Microsoft Dynamics – Year end closing

This blog is the year end closing process for Dynamics GP.

A common question asked by many! Payroll year-end procedures are independent from the other modules and are always performed at the end of the calendar year. Some modules such as Inventory and Fixed Assets should be closed at the end of the fiscal year BEFORE posting transactions in the next fiscal year. When these modules are closed, the dates the transactions were completed are not used in determining if they are part of the close, rather the closing processing will include anything that is posted since the last close was completed. With regards to the Receivables and Payables modules, you may see inaccuracy in certain fields in summary reports, SmartLists and information in summary windows if these modules are not closed prior to posting transactions in the next year. Therefore it is recommended to process the fiscal and/or calendar year-end close prior to posting transactions for the next year. **Note – There are scripts that can be run to correct some of the reporting information in the Receivables and Payables modules. Please contact your Partner to discuss scripts that may be used to display this data correctly. Also keep in mind, there is no year-end close process for Sales Order Processing or Purchase Order Processing, rather the close is for the Receivables and Purchasing module. There is a specific order that Microsoft recommends when performing the year-end close. The modules should be closed in the following order according to fiscal/calendar year:

  • Payroll – Calendar (Before the first payroll of the new year)
  • Inventory – Fiscal
  • Receivables – Fiscal/Calendar
  • Parables – Fiscal/Calendar
  • Fixed Assets – Fiscal
  • Analytical Accounting – Fiscal
  • General Ledger Fiscal **Analytical Accounting is part of the General Ledger close process. The steps for closing Analytical Accounting are outlined in the documentation for the General Ledger module.

Below are the download sites for the year end update and payroll tax update.  An alternate method of updating the tax tables is done within GP.  Login as the sa user and open GP using the Run as Administrator. After logging in go to the Microsoft Dynamics GP button.  Go to Maintenance – US Payroll Update – Check for Tax updates.  It will then ask for your authorized number.  After you enter it will automatically connect to Microsoft and update your tax tables.  This will update the tables that all companies use.

Microsoft Dynamics GP 2013

U.S. PAYROLL YEAR END UPDATE FOR MICROSOFT DYNAMICS GP 2013
2017 US PAYROLL TAX TABLES R1 FOR MICROSOFT DYNAMICS GP 2013

Microsoft Dynamics GP 2015

U.S. PAYROLL YEAR END UPDATE FOR MICROSOFT DYNAMICS GP 2015
2017 US PAYROLL TAX TABLES R1 FOR MICROSOFT DYNAMICS GP 2015

Microsoft Dynamics GP 2016

U.S. Payroll Year End Update for Microsoft Dynamics GP 2016
2017 US Payroll Tax Tables R1 for Microsoft Dynamics GP 2016

Microsoft Dynamics GP 2018

2017 US Payroll Tax Tables R1 for Microsoft Dynamics GP 2018

Microsoft has released the U.S. 2017 Year-End updates for Microsoft Dynamics GP 2013, Microsoft Dynamics GP 2015  and Microsoft Dynamics GP 2016. This update includes previously released Microsoft Dynamics GP service packs, hot fixes, compliance updates and module fixes as needed.  The U.S. 2017 Year-End update will be INCLUDED when Microsoft Dynamics GP 2018 (Which has been released).

Do I need to install the Year End Update?

Required
Microsoft recommends installing the Year End Update. The Year End Update is required when you are on Microsoft Dynamics GP 2013, Microsoft Dynamics GP 2015 or Microsoft Dynamics GP 2016 and you have one of the following:

1. EFW2 changes (Electronic Filing, now due 1/31)
2. Product Quality Fixes around Payroll Year-End
3. Affordable Care Act Updates – Form and Code changes
4. Fixed Asset Luxury Auto Depreciation changes
5. 1099 change in layout

For the calendar year 2017, there are no W-2 or W-3 form changes and no vendor 1099 form changes.

If your company requires Affordable Care Act (ACA), this will be available through the Human Resource (HR) module, which is FREE on GP 2013 R2 and later. If this is something that is needed, please contact your Partner to request setup information and/or assistance. Tracking ACA information will NOT be available in any build prior to Microsoft Dynamics GP 2013 R2.

 

By | 2018-01-18T11:20:36+00:00 January 4th, 2018|Tags: , |0 Comments

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