Year End Closing Procedures
Contents
1. Form Year End Close Procedures 20 5 To print the edit list from the Print 1099 window click Print on the File menu You can also print the 1099 Edit List if you click the printer icon from the Print 1099 window The 1099 Amount information is updated automatically when a 1099 invoice is fully paid The 1099 information can be edited for each vendor using the 1099 Details Purchasing gt gt Cards gt gt 1099 Details 5 Print 1099 statements using the Print 1099 window This step can be completed at any time You will be able to select the year you want to print the 1099s for 6 Close the calendar year Purchasing gt gt Routines gt gt Year End Close Close the calendar year using the Payables Year End Closing window Select whether you want to close the fiscal year calendar year or All to close both years If the calendar year coincides with your fiscal year select All If they do not coincide close the fiscal year separately W Payables Year End Closing A File Edit Tools Help 4 12 2017 Year to Close O Fiscal Calendar Print Report Last Closing Date Fiscal 12 31 2014 Calendar 12 31 2014 EJ Mark the Print Report option to print the Payables Year End Closing report after the closing process is completed This report lists the amounts transferred to Last Year Summary amounts for each vendor The report will print the amounts from the date of the current close to the prior year close2. Routines point to Payroll and then click Edit 1099 R Year End Close Procedures 30 Note If you change the W 2 or the 1099 R information we recommend that you make another backup Print the W 2 statements and the W 3 Transmittal form To print the W 2 statements follow these steps 1 In Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click Print W 2s In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click Print W 2s 2 In the Print W 2 Forms window specify the following settings e Print W 2s for Normal Year End e Print W 2 Forms 3 Click Print Note You can print employee W 2 statements as many times as you have to To print the W 3 Transmittal Form follow these steps 1 In Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click Print W 3s In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click Print W 3s 2 In the Print W 2 Forms window specify the following settings e Print W 2s for Normal Year End e Print W 3 Transmittal Form 3 Click Print Note You can print the W 3 Transmittal Form as many times as you have to Print the 1099 R forms and the 1096 Transmittal form To print the 1099 forms follow these steps ale In Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dy
3. Step 1 1 Complete the posting procedures and the closing procedures for all subsidiary modules a Post final transactions in all the modules except the General Ledger b Complete the month end procedure and the quarter end procedure for all the modules except the General Ledger c Complete the year end closing procedures for each module in the following order i Inventory see pages 13 17 for detailed instructions II Receivables Management see pages 18 19 for detailed instructions III Payables Management see pages 20 23 for detailed instructions IV Fixed Asset Management see pages 24 26 for detailed instructions V Payroll see pages 27 33 for detailed instructions Note Year end procedures for the Payroll module are independent of the procedures in other modules These procedures are always performed at the end of the calendar year regardless of your fiscal year 2 Post the final adjusting entries in the General Ledger module Adjusting entries include all entries that correct errors that were made when transactions were recorded Adjusting entries also include journal entries that are used to assign revenues or expenses to the period that the revenues were earned in or that the expenses were incurred in If you must make any adjusting entries to allocate revenue expenses or depreciation to the year that you are closing use the Transaction Entry window or the Quick Journal Entry window to make adjusting entries in the
4. be run at a separate time for each fixed asset book or it can be run for all books at the same time However this routine must be completed before running any fixed assets processing for the new year Functions Performed During the Year End Routine In the Asset General Information window The YTD Maintenance amount is removed The Quantity is copied to the Begin Quantity field In the Asset Book window The YTD Depreciation Amount is removed The following fields are copied Cost Basis to Begin Year Cost Life to Date Depreciation to Begin Reserve Salvage to Begin Salvage Increases the current fiscal year by one year for each book that is being closed Fixed Assets Year End FAQ 1 I have closed the General Ledger module and realized that I haven t closed the Fixed Assets module yet Can I perform the Fixed Assets Year End close process at this point We recommend closing the General Ledger module last after all of the subsidiary modules have been closed However Fixed Assets can be closed after the General Ledger Year End Close The GL Interface process can be performed and the transaction s posted to the closed historical year in the General Ledger To post to the historical year in General Ledger make sure that the following options are marked in the General Ledger Setup window under Setup Financial General Ledger Microsoft Dynamics GP Tools Setup Financial General Ledger Allow Posting to History Maintain Hi
5. close Sales gt gt Routines gt gt Year End Close If the calendar year coincides with your fiscal year click to select All If the calendar year does not coincide with your fiscal year close the fiscal year and the calendar year separately Click to select the Print Report box This report lists the amounts that were transferred to last year fields for each customer The Year End Closing report will print It is part of the audit trail and you should save it with your company s permanent records 4 Close the fiscal periods for the Sales series optional You can use the Fiscal Periods Setup window to close any fiscal periods that are still open for the year Microsoft Dynamics GP gt gt Tools gt gt Set up gt gt Company gt gt Fiscal Periods Closing the fiscal periods that are still open for the year prevents transactions from accidentally being posted to the wrong period or to the wrong year Make sure that you have posted all transactions for all modules for both the period and the year before you close fiscal periods If you later have to post transactions to a fiscal period that you have already closed you will have to return to the Fiscal Periods Setup window to reopen the period before you can post the transaction 5 Close the sales tax periods for the year optional Use the Tax Year End Closing window to close the sales tax periods and to print the Tax Year End Closing report Administration gt gt Routine
6. default number The default number is one more than the highest journal entry number that is posted for the current year Or Year End Close Procedures 10 you can specify a new number The journal entry number that you specify is used as the journal entry number for the Year End Closing Report d Click Close Year to start the routine Important Click Close Year one time If you click more than one time you will close more than one year during the process Also if the progress window appears to stop at 50 percent do not restart the routine As long as the hard disk is processing let the process continue e If you are maintaining account history the year end closing routine transfers all current year information for each account in the chart of accounts to account history If you are maintaining transaction history the year end closing routine also transfers all current year information for each account in the chart of accounts to transaction history The process then prepares the accounting system for a new fiscal year Besides transferring current year figures to transaction history and to account history the year end closing routine does the following f The year end closing routine reconciles and summarizes the general ledger balances that accumulated throughout the year g The year end closing routine removes accounts that are marked as inactive if the accounts match the criteria for deleting a posting account h The
7. to the current Cost if you re using either the FIFO periodic or LIFO periodic Valuation Method h Use the Inventory Year End Closing Inventory gt gt Routines gt gt Year End Close to close the year Sig Inventory Year End Closing Fie Edit Tools Help sa Fabrikam Inc 4 12 2017 Remove C Sold Lot Attributes C Sold Receipts and Cost Change History prior to 3 r Update C Item s Standard Cost Use the following descriptions to learn more about each option Remove Discontinued Items If you mark the Discontinued Items option all discontinued Items that have a zero balance will be removed during the year end closing process Items can be designated as discontinued using the Item Maintenance window Discontinued Items that have a Quantity On Hand of zero except for kit components and do not have any unposted transactions will be completely removed from the Inventory module Note If using the Service module verify whether any discontinued Items exist on any unposted service documents If so the documents must be posted before proceeding The Sales Order Processing Invoicing or Purchase Order Processing reports and inquiries will still be able to pull information regarding these discontinued Items however you will not be able to do a lookup on the Item Number since it has been removed from the Item Master If you would like to print a report or inquire on the discontinued Item you will need to include the Item with
8. you closed the year and can be restored later if necessary Payables Management Year End Closing Tips Print the 1099 statements using the Print 1099 window The 1099 Amount YTD information is updated automatically when a 1099 Invoice is paid The 1099 YTD information can be edited for each Vendor using the Vendor Period Summary window click Cards click Purchasing click Summary and then click Period This would be needed if a 1099 invoice was entered but a 1099 amount was not entered Currently Great Plains does not handle magnetic media filing of state 1099s If you are interested in a solution that offers this functionality please contact BCG Systems Inc and we will discuss options that offer compatible State W 2 and 1099 magnetic media products BCG Systems Inc 1735 Merriman Rd Akron OH 44313 E info bcgsystems com P 800 968 6661 www BCGSystems com Payables Management Year End FAQ Q Are inactive Vendor records cleared during year end closing If not how can inactive Vendor records be removed A No inactive Vendor records are not automatically removed To remove an inactive Vendor record the record must not have a current year 1099 amount or documents in history the work and open files have to be empty for this Vendor to be inactive When the records have been removed from history a Vendor or Vendors can be deleted using the Vendor Maintenance window or the Mass Vendor Delete window Q What exactly do t
9. Balance Sheet Cash GQ Inventory 000 1130 00 Petty Cash Balance Sheet Cash e a 000 1140 00 Savings Balance Sheet Short Term Investments ie Pearce 5 eens 000 1190 00 Cash Suspense Balance Sheet Cash FA Purchasing a sls 5 000 1200 00 Accounts Receivable Balance Sheet Accounts Receivable att sii Ea SN 000 1205 00 Sales Discounts Available Balance Sheet Accounts Receivable E inventory a Saes 000 1210 00 Allowance for Doubtful Balance Sheet Accounts Receivable 000 1220 00 Credit Card Receivable Balance Sheet Accounts Receivable a Manufacturing 000 1220 01 Credit Card Receivable Balance Sheet Accounts Receivable 000 1220 02 Credit Card Receivable Balance Sheet Accounts Receivable oN Sales 000 1220 03 Credit Card Receivable Balance Sheet Accounts Receivable 000 1220 04 Credit Card Receivable Balance Sheet Accounts Receivable a Administration 000 1230 00 Interest Receivable Balance Sheet Accounts Receivable 000 1240 00 Notes Receivable Balance Sheet Notes Receivable fs HR amp Payroll 000 1250 00 Other Receivables Balance Sheet Accounts Receivable m 000 1260 00 Employee Advances Balance Sheet Accounts Receivable ann 1970 on Ane A Oalanen Chant PEE rales ETS z 524 Accounts Completed First 1000 records with no search criteria Facebook Home Inbox Microsoft Ty Year End Closing Gy Year End Closing Microsoft 4 Close the last period of the fiscal year This step is optional You can use the Fisc
10. General Ledger module NOTE It is not necessary to wait until you receive your audit adjustments from your CPA to perform the year end close procedures The system allows you to post journal entries to the most recently closed fiscal year Therefore when you are at a point where you would print reports for your auditor you are ready to perform year end closing procedures The system will do a mini year end close when you post adjusting journal entries to a prior period 3 Print an account list to verify the posting type of each account The posting type determines whether an account is closed to the retained earnings account or whether an account brings a balance forward to the next fiscal year If the account balance is going to be brought forward at the end of the year the posting type must be set to Balance Sheet If the account balance is going to be Year End Close Procedures 4 closed to a retained earnings account at the end of the year the posting type must be set to Profit and Loss Use the Account Maintenance window if you must change the posting type for an account NOTE Unit accounts act as if they are Balance Sheet accounts and their balance will be brought forward Follow these steps to print an account list a Open Smart List and click Accounts b The optimal columns to show are Account Account Description Posting Type Account Category Number and Active c Click on the excel icon near the top of the Smar
11. IN Click Submitter The Electronic Filer Submitter Information window opens Enter the submission information Change the file destination information in the File Name field if it is required Click Create File or Save to store the information to create the file later Optional Archive inactive employee Human Resources information To archive inactive employee Human Resources information in Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Utilities point to Human Resources and then click Archive Employee In Microsoft Dynamics GP 9 0 click Tools point to Utilities point to Human Resources and then click Archive Employee Set up fiscal periods for 2010 To set up fiscal periods for 2010 follow these steps 1 In Microsoft Dynamics GP 10 0 point to Setup on the Microsoft Dynamics GP menu point to Company and then click Fiscal Periods In Microsoft Dynamics GP 9 0 point to Setup on the Tools menu point to Company and then click Fiscal Periods In the Year field type 2010 and then click Calculate Note You may want to close all periods except period 1 to prevent users from posting to future periods Click OK Year End Close Procedures 32 Optional Close fiscal periods for the payroll series for 2009 You can use the Fiscal Periods Setup window to close all fiscal periods that are still open for the year By closing fiscal periods you prevent users from accidentally postin
12. Make a backup of the new file 8 Verify W 2 and 1099 R statement information 9 Print the W 2 statements and the W 3 Transmittal form 10 Print the 1099 R forms and the 1096 Transmittal form 11 Optional Create the W 2 Electronic file Year End Close Procedures 27 Optional Archive inactive employee Human Resources information Set up fiscal periods for 2010 Optional Close fiscal periods for the payroll series for 2009 Install the payroll tax update for 2010 Alternative payroll year end checklist If you must process 2010 pay runs before you complete the year end closing procedures follow the steps in this alternative checklist 1 10 11 12 13 Verify that you have installed the latest 2009 payroll tax update Complete all pay runs for the current year Optional Complete all month end period end or quarter end procedures for the current year Make a backup of the original file Install the Year End Update Create the year end file Make a backup of the new file Verify W 2 and 1099 R statement information Optional Archive inactive employee Human Resources information Set up Fiscal Periods for 2010 Optional Close the fiscal periods for the Payroll series for 2009 Install the payroll tax update for 2010 Process the 2010 pay runs The user date must occur in 2010 Year End Close Procedures 28 14 Print the W 2 statements and the W 3 T
13. Microsoft Dynamics GP 2011 Year End Closing Procedures BCG Systems Inc This manual should be used as a guide along with the screen specific help printed Microsoft manuals and on line help available through CustomerSource along with assistance from your Microsoft Great Plains consultant if needed Year End Close Procedures 1 Year End Close Procedures Table of Contents Page General Ledger 4 Inventory 13 Receivables Management 18 Payables Management 20 Fixed Assets Management 24 Payroll 27 NOTE Although it is not required that all other users are out of Great Plains during the Year End close procedure we recommend that no transactions be created during the process If a situation arises during the procedure that would necessitate that the back up be restored any work done in the interim will be lost It is possible to have a fiscal year end that does not coincide with the end of the calendar year When this is the case it is necessary to close the Payroll module if applicable at the end of the calendar year and the remainder of the modules at the fiscal year end The instructions contained herein assume that the fiscal year end is also the calendar year end Year End Close Procedures 3 Year End Closing Procedures If you use more than the General Ledger module it is necessary to close all subsidiary modules prior to closing the General Ledger module If you only use the General Ledger module please skip
14. The amounts may be different from what appears when you click Cards click Purchasing click Summary and then click Yearly The Year End Closing Report is part of the audit trail and should be saved with your Company s permanent records 7 Close the fiscal periods for the Payables series optional You can use the Fiscal Periods Setup window to close any fiscal periods that are still open for the year Microsoft Dynamics GP gt gt Tools gt gt Set up gt gt Company gt gt Fiscal Periods This keeps transactions from accidentally being posted to the wrong period or year Make sure you have posted all transactions for the period and year for all modules before you close fiscal periods Year End Close Procedures 21 If you must post transactions to a fiscal period you have already closed you must return to the Fiscal Periods Setup window to reopen the period before you can post the transactions 8 Close the sales tax periods for the year optional Close the sales tax periods and print the Tax Year End Closing Report for the year using the Tax Year End Closing window This step is optional Note This procedure should only be completed after you have completed the year end closing procedures for all sales and purchasing modules 9 Make a final backup Make a final backup of your Company s data files and keep it in safe permanent storage This gives you a permanent record of the Company s financial position at the time
15. a solution that supports e filing SUTA Local Taxes State and Federal W2s 1099s 401k New Hire reports and more BCG Systems Inc 1735 Merriman Rd Akron OH 44313 E info bcgsystems com P 800 968 6661 www BCGSystems com Year End Close Procedures 33
16. al Periods Setup window to close any fiscal periods that are still open for the year Administration gt gt Setup gt gt Company gt gt Fiscal Periods This prevents transactions from being posted to the wrong period or year Year End Close Procedures 5 a Make sure that you post all the transactions for the period and the year for all modules before you close the fiscal periods Later if you have to post transactions to a fiscal period that you already closed you must return to the Fiscal Periods Setup window to reopen the period b If you use FRx Reporter keep one period in the most recent historical year open to prevent the following error message I FRX Print Engine Failed to Load the Company Calendar 5 Perform File Maintenance on the Financial Series group of modules Microsoft Dynamics GP gt gt Maintenance gt gt Check Links PM Check Links Series Financial Logical T ables Account Master Account Rollup Inquiries Budget Master Checkbook Master CM Setup CM Transaction Financials Setup Multicurrency Account Master Multicurrency Revaluation Multicurrency Setup Quick Journal Setup Quick avimal lork F Year End Close Procedures sa Fabrikam Inc 4 12 2017 Selected T ables Account Master Budget Master Transaction Work Quick Journal Work Quick Journal Setup Financials Setup Checkbook Master CM Setup Multicurrency Setup Multicurrency Revaluation Multicurrency Account Mas
17. ard reports that may be run You may elect to print these reports to a file as well so you can choose to print them again in the future if needed 6 Verify that the Quarters are set up correctly for all fiscal years Microsoft Dynamics GP Tools Setup Fixed Assets Quarters 7 Make a backup Make a permanent backup of all the fixed assets files to ensure that you can run additional reports later if necessary This should be a backup that is archived off site and is never erased 8 Perform the Fixed Asset Year End Close routine Performing Year End Close Microsoft Dynamics GP Tools Routines Fixed Assets Year End Year End Close Procedures 24 A Verify that the Current Fiscal Year on the Available Books list is correct B Select each book to be closed by highlighting the book in the Available Books list and clicking Insert The year end process will be performed for each book in the Selected Books list C Click the Continue Button The year end process will begin A report is not generated from this process D Verify that year end completed successfully by using reports and inquiries to verify the items in the Functions Performed during Year End Routine section of this document Fixed Assets Year End Closing Tips and Notes Because Fixed Assets is not a date sensitive module we recommend ensuring all transactions coming from Payables have been capitalized in the Fixed Assets system The year end routine can
18. ase Receipts Report Turnover Report Transaction History Report Serial Number List and Lot Number List Use selections from the Inventory Reports palette Inventory gt gt Reports to print these reports If you plan to remove sold Purchase Receipts during the year end closing process we recommend that you print the Purchase Receipts Report to review the receipts that will be removed Make a backup Make a backup of all Company data This is important to ensure that you ll be able to recover quickly should a power fluctuation or other problem occur during the year end closing procedure Close the year Closing a year accomplishes the following tasks a Transfers all summarized current year Quantity Cost and Sales amounts to transaction history for the Items for which you ve been keeping summarized Sales History b Updates the Item s Beginning Quantity to the Quantity on Hand at each Site Certain reports such as the Turnover Report use the Beginning Quantity field for report calculations d Close Procedures 15 c Zeros the Quantity Sold field in Item Quantities Maintenance Cards Inventory Item Qtys Sites for each Site d Remove Purchase Receipts for Items that have been completely sold e Remove any discontinued Items from the Item records that have been completely sold f Remove any Lot attributes from the records of Lot Numbered Items if they ve been completely sold g Updates the Standard Cost of each Item
19. b Profit and Loss Statement c Statement of Cash Flows 10 Set up a new fiscal year if not already done Before you can perform the year end closing routine you must set up a new fiscal year by using the Fiscal Periods Setup window Microsoft Dynamics GP gt gt Tools gt gt Set up gt gt Company gt gt Fiscal Periods E Fiscal Periods Setup File Edit Tools Help sa Fabrikam Inc 4 12 2017 4 OK BH Calculate 2 Redisplay E Year Bod v First Day 1 1 2010 EE Historical Year Last Day 12 31 2010 Open AIl Close All Series Closed Number of Periods Period Period Name Date Financial Purchasing Inventory Payroll Period 1 1 1 2010 Period 2 2 1 2010 Period 3 3 1 2010 Period 4 4 1 2010 Period 5 5 1 2010 Period 6 6 1 2010 Period 7 7 1 2010 Period 8 8 1 2010 m oo0r0r0000 eE E EEEE 000000 00000000 G O S a j 1 v Mass Close W In many cases when you are in the 12 month of your fiscal year you may have the need to post transactions in month one of the next fiscal year You can set up future fiscal years at any point in time however we recommend that you keep the period closed in future fiscal years until you are ready to use them Year End Close Procedures 9 11 Close the fiscal year To close the fiscal year follow these steps a Click Microsoft Dynamics GP gt gt Tools gt gt Routines gt gt Financ
20. ciation through the very last day of the year and perform the year end procedure The other solution would be to reset life on all of the assets However if amounts have ever been plugged for YTD and LTD Depreciation on the assets resetting the life would change those amounts and the end result may be different This will cause inconsistencies between the Fixed Asset module and the General Ledger which would need to be accounted for 3 Instead of going through the year end routine for Fixed Assets I manually changed the Current Fiscal Year field in the Book Setup window to the next year Do I need to go back and run the year end routine or can I continue processing activity in Fixed Assets for the new year If no activity additions changes transfers retirements and or depreciation has been run for the new year the Current Fiscal Year field in the Book Setup window can be changed back to the previous year and the year end routine can be processed If activity additions changes transfers retirements and or depreciation has been run for the new year restore the data from a backup and proceed with the year end close routine In either situation the year end routine needs to be run If it isn t then the YTD Depreciation Amount will be overstated on any report that includes assets that were retired or fully depreciated in the previous year When the year end close is not performed the YTD Depreciation amounts will not be removed ze
21. data in safe permanent storage The backup gives you a permanent record of the company s financial position at the end of the year The backup can be restored later if it is required Year End Close Procedures 7 8 Print a final Detailed Trial Balance Use the Trial Balance Report window to print a year end Detailed Trial Balance EA Trial Balance Report Options File Edit Tools Help sa Fabrikam Inc 4 12 2017 bd Save Clea X Delete S Print EA My Reports Option demo 4 Report Detailed Include Sort By Subtotal By Posting Accounts Segment ID Segment1 Ey No Subtotals C Unit Accounts x C Inactive Accounts Year Open History Current koos C Zero Balance No Trs C Multicurrency Info Print Currency In Functional Reporting Ranges Date v t From Enter Date v 0 0 0000 a To Enter Date ovosoo00 Restrictions Insert gt gt You can print a hard copy or if you own Adobe Writer not Reader you can print to the screen and then click the Send To button to send yourself a PDF file which you can save on your computer or you can do both PP Screen Output Trial Balance Detail ea ox File Edit Tools Find Help sa Fabrikam Inc 4 12 2017 S Pit SendTo Modify 125 Completed 76 Pages Page 1 ae E t o H eD DETAILED TRIAL BALANCE FOR 2017 Fabrikarn Inc General Ledger Ranges Hom lo Date VIVIS VZV Subtota
22. e Aged Trial Balance with Options Report Purchasing gt gt Reports gt gt Trial Balance Aged Trial Balance w Options to show the status of each Vendor Account This report should be kept with your permanent records as part of the audit trail If you are closing the fiscal year together with the calendar year we recommend that you print the Vendor Period Analysis Report Purchasing gt gt Reports gt gt Analysis gt gt Period and the Vendor Year to Date Summary reports Purchasing gt gt Reports gt gt Analysis gt gt Calendar Year for your permanent records because these amounts will be transferred to last year during the year end closing process 3 Make a backup Make a backup of all Company data and put it in a permanent storage This gives you a permanent record of the Company s financial position at the end of the year and can be restored later 4 Verify the 1099 information is correct by printing the 1099 Edit List Purchasing gt gt Routines gt gt Print 1099s PA print 1099 File Edit Tools Help sa Fabrikam Inc 4 12 2017 amp Print Z Clear E Company ge abr Address ID Primary Address 4277 West Dak Parkway Ciy Chicago State IL ZIP Code 60601 4277 Phone 312 436 2671 Ext 0000 Payer s Federal ID Number 1099 Year 2017 1099 Type Miscellaneous Form Type Continuous Vendors Vendor ID all From To Print Order 1099 Form Vendor ID Alignment
23. for each line in the stock count schedule is captured Later the actual count number quantities will be compared to the captured values to create default variance transactions Stock Count Forms can be printed during this process c Use the Stock Count Entry Inventory gt gt Transactions gt gt Stock Count Entry window to enter information about the results of your stock counts When you process a stock count variance transactions are created If the Autopost Stock Count Variances option is marked the transactions also will be posted Year End Close Procedures 14 Instead of going through the Stock Count procedure listed above you could manually create your adjusting entries Print a Physical Inventory Checklist using the Inventory Activity Reports window Inventory gt gt Reports gt gt Activity m Inventory Activity Reports File Edit Tools Help sa Fabrikam Inc 4 12 2017 Clear S Print Reports Options Prysical Invento Checkit Print List demo Year En and perform a physical count of your Inventory Items to verify that Quantity on Hand amounts are accurate for all Items If discrepancies exist enter the necessary adjustments in the Item Transaction Entry window Inventory gt gt Transactions gt gt Transaction Entry and post them Print additional reports Print any additional reports you ll need for planning or your permanent records including the Stock Status Report Purch
24. g transactions to the wrong period or to the wrong year Before you close a fiscal period verify that you have posted all transactions for the period and for the year for all modules To later post a transaction to a fiscal period that you have closed you must first reopen the period in the Fiscal Periods Setup window To close a fiscal period follow these steps ile In Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Setup point to Company and then click Fiscal Periods In Microsoft Dynamics GP 9 0 point to Setup on the Tools menu point to Company and then click Fiscal Periods Pe Click to select the Payroll check box for each Period that you close Install the payroll tax update for 2010 Note Do not install the payroll tax update for 2010 until the year end file has been created for 2009 To install the payroll tax update for 2010 follow these steps ale In Microsoft Dynamics GP 10 0 point to Maintenance on the Microsoft Dynamics GP menu point to U S Payroll Updates and then click Check for Tax Updates In Microsoft Dynamics GP 9 0 point to Products and Services on the Help menu and then click Check for Payroll Tax Updates 2 In the Tax Update Method window click Automatic and then click Next iq In the Authorization Number field type your authorization number and then click Log in 4 Click Finish Please contact BCG Systems Inc if you would like a recommendation for
25. he Payables Management Year End Close procedures do A The Calendar Year End Close moves the 1099 Amount YTD into 1099 Last Year in the Vendor Yearly Summary Amounts Since Last Close view The Fiscal Year End Close moves all other YTD amounts into Last Year amounts Year End Close Procedures 22 Q What should I do if I must issue a check on January 2 2010 but am not ready to close 2009 yet A Run the calendar and fiscal year end close for Payables If you use SmartList or the Vendor Summary report you can manually update the Amounts Since Last Close view for any additional 2010 activity entered after the close The 1099 information will be correct Q Is there a way to print an edit list of the 1099 Vendors before I actually print the 1099 statements A A 1099 report can be printed using the Print 1099 window When the Print 1099 window is open click Print on the File menu An edit list that contains the Vendor ID Vendor Name Address and 1099 amount will be printed You can also print the edit list if you click the printer icon in the Print 1099 window Q I have printed 1099 statements and some the statements did not have the Vendor Name appearing on them What should I do A When you print 1099 statements the Check Name entered for the Vendor record in the Vendor Maintenance window will appear on the statement If there is no Vendor Name appearing on the statement the Check Name field in this window is blank Enter a Chec
26. he year end closing process when using the Average Perpetual Method of Costing A1 If you re using the Average Perpetual Costing Method all Receipts for each Item will be averaged to determine the Average Cost Even if Quantities are sold the Average doesn t change until another Purchase Receipt for the Item is posted to the Inventory Purchase Receipts File The year end closing process doesn t change the Average Cost but it will remove the Purchase Receipts that have been completely sold The next time a Receipt is entered the Average Cost will be revalued with the Receipts that remain in the Inventory Purchase Receipts File Q2 Can the Inventory Year End Closing window Inventory gt gt Routines gt gt Year End Close be used throughout the year to update the standard Cost of Items if using the Periodic Valuation Method A2 This is not recommended because the Beginning Quantity field is updated during the year end closing process This would make that field incorrect on reports such as the Turnover Report Year End Close Procedures 17 Year End Closing Procedures Receivables Management 1 Post all transactions for the year 2 Make a backup Make a backup copy of your company data so that you will be able to recover quickly if a power fluctuation or other problem occurs during the year end closing procedure 3 Close the calendar year In the Receivables Year End Closing window click to select the year that you want to
27. ial gt gt Year End Closing B Year End Closing File Edit Tools Help sa Fabrikam Inc 4 12 2017 Retained Earnings Account Wily 3030 00 DE Starting Journal Entry 3 535 Year 2014 O Remove Unused Segment Numbers Last Closing Date b Specify an account in the Retained Earnings Account field if not already done so for a previous fiscal year The account that you specify in the Retained Earnings Account field is the account that the year s profit or loss is closed to The default account is the account that you specified in the General Ledger Setup window All current year earnings or losses are transferred to the account that you specify here If you want to distribute the retained earnings for the year to more than one account you can specify an allocation account to distribute the retained earnings amount to the appropriate accounts For example you could set up an allocation account to divide the earnings between several departments in your business Or you could transfer the year s profit or loss to accounts that contain a specific account segment This is referred to as closing to a divisional retained earnings account Contact one of our consultants for specifics of this procedure c Specify the number that you want to use as the first journal entry number for the next fiscal year in the Starting Journal Entry field or you can just follow with the next number in sequence You can accept the
28. in the Item Number Range Remove Sold Receipts If you mark Sold Receipts all Sold Receipts whose Quantity Received and Quantity Sold amounts are equal will be removed This is an optional step and may not be a procedure that is done every year end These values may be helpful when Items are returned through Invoicing so you may not want to remove the Receipts from the file Remove Sold Lot Attributes If you mark Sold Lot Attributes values for completely sold Lot Numbers will be removed For example you can remove the value red for the Lot attribute color if you ve sold all Lot Numbered Items that have been assigned the value red Update Item s Standard Cost If you mark Item s Standard Cost the Standard Cost for any Items that have been assigned the FIFO periodic or LIFO periodic Valuation Method will be adjusted automatically to reflect each Item s current Cost or the amount you most recently paid for the Item Year End Close Procedures 16 When you ve selected all the options you want choose OK to begin the year end closing process While the year is being closed you won t be able to post reconcile Quantities change Valuation Methods or change Decimal Places for Items 7 Close the fiscal periods for the Inventory series optional You can use the Fiscal Periods Setup window Microsoft Dynamics GP gt gt Tools gt gt Setup gt gt Company gt gt Fiscal Periods to close any fiscal periods that are still ope
29. k Name for each Vendor or use Report Writer to change the report to use a different field For more information about modifying a report see the Report Writer manual Year End Close Procedures 23 Year End Closing Fixed Assets 1 Ensure all Payables transactions relating to FA have been posted This will ensure all transactions are capitalized in Fixed Assets 2 Post all transactions for the year Enter in all activity for the current fiscal year This includes additions changes transfers and retirements Note Transfers and Undo Retirements should never be performed in a historical year 3 Run depreciation Run depreciation on all assets through the last day of the current fiscal year Microsoft Dynamics GP Tools Routines Fixed Assets Depreciate 4 Process the GL Interface GL Posting routine Microsoft Dynamics GP Tools Routines Fixed Assets GL Posting 5 Print Reports Run reports specifically reports which include year to date depreciation amounts as that information is not saved for previous closed fiscal years in Fixed Assets Some suggested reports that are normally run at year end are Annual Activity Additions Retirements Transfers Depreciation Ledger Property Ledger Fixed Assets to General Ledger Reconciliation The Book to Book Reconciliation and Book to Book YTD Depreciation Comparison reports are also available for comparing any two fixed assets books There are over 25 stand
30. k Backup on the File menu Note The Back Up Company window opens 2 In the Company Name list click your company name Change the path of the backup file if it is required and then click OK Note We recommend that you name this backup 2009 Pre Year End Update to differentiate it from your other backups Install the year end update To install the payroll year end update you must follow the steps in the Microsoft Dynamics GP U S 2009 Year end document IMPORTANT NOTE The install must be performed on each Year End Close Procedures 29 computer that has Microsoft Dynamics GP installed When the update is released install the update from the following location Customers https mbs microsoft com customersource support downloads taxupdates Note If you have employees with addresses outside of the U S the country codes table will need to be updated Refer to the Microsoft Dynamics GP U S 2009 Year End Update document for further details Create the year end file To create the year end file follow these steps ale In Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamic GP menu point to Routines point to Payroll and then click Year End Closing In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click Year End Closing gt In the Year field type 2009 and then click Process Note You can install the payroll tax update for 2010 any time after the year end file f
31. l By No Subtotals Account Hrst YYY YYYY VY sorted By segment1 Account 000 1100 00 Description Cash Operating Account Trx Date Jrni No Orig Audit Trail Distribution Reference Orig Master Number Orig Master Name 2 1 2017 1 201 RMCSHO0000128 Cash PYMNTOOOO000001 41 Contoso Ltd 2 1 2017 1 203 RMCSHO00000129 Cash PYMNTOOO0000001 42 American Science Museun 2 2 2017 1 206 RMCSHO0000130 Cash PYMNTOOO0000001 43 Aaron Fitz Electrical 2 2 2017 1 207 RMCSHO0000130 Cash PYMNTOOOOO00001 44 Advanced Paper Co 2 3 2017 1 209 RMCSHO0000131 Cash PYMNTOOO0000001 45 Riverside University 2 4 2017 1 218 RMCSHO0000134 Cash PYMNTOOOO0000001 49 Londonberry Nursing Hom 2 4 2017 1 220 RMCSHO0000135 Cash PYMNTOOO000000150 Midland Construction 2 4 2017 1 298 PMCHKOO0000044 Cash 20017 Green Lake Wire Compam 2 5 2017 1 212 RMCSHO0000132 Cash PYMNTOO0000000146 Aaron Fitz Electrical 2 5 2017 1 213 RMCSHO00000132 Cash PYMNTOOOO0000001 47 Aaron Fitz Electrical Note We recommend that you post all transactions for the period and the year for all modules before you print the Detailed Trial Balance If you post additional transactions later we recommend that you print a new Detailed Trial Balance Year End Close Procedures 8 9 Print year end financial statements The majority of clients use FRx Print any year end financial statements that are required by your organization The most common financial statements include the following a Balance Sheet
32. n for the year This keeps transactions from accidentally being posted to the wrong period or year Be sure you ve posted all transactions for the period and year for all modules before closing fiscal periods If you later need to post transactions to a fiscal period you ve already closed you ll need to return to the Fiscal Periods Setup window to reopen the period before you can post the transaction 8 Make a final backup Make a final backup of your Company s data files and keep it in safe permanent storage This gives you a permanent record of the Company s financial position at the time you closed the year and can be restored later if necessary Inventory Year End Closing Tips The year end close must be done before any transactions for the new year have been posted You have the option of marking Discontinued Items Sold Receipts or Sold Lot Attributes If marked all Items Sold Receipts or Sold Lot Attributes that have a zero balance will be remove during the year end closing process If you mark Update Item s Standard Cost the Standard Cost for any Items that have been assigned the FIFO periodic or LIFO periodic Valuation Method will be adjusted automatically to reflect each Item s current Cost which is the amount you most recently paid for the Item There is no Year End Closing report for Inventory Inventory Year End Questions and Answers Q1 How is the Average Cost of an Item updated throughout the year and during t
33. namics GP menu point to Routines point to Payroll and then click Print 1099 Rs In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click Print 1099 Rs 2s In the Print 1099 R Forms window click 1099 R Forms and then click Print Note You can print employee 1099 R forms as many times as you have to To print the 1096 Transmittal form follow these steps Year End Close Procedures 31 In Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click Print 1099 Rs In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click Print 1099 Rs In the Print 1099 R Forms window click 1096 Transmittal Form and then click Print Note You can print the 1096 Transmittal form as many times as you have to Optional Create a W 2 Electronic File To create a W 2 Electronic File follow these steps 1 In Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click W 2 Electronic File In Microsoft Dynamics GP 9 0 point to Routines on the Tools menu point to Payroll and then click W 2 Electronic File In the W 2 Electronic File window click to select the check box that is next to each company that you want to include in your W 2 Electronic File In the User ID Number field enter the user ID number formerly called a P
34. new year This backup can be restored later if it is required Year End Close Procedures 12 Year End Closing Inventory NOTE If you are using the perpetual inventory method you do not need to run Inventory year end unless you would like to have your discontinued items purged 1 Post all transactions for the year Be sure that all Invoicing Sales Order Processing and Inventory transactions for the current year have been entered and posted before you close the year This is important to ensure that historical information is accurate for the year you re closing and year to date amounts are accurately stated for the new year If you wish to enter future period transactions before closing the year create a new batch with new transactions but don t post it until after the year has been closed 2 Reconcile Inventory Quantities Reconcile Quantities for all Inventory Items using the Reconcile Inventory Quantities window Microsoft Dynamics GP gt gt Tools gt gt Utilities gt gt Inventory gt gt Reconcile F Reconcile Inventory Quantities File Edit Tools Help sa Fabrikam Inc 4 12 2017 Item Number S Options Include Item History iy O Process Cancel This process ensures that your Inventory Control data hasn t become damaged over the course of the year If any discrepancies are found during the Reconcile process the Quantities will be adjusted If adjustments are made they ll be reflected on the Reconcile Report alo
35. ng with any Serial Numbers and Lot Numbers that were added for the adjusted Items If you want to edit these Serial and Lot Numbers you can use the Item Transaction Entry window Inventory gt gt Transactions gt gt Transaction Entry to do so by making adjustment transactions Year End Close Procedures 13 3 Complete a Physical Inventory count and post any adjustments a Use the Stock Calendar Maintenance window Microsoft Dynamics GP gt gt Tools gt gt Setup gt gt Inventory gt gt Stock Calendar PA Stock Calendar Maintenance File Edit Tools Help sa Fabrikam Inc 4 12 2017 Company Name Fabrikam Inc April Company wide Settings Number of Shifts 1 Hours Per Shift 8 0000 Start Time 8 00 00 4M 18 a a e Down Day Settings 25 RA Saturdays and Sundays to set up and maintain information about when stock counts can be performed and which days will be counted when the system calculates suggested dates for the next stock count for a specific item site combination The Stock Count Count Cycle Assignment window Inventory gt gt Cards gt gt Count Cycle Assign can be used if desired to assign one stock count frequency to many items b Create a Stock Count Schedule Inventory gt gt Transactions gt gt Stock Count Schedule a list of the specific items at a specific site that will be counted during a specific count When you start a stock count schedule the quantity on hand
36. or 2009 has been created Make a backup of the new file Create a backup and then put this backup into safe permanent storage By creating a backup you make sure that you have a permanent record of the company s financial position at the end of the year You can restore the backup to quickly recover data if a power fluctuation or other problem occurs during the year end closing procedure To create a backup in Microsoft Dynamics GP follow these steps ale In Microsoft Dynamics GP 10 0 point to Maintenance on the Microsoft Dynamics GP menu and then click Backup In Microsoft Dynamics GP 9 0 on the File menu click Backup The Back Up Company window opens 2 In the Company Name list click your company name Change the path of the backup file if it is required and then click OK Note We recommend that you name this backup 2009 Post Year End File to differentiate it from your other backups Verify W 2 and 1099 R statement information To view the W 2 information in Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click Edit W 2s In Microsoft Dynamics GP 9 0 click Tools point to Routines point to Payroll and then click Edit W 2s To view the 1099 R information in Microsoft Dynamics GP 10 0 point to Tools on the Microsoft Dynamics GP menu point to Routines point to Payroll and then click Edit 1099 Rs In Microsoft Dynamics GP 9 0 click Tools point to
37. ransmittal form 15 Print the 1099 R forms and the 1096 Transmittal form 16 Optional Create the W 2 Electronic file Payroll module year end details Verify that you have installed the latest 2009 tax update Download the latest tax table updates and installation instructions Customers https mbs microsoft com customersource support downloads taxupdates Complete all pay runs for the current year Optional Complete all monthly and quarterly payroll month end period end or quarter end procedures for the current year For more information about period end procedures for payroll view Chapter 21 Payroll Company Routines in the Microsoft Dynamics GP user s manual You can find this user manual in Dynamics GP by clicking on the Help icon click on Printable Manuals click on Human Resources Payroll and then click on Payroll USA with Direct Deposit Make a backup of the original file Create a backup and then put this backup into safe permanent storage By creating a backup you make sure that you have a permanent record of the company s financial position at the end of the year You can restore the backup to quickly recover data if a power fluctuation or other problem occurs during the year end closing procedure To create a backup in Microsoft Dynamics GP follow these steps 1 In Microsoft Dynamics GP 10 0 point to Maintenance on the Microsoft Dynamics GP menu and then click Backup In Microsoft Dynamics GP 9 0 clic
38. roed out so they will be incorrectly included on the reports for the new year Year End Close Procedures 26 Year End Closing Procedures Payroll Complete the steps in the following checklist to install Payroll maintenance changes and to close the 2009 Payroll year In the final step of this checklist you will install the 2009 Payroll Tax Update We recommend you install the latest service pack for your Microsoft Dynamics GP application before installing the 2009 Payroll Year End Update Please speak to a consultant if you have any questions concerns or need assistance with this or any other Year End procedure Please note that the service pack will need to be installed first on the server and then on all client machines Note The 2009 Payroll Year End Update file and the 2010 Payroll Tax Update file will be available for Microsoft Dynamics GP 9 0 and 10 0 The 2009 Payroll Year End Update file and the 2010 Payroll Tax Update file will not be compatible with Microsoft Business Solutions Great Plains 8 0 or with earlier versions Payroll year end checklist To perform the year end closing procedures follow these steps 1 Verify that you have installed the latest 2009 payroll tax update 2 Complete all pay runs for the current year SF Complete all month end period end or quarter end procedures for the current year 4 Make a backup of the original file 5 Install the Year End Update 6 Create the Year End file 7
39. s gt gt Company gt gt Tax Year End Close Complete this procedure only after you have completed the year end closing procedures for all Sales and Purchasing modules 6 Make a final backup Make a final backup of your Company s data files and keep it in safe permanent storage This gives you a permanent record of the Company s financial position at the time you closed the year and can be restored later if necessary Receivables Management Year End Closing Tips Closing the calendar year will clear the calendar year to date finance charges and will move them to the Last Year field in the customer records The calendar year end close in Receivables will occur at the end of the calendar year regardless of when your fiscal year ends If your calendar year coincides with the fiscal year you will close both of them at the end of the calendar year Year End Close Procedures 18 The YTD finance charges do not automatically print on the statements in December and January If you want them to print on the statements check with one of the consultants for assistance on modifying the necessary report s Closing the fiscal year will transfer all amounts other than the calendar year to date finance charge amounts to last year Year End Close Procedures 19 Year End Closing Payables Management 1 Post all transactions for the calendar year Post all transactions for the calendar year BEFORE you close the year 2 Print th
40. story Accounts Maintain History Transactions The posted transaction will update the historical year and roll forward as a beginning Year End Close Procedures 25 balance to the open year If any expense or revenue accounts were included in the transaction they will automatically close out to the Retained Earnings account s 2 I processed the Fixed Assets Year End routine and have run depreciation in the new year I noticed that the depreciation is highly overstated and some of my assets have a negative Net Book Value Why is the system calculating so much depreciation This will happen if the year was closed and the assets were not depreciated through the very last day of the fiscal year For example if the fiscal year is a calendar year January 1 December 31 and the assets were depreciated through December 28th when the year was closed depreciation will be incorrect the next time it is run The system does not recalculate the yearly rate when the year end routine is performed therefore it will take a full year s worth of depreciation the yearly rate currently on each asset in the last few days remaining in the previous year December 29th December 31st If there are assets near the end of their original life it can cause the Net Book Value to go negative as well There are a couple of solutions available if this situation is encountered The first recommended solution would be to restore the data from a backup run depre
41. t List window and export the accounts d Note In Great Plains 8 0 and later you can deactivate accounts that have a balance These accounts are still processed during the year end closing routine according to their posting type Microsoft Dynamics GP E X Ar GO tone gt t 0 t Home sa s Home Customize this page a Home To Do a id Metrics 2 T Gil User Preferences gt Shortcuts PM smartList gt Report Shortcuts File Edit Tools SmartList Additional Help I Startup QA Search Refresh C Columns GH Favorites Be Print Excel Word Ei Calendar CQ Company Accounts E User Classes E i CD FieldService Account Number Account Description Posting Type Account Category Number Financial 000 1100 00 Cash Operating Account Balance Sheet Cash EQ Account Summary 000 1101 00 Cash in Bank Canada Balance Sheet Cash w Account Transactions 000 1102 00 Cash in Bank Australia Balance Sheet Cash Accounts 000 1103 00 Cash in Bank New Zeal Balance Sheet Cash 000 1104 00 Cash in Bank Germany Balance Sheet Cash S Bank Transactions 000 1105 00 Cash in Bank United Ki Balance Sheet Cash a E Multidimensional Analysis 000 1106 00 Cash in Bank South Africa Balance Sheet Cash B test 000 1107 00 Cash in Bank Singapore Balance Sheet Cash oa lj E Fixed Assets 000 1110 00 Cash Payroll Balance Sheet Cash S Human Resources 000 1120 00 Cash Flex Benefits Pro
42. ter CM Transaction Total Number of Records 6 Verify the settings in the General Ledger Setup window Microsoft Dynamics GP gt gt Tools gt gt Setup gt gt Financial gt gt General Ledger F General Ledger Setup File Edit Tools Help sa Fabrikam Inc 4 12 2017 Next Journal Entry EEE Display Net Change O Period Balances Retained Earnings C Close to Divisional Account Segments Account 000 3030 00 Ql gt Maintain History Allow Accounts Pasting to History Update Accelerator Information Transactions Deletion of Saved Transactions C Voiding Correcting of Subsidiary Transactions C Back Out of Intercompany Transactions User Defined Field Labels User Defined 1 User Defined 1 User Defined 3 User Defined 3 User Defined 2 User Defined 2 User Defined 4 User Defined 4 If you want to keep historical records you must click to select the Accounts check box and the Transactions check box in the Maintain History area of the General Ledger Setup window The account history lets you print financial statements and calculated budgets from historical information The transaction history lets you print detailed historical trial balances and allows you view transaction detail Both the account history and the transaction history are updated during the year end closing routine if these check boxes are selected 7 Make a backup Make a backup of all company data and put the
43. year end closing routine moves all profit and loss account balances to the retained earnings account the account specified in Step 11b i The year end closing routine summarizes balance sheet accounts and brings the balances forward as the beginning balances of the account in the new fiscal year j The year end closing routine prints the Year End Closing Report k When the year end closing routine is complete the Year End Closing Report is printed This report lists the accounts that were closed and the transactions that were created to close those accounts The Year End Closing Report is part of the audit trail Save this report for your company s permanent records The Year End Closing Report cannot be reprinted Year End Close Procedures 11 12 Load budget figures for the new year and print financial statements Load budget figures by using one of the following windows a Excel Based Budgeting b Budget Maintenance c Single Account Budget Maintenance d Print the Profit and Loss Statement for the next fiscal year to verify that profit and loss accounts were closed to the retained earnings account Print the Balance Sheet to verify that balance sheet accounts indicate that the balances were brought forward 13 Make another backup Make a backup of all company data label it accordingly and put it in safe permanent storage The backup gives you a permanent record of the company s financial position at the beginning of the
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