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Year-End Close Process for GP

Bryan Smith

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Overview

• The best practice is to complete close processes prior to starting the next reporting period

• The processes are usually located under the “Routines” menu group in each functional area

• Always make a backup (or verify the backups with your IT department) prior to closing and immediately after closing

• If you need assistance with any of these steps, please let us know. Microsoft also has good documentation on all of these processes.

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Dynamics GP

• Must close all sub-ledgers prior to closing General Ledger (In following order)

– Inventory

– Receivables

– Payables

– Fixed Assets

– Analytical Accounting (if on an older version - GP 10.0 SP2 and before)

– Payroll

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Inventory• The close transfers all summarized current-year quantity (cost and sales

amounts) to history for items for which you have been keeping a

summarized Sales History. The Quantity Sold field for each item is set to

zero. The close also updates the amount in each item's Beginning Quantity

field to the Quantity on Hand field at each site.

• It optionally cleans up discontinued items and lot attributes for items that

have been completely sold.

• Must be done before any Transactions in the new year have been posted

• Year-End Close is Optional for this module

• Before closing the year in Inventory, be sure that all Invoicing, Sales Order

Processing and Inventory transactions for the current year have been

posted.

• No Year-End Closing Report

• Close the Fiscal Periods for Inventory to ensure transactions are not

posted to prior periods

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Receivables

• Items Updated by Close– Smartlist Objects

– Summary Reports

– Amounts Since Last Close View

• Recommended to close year before posting transactions in the new year (Not Possible all the time)

• Be sure you have posted all sales and receivables transactions for the current year

• Be sure your customer trial balance reconciles

• Once Closed also close the Fiscal Periods for Sales to ensure transactions are not posted to prior periods

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Payables

• Similar to Receivables– Amounts Since Last Close

– Smartlist Objects

– Vendor Summary Reports

• Recommended to close prior to entering transactions (Not always possible)

• Be sure to post all transactions for the current year before you close.

• Be sure your vendor trial balance reconciles

• Once Closed also close the Fiscal Periods for Purchasing to ensure transactions are not posted to prior periods

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Payables – 1099s

• 1099s can be printed manually or filed

through Greenshades

• Be sure vendor setup is done correctly prior to

first invoice/check (Always get a W-9)

• You can manually edit 1099 amounts if

needed (Purchasing->Cards->1099 Details)

• Print option is under Routines

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Fixed Assets

• Must Close Payables First

• Post any additions, changes, transfers,

retirements and all depreciation for the

current year

• Complete any GL Posting prior to closing

• Run Year End Reports prior to closing and be

sure they reconcile to GL

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Analytical Accounting

• There is no separate Year-End Process for AA

for versions later than GP 10 SP 2

• The first time you close GL on a version higher

than GP 10.0 SP2 or higher, you will be

prompted to move AA data to history before

the system will allow you to close the year.

• If this is your first time closing with AA, verify

the settings in the AA Options window.

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Payroll

• Payroll Update needs to be run before running

first payroll of the new year

– This can be done prior to closing General Ledger

– Similar to applying a service pack

– Close will create a Year-End File. This is used to

create W-2’s. These can be run manually or filed

through Greenshades

• Allow extra time to test first payroll of year

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Payroll – W2s

• Be sure you have installed the latest 2016 Payroll Tax Update

• Complete all pay runs and postings for the current year

• Complete all month, period and quarter-end procedures for the current year

• Install the Year-End Update

• Create and Verify the Year-End file

• Install any Payroll Tax updates for 2017

• Close fiscal periods for the payroll series

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General Ledger

• Close Process rolls Balance Sheet balances forward and moves Income Statement to Retained Earnings

• Make sure accounts are setup correctly prior to running

• Be sure to verify the settings in the GL Setup window

• Be careful of deleting inactive accounts if the client uses Payroll

• Make sure to save the year-end close report

• Close the Fiscal Periods to ensure transactions are not posted to prior periods

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Questions

Bryan Smith

bsmith@trinsoft.com

859.252.6225 X1005

Tara Cox

tcox@trinsoft.com

859.252.6225 X1017