2014 Year-End Close

Agenda

• Install & Upgrade

• Inventory Control

• Receivables Management

• Payables Management

• Fixed Assets

• Analytical Accounting

• General Ledger

• US Payroll

Changes in Year-end

Update

• U.S. Payroll

• Payables Management

• Fixed Assets

No changes in Year-end Update

• Inventory Control

• Receivables Management

• Analytical Accounting (Reminder)

• General Ledger (Reminder)

What’s New –Year End

• Supported Versions

– Microsoft Dynamics GP 2010 (11.00.2351)

– Microsoft Dynamics GP 2013 (12.00.1801)

– Microsoft Dynamics GP 2015 (releasing in Dec, YEC in January)

*Updates are all-inclusive

What’s New –Year End

• Release Dates

– 2014 Year End Update – GP 2010/GP2013 – now available!

– 2014 Year End Update – GP 2015 – January 2015

– 2015 Tax Update (Round 1) – Target of December 19th 2014

– 2015 Tax Update (Round 2) – Mid January 2015

What’s New –Year End

Customers on Microsoft Dynamics GP 2010:

– This is the LAST year that a Year End Update available.

– Mainstream support (ie. tax updates) will end 10/13/2015.

– Extended support with no updates will end on 10/13/2020.

Pre-Install & Upgrade Tips

• Backup the DYNAMICS database and all company databases

• Export all modified reports and forms to package files (Microsoft Dynamics GP | Tools | Customize | Customization Maintenance)

• Backup the modified reports and forms .DIC files (Refer to the Dynamics.set file for the path to the modified .DIC files)

• Configure a test environment to test the upgrade prior to installing in the live environment

Install & Upgrade Tips

• User running the update must have local admin rights

• Two components to the first update installation:

– Update application install

– Upgrade DYNAMICS and all company databases in Microsoft Dynamics GP Utilities

• Typically the update is installed at the SQL Server first to upgrade the databases in Microsoft Dynamics GP Utilities

Install & Upgrade Tips

• Verify the Microsoft Dynamics GP installation used to upgrade the databases includes all additional product installations

• If the installation of the MSP or EXE fails, refer to the Windows Installer Log or Windows Event Viewer for more information. Refer to KB 2545723 for steps to create a Windows Installer Log

• If the installation of the MSP or EXE fails, try installing via the command line. Refer to KB 912997 #13 for steps

Install & Upgrade Tips

• Enable a Dexsql.log prior to upgrading the databases in Utilities. Refer to KB 850996 for steps

• If the database upgrade fails, do not restore the databases as all troubleshooting can take place at the point of failure

• If a red X appears next to the company name in the Update Company window, the table conversion failed. Refer to the Support Information Section of the Upgrade Hot Topic for troubleshooting steps

Install & Upgrade Tips

• All modified reports and form dictionaries must be upgraded using the Update Modified Forms and Reports process at the Additional Tasks window in Microsoft Dynamics GP Utilities

• If all modified reports and form dictionaries are shared, only upgrade the dictionaries once

• The MSP file can be pushed out to client workstations using Automatic Client Update, Group Policy or other mass deployment tools

Post-Install & Upgrade Tips

• Backup the DYNAMICS database and all company databases following the upgrade

• Export all modified reports and forms to package files following the upgrade (Microsoft Dynamics GP | Tools | Customize | Customization Maintenance)

Inventory Control Year End

• When should the close be done?– The Inventory module should be closed at the end of

your Fiscal year, before any new transactions that would affect inventory quantities are posted

Inventory Control Year End• What does the year end close process do

and/or affect?

– Transfers all summarized current-year Quantity, Cost and Sales amounts to last-year for the Items for which you have been keeping summarized Sales History

– Updates each Item’s Beginning Quantity from the Quantity on Hand at each site

– Zeros the Quantity Sold field in the Item Quantities Maintenance (Cards - Inventory – Quantities/Sites) for each Site

– Gives you the option to: Remove Discontinued Items, Remove Sold Receipts, Remove Sold Lot Attributes, and Update Item’s Standard Cost

Inventory Control Year End

• What steps should I take to close the year? – Enter and post all Purchase Order Processing,

Invoicing/Sales Order Processing, and Inventory transactions for the current year

– Follow the rest of the steps outlined in KB872713: “Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP”

Inventory Control Year End

• What are some of the key points to remember?– Make restorable backups when recommended in

KB872713

– If you are using Sales Order Processing and/or Purchase Order Processing, reconcile these modules in addition to the Inventory module prior to closing

– Reconcile Order: SOP, POP, and then Inventory

– Year-end may be an opportune time to implement the Historical Inventory Trial Balance (HITB) report

Inventory Control Year End

• What are some of the related KnowledgeBase articles that can be referenced? – KB872713 : “Inventory year-end closing procedures in

Microsoft Great Plains Inventory Control ”

– KB864622: “Order in Which Reconcile Should be Run for the Distribution Series”

– KB855316: “Inventory Accidentally Closed Twice”

– KB872182: “Inventory year end close does not remove discontinued items”

Receivables Management Year End

• When should the close be done?

– The Calendar Year end close should be done at the end of the calendar year prior to posting any transactions in the next calendar year

– The Fiscal Year end close should be done at the end of the fiscal year prior to posting any transactions in the next fiscal year

• What does the year end close process do and/or affect?– The Calendar Year end close clears the Calendar Year-

to-Date Finance Charges and moves them to the Last Year Calendar field in Customer Finance Charge Summary (Cards – Sales – Summary – Finance Charges)

– The Fiscal Year end close transfers all amounts other than the Calendar YTD Finance Charge amount to the Last Year column in Customer Summary using the Amounts Since Last Closed View (Cards – Sales –Summary)

Receivables Management Year End

• What steps should I take to close the year? – Post all transactions for the current year

– Follow the rest of the steps outlined in KB857444: “Year-end closing procedures for Receivables Management in Microsoft Dynamics GP”

Receivables Management Year End

• What are some of the key points to remember?

– Make restorable backups when recommended in KB857444

– Receivables Management is not completely date sensitive

– As there are some date sensitive features the best option is to close the year on time

Receivables Management Year End

• What are some of the related KnowledgeBase articles that can be referenced?

– KB857444 : “Year-end closing checklist for Great Plains Receivables Management”

– KB851140 : “Effects of closing Great Plains Receivables Management after December 31”

– KB856865: “Removing outdated statement runs from

the Reprint Statements Window”

Receivables Management Year End

What’s New - Payables Management

Year EndYear End Close Update includes changes for:

• 1099 INT form

- Added Box 10 - Market Discount

- Added Box 11 - Bond Premium

- Renamed Box 13 to be Box 15 - State tax withheld

• What are some important points to remember?

– Microsoft Dynamics GP 2013

• New functionality to edit 1099 information:

– Edit 1099 Transaction Information window (per trx)

– Update 1099 Information utility now has options for ‘Not a 1099 vendor’ tax type (per vendor)

• Print 1096 Summary Form

Payables Management – Year End

Payables Management Year End

• When should the Year End Close be done?

– The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transactions in the new year

– The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the new year

• What does the Year End Close Process do?

– The Calendar Year End Close process transfers the 1099 Amount from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window (Cards | Purchasing | Summary | Yearly Button)

– The Fiscal Year End Close Process transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view

Payables Management Year End

• What steps should I take to close the year?

– Post all transactions for the current year

– Make sure transactions for the new year are saved, not posted

– Make a backup

– Follow the steps in KB875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”

Payables Management Year End

• What are some important points to remember?

– Follow the steps as outlined in KB875169

– As with Receivables, Payables Management is not fully date sensitive, so it is still recommended that you process your year end closing routines at the actual year end

– 1099 Information will not auto-populate if the transactions were not processed as 1099 transactions at the time of the posting

Payables Management Year End

What’s New - Fixed Assets Year End

•Luxury Auto Maximum Depreciation Deduction Amounts

– The maximum depreciation deduction amounts allowed for luxury vehicles has been updated for assets placed in service in calendar year 2014 to comply with IRS Guidelines:

http://www.irs.gov/irb/2014-11_IRB/ar09.html

•Microsoft Dynamics GP 2015 -Fixed Assets Year End report

Fixed Assets Year End Close

• When should the Year End Close be done?

– The Fixed Assets Year End Close should be run after you close Payables Management, but before you close General Ledger

– You can close each book separately, but you must close all books before you can do any processing in Fixed Assets for the new year

Fixed Assets Year End Close

• What does the Year End Close process do?

– In the Asset General Information window (Cards | Fixed Assets | General):

• The YTD Maintenance amount is removed

• The Quantity is copied to the Begin Quantity field

– In the Asset Book window (Cards | Fixed Assets | Book):

• The YTD Depreciation Amount is removed

• Cost Basis is copied to Begin Year Cost

• Life to Date Depreciation is copied to Begin Reserve

• Salvage is copied to Begin Salvage

– Current fiscal year increased for each closed book

Fixed Assets Year End Close

• What steps should I take to close the year?

– Print all the reports that you will need for the year that you are closing

– Make a backup

– Follow the steps in KB865653: “The year-end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP”

– You must take depreciation to the last day of the yearthat you are closing before you close the year

• What are some important points to remember?

– Revised KB960356 : “The year-end close procedures for Analytical Accounting”

• Scripts to verify AA data in KB 2910626

– Management Reporter (Data Mart) reads from AA tables through CU 10.0

– Make sure AA is installed and enabled on workstation where GL is being closed!

Analytical Accounting –

Year End

Analytical Accounting Year End Close

• Follow the steps in KB960356 : “The year-end close procedures for Analytical Accounting”

• With Dynamics GP 2010 or later there is an Analytical Accounting year end close option

– This option enables balance brought forward entries on dimensions

– Analytical Accounting data closes with General Ledger regardless of whether this option is marked

General Ledger Year End

• What are some important points to remember?

– Microsoft Dynamics GP 2013 R2

• Reverse Historical Year button in Year Closing window – should NOT be used for a failed year-end close

• Restore to a backup immediately for a failed Year-End Close

General Ledger Year End Close

• When should the Year End Close be done?

– The General Ledger Year End Close should be done after you have completed your Year End closings for all other modules

– Those other modules should be closed in the following order:

• Inventory

• Receivables

• Payables

• Fixed Assets

General Ledger Year End Close

• What does the Year End Close process do?

– The year end close process closes all Profit and Loss accounts out to Retained Earnings, leaving the P&L accounts with a zero balance at the beginning of the new year

– All Balance Sheet accounts are updated with the beginning balance in the new year which will be the same as the ending balance from the year you are closing

– The Retained earnings account(s) are updated with the amount from all P&L accounts if you close to one Retained Earnings account, or with the amount from the P&L accounts in that division if you close to divisional Retained Earnings

General Ledger Year End Close

• What does the Year End Close process do?

– The Retained Earnings accounts are the only Balance Sheet accounts that should have a different beginning balance than the ending balance from the year that you are closing

– The year end close routine moves all open year transactions from the GL20000 table to the GL30000 table

– The Fiscal Period tables are updated to mark the year that you are closing as historical

General Ledger Year End Close

• What steps should I take to close the year?

– Follow the steps in KB888003: “Year-end closing procedures for General Ledger in Microsoft Dynamics GP”

– FAQ section covers most common YEC Issues

– Non-Multicurrency YEC report may have issue

General Ledger Year End Close

• What are some important points to remember?

– Remember to make restorable backups as needed and follow ALL the steps in KB888003

– Make sure that you have enough free space on the server to allow for the GL20000 table to double in size

– Perform the Year End Close at the server

– Have all other users out of Dynamics GP when you perform the year end close

– The year end close routine sometimes appears to hang at 50%, but it is still processing, so let it run

General Ledger Year End Close

• What are some of the related KnowledgeBase articles that can be referenced?

– KB871679: “How to set up an adjusting period”

– KB850615: “How to use divisional retained earnings accounts”

– KB864913: “Changing the posting type on an account after you close the year”

– KB850741: “ Retained Earnings account not found”

– KB857582: “Query to clear beginning balances for unit accounts”

– KB856550: “General Ledger year end close still in process and batches cannot be posted”

What’s New – U.S. Payroll Year End

• No W-2 Form changes

• W-3 Form changes– Employer’s fax number box switched with Employer’s email

address box.

• EFW2 Changes (W-2 Electronic Filing) *File will error if YEC update is not installed – new required fields

• 1099-R distribution code changes– Code ‘K’ added to report hard-to-value IRA assets

• Product Quality Fixes around Payroll Year-End**Recommend to install for payroll customers**

What’s New – U.S. Payroll

Year End2015 Round 1 Tax Update

• Target release date is December 19, 2014

• FICA Social Security tax limit $118,500

• State tax changes – Arkansas, California, Kentucky, Maine

*Do not install until after Year End Wage file is generated and all payrolls for 2014 have been processed!

What’s New – U.S. Payroll

Year EndAffordable Care Act (ACA)

• Phase 1 of 2 included in YEC

• YEC gets tracking in place.

– includes table/column changes for automatic ACA tracking in calendar year 2015

• Included in Microsoft Dynamics GP 2013 and higher

– No tracking available for Microsoft Dynamics GP 2010

• Need to use Human Resources Management

What’s New – U.S. Payroll

Year EndAffordable Care Act (ACA)

• Blog: ACA Information/Setup: (Nov 19, 2014)

https://community.dynamics.com/gp/b/dynamicsgp/archive/2014/11/19/draft-microsoft-dynamics-gp-2014-year-end-release-affordable-health-care-act-2.aspx

• Blog: ACA Table/Column changes: (Nov 12, 2014)

https://community.dynamics.com/gp/b/dynamicsgp/archive/2014/11/12/table-and-column-changes-in-2014-year-end-update.aspx

US Payroll Year End Closing

• Required Installation this year

• Supported versions

– Dynamics GP 2010

– Dynamics GP 2013

– Dynamics GP 2015

• Release Dates

– 2014 Year End Update – Released

– 2015 Tax Update (Round 1) – December 19, 2014

– 2015 Tax Update (Round 2) – January 2014

US Payroll Year End Closing

• Microsoft will provide a 2013 Year-End Update to all U.S and Canadian Microsoft Dynamics GP Customers.

• Microsoft will also provide Round 1 U.S. tax tables for the 2014 Payroll reporting year.

• There will not be any additional code updates released on GP 10.0.

• Normal technical support for Microsoft Dynamics GP 10 will end on 10/10/2017.

• If you are currently using Microsoft Dynamics GP 10.0, you must upgrade to Microsoft Dynamics GP 2010 or Microsoft Dynamics GP 12 (Due to release in December 2012) to receive any further regulatory and or code updates following the January 2013 Round 1 Tax Update.

What’s Changed – Year End Update

• W-2 Form changes

• W-3 Form changes

• EFW2 Changes

• 1099-R Changes for Pension Payroll

• 1099 Payables Div Changes

• Fixed Assets Luxury Depreciation Changes

US Payroll Year End Closing

• Payroll Year End Closing Checklist

– KB850663: “Year-end closing procedures for Microsoft Dynamics GP Payroll”

• Year-end Closing Procedures

– Install 2014 Year End Update

– Complete 2014 pay runs and verify period end reports

– Make a “Pre-Year End Wage File” backup

US Payroll Year End Closing

• Create the Year End Wage File

– Tools | Routines | Payroll | Year End Closing

• Make a “Post Year End Wage File” backup

• Year End Wage File

– Held in UPR10100-UPR10107 tables

– Year End Wage Report

– Edit & Print W-2s

– Create W-2 Electronic File (W200005, W200006)

US Payroll Year End Closing

• 2015 pay runs

– Install 2015 Payroll Tax Update

• Microsoft Dynamics GP | Maintenance | U.S. Payroll Updates | Check for Payroll Tax Updates

• Downloads & Updates | Tax Updates (manual)

Additional Resources – Payroll Tax

updates• U.S. Payroll Tax Update for Microsoft Dynamics GP

2013:

https://mbs.microsoft.com/partnersource/northamerica/deployment/downloads/tax-regulatory-updates/TUGP2013

https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates/TUGP2013

• U.S. Payroll Tax Update for Microsoft Dynamics GP 2010:

https://mbs.microsoft.com/partnersource/northamerica/deployment/downloads/tax-regulatory-updates/TUGP2010

https://mbs.microsoft.com/customersource/northameric

Documents, Numbers and Sites

• Downloads & Updates | Tax Updates

• U.S. 2014 Year End Update.pdf

• W-2 Wage and Tax Statement Data Source.pdf

• Tax Forms – 800-432-1281 www.staples.com

www.microsoftbusinesschecks.com

• IRS Forms and Publications http://www.irs.gov/formspubs/index.html

Additional Resources

• Blog http://blogs.msdn.com/b/dynamicsgp/

• Year-end information on CustomerSourcehttps://mbs.microsoft.com/customersource/support/downloads/taxupdates

• Knowledge Basehttps://mbs.microsoft.com/knowledgebase/search.aspx

• Microsoft Dynamics Support https://mbs.microsoft.com/support/newstart.aspx

• Microsoft Dynamics Community https://community.dynamics.com/product/GP/default.aspx

Additional Questions

If you have a technical question, please feel free to contact Massey Consulting support through a service request:

http://connect.masseyconsulting.net/support

support@masseyconsulting.net

Important Reminders

• If you are on Microsoft Dynamics GP 2013 SP 2 or above AND you use Business Portal Human Resource Self Service Suite you will need to install the BP Hotfix.

– There were Direct Deposit table changes made in GP 2013 Service Pack 2 around Payroll Direct Deposit affected Business Portal Human Resource Self Service functionality.

– Error “Invalid column name ‘INDEX1’”

– Business Portal will not be supported with Microsoft Dynamics GP 2015

Documents, Numbers and Sites

– Downloads >> Tax Updates

– U.S. Year End Update.pdf

– W-2 Wage and Tax Statement Data Source.pdf

– Tax Forms – 800-432-1281 www.microsoftbusinesschecks.com

– IRS Forms and Publications http://www.irs.gov/formspubs/index.html

– Accuwage for Electronic File Verificationhttp://www.ssa.gov/employer/accuwage/index.html

What’s New – Year End

• What are some Quality Issues included in YEC?

– Login Performance due to duplicate Workflow Navigation Lists in GP 2013 –GP 2013 only

– Advanced Payroll/PTO Manager fixes –GP 2013 only

– Payroll Validation report gives false error –GP 2010/2013

– Iowa State Tax annualized calculations –GP 2010/2013

– Receivables cash receipt apply issues due to currency ID mismatch – GP 2013 only

Additional Resources – Year End

update• 2014 Year End Update for Microsoft Dynamics GP

2013:

https://mbs.microsoft.com/partnersource/northamerica/deployment/downloads/tax-regulatory-updates/usgpye2013

https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates/usgpye2013

• 2014 Year End Update for Microsoft Dynamics GP 2010:

https://mbs.microsoft.com/partnersource/northamerica/deployment/downloads/tax-regulatory-updates/usgpye2010

https://mbs.microsoft.com/customersource/northameric

Additional Resources

• Microsoft Dynamics GP 2013 R2: New Features

https://community.dynamics.com/gp/b/dynamicsgp/archive/2014/04/22/microsoft-dynamics-gp-2013-r2-new-feature-blog-series-schedule.aspx

• Microsoft Dynamics GP 2013 SP2: New Features

https://community.dynamics.com/gp/b/dynamicsgp/archive/2013/09/26/microsoft-dynamics-gp-2013-service-pack-2-new-feature-blog-series-schedule.aspx

• Microsoft Dynamics GP 2013: New Features

https://mbs.microsoft.com/customersource/northamerica/GP/learning/documentation/user-guides/MDGP2013_TechnicalReadiness

Additional Resources – Year

End

• 2014 Year-End Close Blog series:

https://community.dynamics.com/gp/b/dynamicsgp/archive/2014/11/04/draft-microsoft-dynamics-gp-year-end-blog-series-for-2014.aspx

• ‘Standard’ Year-End Close procedures: (Checklists/KB articles)

https://mbs.microsoft.com/Files/customer/GP/Downloads/TaxUpdates/Standard%20Year-End%20Close%20Webinar.pptx

Additional Resources – Year

EndKB Articles

• Payroll - KB 850663

• Canadian Payroll -KB 861806

• General Ledger - KB 888003

• Analytical Accounting - KB 960356 and KB 2910626

• Fixed Assets - KB 865653

• Payables Management - KB 875169

• Receivables Management – KB 857444

• Inventory – KB 872713

• BP/HRMSSS - KB 978268 (pay schedule dates)

Additional Resources

• Dynamics GP Support Blog https://community.dynamics.com/product/gp/gptechnical/b/dynamicsgp/default.aspx

• Microsoft Dynamics Community - Ask your peers https://community.dynamics.com/default.aspx

• Microsoft Dynamics Support – Log a Support Request

https://mbs2.microsoft.com/Support/newstart.aspx

Case Creation

• Microsoft Dynamics GP Support Case Routing

Assistance with the install of the MSP or EXE

1. Support Topic Selection: System and Security Setup, Installation, Upgrade and Migrations

2. Sub-topic Selection: System Installation

Assistance with the database or report/form upgrade in Microsoft Dynamics GP Utilities

1. Support Topic Selection: System and Security Setup, Installation, Upgrade and Migrations

2. Sub-topic Selection: System Upgrade

Case Creation

• Microsoft Dynamics GP Support Case Routing

Assistance with installing the tax table update in Microsoft Dynamics GP

1. Support Topic Selection: Payroll

2. Sub-topic Selection: Payroll Tax Update

Assistance with Payroll-specific issues related to the Year End release and procedures

1. Support Topic Selection: Payroll

2. Sub-topic Selection: Year End Procedures

Case Creation

• Microsoft Dynamics GP Support Case Routing

INVENTORY

Distribution – Inventory; Inventory - Other

RECEIVABLES

Financial – Receivables Management; Year End Procedures

PAYABLES

Financial – Payables Management; Year End Close

FIXED ASSETS

Financial – Fixed Assets; Year End Procedures

ANALYTICAL ACCOUNTING

Financial – Analytical Accounting; Other

GENERAL LEDGER

Financial – General Ledger; Year End Closing