

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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)

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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

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

AR Year End Close

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AR Year End Close

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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)

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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)

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Payables Year End Close

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Payables Year End Close

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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

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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

Fixed Asset Close

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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

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Inventory Year-End close Checklist

• Post all transactions for the year

• Reconcile inventory quantities

• Complete physical inventory count and post any adjustments

• Make a backup

• Perform year end close (Tools/routine/inventory/year end)

• Make final backup

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Inventory Year-End close

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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

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Preparing for GL close

1. Close all sub-ledger• Inventory• Receivables Management

• Payables Management

• Fixed Assets Management

1. Do a backup!

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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

7. Close the fiscal and calendar year Make sure your user date is 12/31/xx Tools/routines/financial/ year-end close

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

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GL Year End Close

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Questions?