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transcript
GPUG® Summit 2011November 8-11
Caesars Palace – Las Vegas, NV
FIN 16 – ‘How2’ Manage Year-End Close More
EfficientlyBob McAdam | TribridgeZubin Gidwani | Dynamic Budgets
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Y/E Close Checklist
Finalize any/all applicable transactions Reconcile submodules to G/L Print necessary reports & file Make a backup when finished Begin closing process
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Module Closing Order
SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Module Closing Order
SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Closing Subledgers
SOP & POP modules SOP: Double-check for any applicable
invoices/returns and post POP: Double-check for any applicable
receivers/invoice matches and post POP: Received/Not Invoiced report ties out
your ‘Accrued Purchases’ liability account
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Module Closing Order
SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Closing Subledgers
Inventory Control (IC) Wrap-up year-end physical count & related
variance/adjustment transaction postings Run the IC year-end closing process Other Item:
Inventory Batches – “Post to G/L” checkbox mention
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Module Closing Order
SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Closing Subledgers
Receivables Management (RM) Complete monthly processes, including
posting all non-recurring RM batches, aging reports, etc.
Review ‘Unapplied Documents’ report Run the RM year-end closing process
Save new year transactions to batches for now
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Module Closing Order
SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Closing Subledgers
Payables Management (PM) Complete monthly processes, like RM module Run 1099s for tagged Vendors (if needed) Run the PM year-end closing process
Two closes required if not on calendar year One for 1099s; one for year-end process
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Module Closing Order
SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Closing Subledgers
Fixed Assets Management (FAM)
Close out Payables module before beginning Double-check that all transactions –
additions, retirements, etc. – are posted Double-check that final depreciation routine
and related G/L interface process are complete
Run the FAM year-end closing process
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Module Closing Order
SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Closing Subledgers
United States Payroll (UPR) Year-end processing ALWAYS done @ 12/31
Confirm status of any new updates from MSFT Process final payroll & period/qtr procedures Build the Year-end Wage file/table
Tools>Routines>Payroll>Year-End Closing Holds all info needed to produce W-2s & 1099-Rs
Review & Edit W-2s & 1099-Rs (if needed) Tools>Routines>Payroll>Edit W-2s Tools>Routines>Payroll>Edit 1099-Rs
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Closing Subledgers
United States Payroll (con’t)... Print W-2s & 1099-Rs
Tools>Routines>Payroll>Print W-2s Tools>Routines>Payroll>Print 1099-Rs
Apply new Dynamics GP Tax Tables Available via CustomerSource OR import them Typically installed after payroll is closed
New calendar year payroll can now be processed!
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Module Closing Order
SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Year-End Close
General Ledger (GL) ALWAYS the final module to be closed!
Doesn’t need to be closed immediately Finalize adjustments; post ‘Single Use’
batches Print detailed T/B & FRx/MR financials
(optional) SKIP Period Consolidation process
Tools>Routines>Financial>Period Consolidation
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Year-End Close
General Ledger (GL) Double-check ‘Posting to History’ setting
Tools>Setup>Financial>General Ledger Posting to most-recent closed fiscal yr only Also check ‘Maintain History’ & R/E acct
Run the G/L year-end closing process Tools>Routines>Financial>Year-End Closing
Click ‘Close Year’ button only once ! Edit R/E account and/or next JE number Issue w/ financials if delayed past 1st new period
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Year-End Close
Ancillary Items...If you’re licensed for Analytical Accounting on Dynamics GP v10 SP2+, and you’re closing your G/L, you may see this and then need KB #960356
GPUG Summit 2011– Las Vegas www.gpug.com
FIN16 – Year-End Close
Additional Ancillary Items... Before closing G/L, create a simple ‘Accounts’
SmartList and review “Posting Type” settings KB #864913 provides the required fix
Close the ‘TEST’ database first Fiscal Periods Setup Maintenance
Tools>Setup>Company>Fiscal Periods Be sure all 2011 module boxes are checked Create a new calendar for 2012 module postings
GPUG Summit 2011– Las Vegas www.gpug.com
Thanks for joining us!
Please fill out your evaluation
CPE credit is available for GPUG Summit 2011
Follow-up questions?– bob.mcadam@tribridge.com– zgidwani@dynamicbudgets.com– 720.515.1565 (Zubin)
See you in Houston at Convergence 2012 next March
See you in Seattle for Summit 2012
Browse out to www.gpug.com for more information