Month & Year-End Closing At Its Best. Bob McAdam, Vice President of Finance Dynamic Communities, Inc.

Transcription

1 Month & Year-End Closing At Its Best Bob McAdam, Vice President of Finance Dynamic Communities, Inc.

2 Agenda Goals Review the common year-end process Provide help with specific issues Review Year-end Checklist Overview & Comments Step through applicable windows in GP

3 Year-End Checklist Finalize any/all applicable transactions Reconcile submodules to G/L Print necessary reports & file Make a backup when finished Begin closing process

4 Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger

5 Did you make your backup yet???!!!!

6 Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger

7 Closing Subledgers Properly SOP & POP modules No specific Y/E close process in either module 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 Reports>Purchasing>Analysis>Rec d/not Invoiced

8 Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger

9 Time for another backup

10 Closing Subledgers Properly Inventory Control (IC) Wrap-up year-end physical count & related variance/adjustment transaction postings Run the IC year-end closing process Routines>Inventory>Year-end Close Notes: Inventory Batches Post to G/L checkbox Reports>Inventory>Activity>Stock Status & Historical

11 Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger

12 Time for another backup

13 Closing Subledgers Properly Receivables Management (RM) Complete monthly processes, including posting all non-recurring RM batches, aging reports, etc. Review Unapplied Documents report Reports>Sales>Analysis>Unapplied Documents Run the RM year-end closing process Routines>Sales>Year-end Close Discussion of Customer Summary window

14 Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger

15 Time for another backup

16 Closing Subledgers Properly Payables Management (PM) Complete monthly processes, like RM module Run 1099s for tagged Vendors (if needed) Routines>Purchasing>Print 1099 Edit 1099s: Cards>Purchasing>Summary>Period Run the PM year-end closing process Routines>Purchasing>Year-end Close Two closes required if not on calendar year One for 1099s; one for year-end process

17 Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger

18 Time for another backup

19 Closing Subledgers Properly 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 Routines (Financial Tile)>Fixed Assets>Year-end

20 Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger

21 Time for another backup

22 Closing Subledgers Properly United States Payroll (UPR) Year-end processing ALWAYS 12/31 Confirm status of any new updates from Microsoft Process final payroll & period/qtr procedures Build the Year-end Wage file/table (UPR10101) Routines>Payroll>Year-end Closing Holds all info needed to produce W-2s & 1099-Rs Review & Edit W-2s & 1099-Rs (if needed) Routines>Payroll>Edit W-2s Routines>Payroll>Edit 1099-Rs

23 Closing Subledgers Properly United States Payroll (continued) Print W-2s & 1099-Rs Routines>Payroll>Print W-2s Routines>Payroll>Print 1099-Rs Apply new Dynamics GP Tax Tables Available via CustomerSource download Maintenance>US Payroll Updates>Check for Updates Typically, new tax tables installed after payroll close New calendar year payroll can now be processed

24 Module Closing Order SOP & POP Inventory Receivables Payables Fixed Assets Payroll General Ledger

25 Time for another backup

26 Finalizing the Y/E 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 & MR/FRx financials (optional) SKIP the Period Consolidation process

27 Finalizing the Y/E Close General Ledger (continued) Double-check Posting to History setting Setup>Financial>General Ledger Allows posting to most-recent closed fiscal year only Also check Maintain History & R/E acct. while here Run the G/L year-end closing process Routines>Financial>Year-end Closing Click Close Year button only once! Edit R/E account and/or next JE number (not common) Issue w/ financials if delayed past 1 st new acctg period

28 Finalizing the Y/E Close Ancillary items (iii) Before closing G/L, create a simple Accounts SmartList and review Posting Type settings KB# provides surgical fix steps Close the TEST database first if you prefer Fiscal Periods Setup Maintenance Setup (Administration Tile)>Company>Fiscal Periods Be sure all 2013 module boxes are closed Create a new calendar for 2014 module postings

29 If Closing in GP 2013

30 If Closing in GP 2013

31 If Closing in GP 2013

32 Questions? Bob McAdam Dynamic Communities, Inc. Bob s BloGPipes periodically at: