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Microsoft Dynamics GP Year-End Closing Procedures

 

The year-end closing procedures in Dynamics GP are relatively straight forward. As you read on, you’ll find a list of some familiar closing procedures by module, but let’s dive a bit deeper into the year-end Payroll and Affordable Care Act (ACA) procedures. Payroll procedures are usually complex and time consuming, and the ACA impact can seem overwhelming, but we’re here to help!

ACA

 

Payroll and Affordable Care Act (ACA) If you’re using Microsoft Dynamics GP Payroll, there is new functionality built into GP 2013 to accommodate the Affordable Care Act (ACA). This impacts employers with more than 100 employees in 2015 and more than 50 employees in 2016.

Important: This is the LAST year that a Year-End Update will be available for Microsoft Dynamics GP 2010. There will not be a 2014 Year-End Update available for Microsoft Dynamics GP 10.0 and earlier versions.

If you have Dynamics GP 2010, and you want to take full advantage of the ACA functionality, we encourage you to upgrade to Dynamics GP 2013. If you can’t get this done before 1/1/15, have no fear.  There are summary tables that can be updated with ACA statistics manually! Give us a call to learn more!

 

More About ACA Changes

With mandatory reporting required for the Affordable Care Act at the end of the 2015 year, Microsoft Dynamics GP implements ACA tracking mechanisms with the 2014 Year End Update. In addition, changes made throughout the year will ensure you’ll be able to successfully generate the 1094-C and 1095-C forms at the end of 2015. The 1094-C and 1095-C forms will be included in Quarter 1 of 2015.

 

Here is the Payroll Procedures checklist for closing the year, including the new ACA setups:

  1. Verify that you have installed the latest 2014 payroll tax update
  2. Complete all pay runs for the current year
  3. Complete all month-end, period-end, or quarter-end procedures for the current year
  4. Make a backup of the original file
  5. ACA Specific:
    • Install Human Resources (with GP2013 it’s free!)
    • Install Human Resources and Payroll Suite to utilize Deductions in Arrears (DIA)
    • Deductions in Arrears allows you to track uncollected deductions to ensure they are recovered in a future pay run.
    • Add all Employee Dependents
    • Ensure Benefits and Deductions exist both in Human Resources and Payroll (Integration between HR and PR is complete).
  6. Install the Year-End Update
  7. Create the Year-End file
  8. Make a backup of the new file
  9. Verify W-2 and 1099-R statement information
  10. Print the W-2 statements and the W-3 Transmittal form
  11. Print the 1099-R forms and the 1096 Transmittal form
  12. (Optional) Create the W-2 Electronic file
  13. (Optional) Archive inactive employee Human Resources information
  14. Set up fiscal periods for 2015
  15. (Optional) Close fiscal periods for the payroll series for 2014

 

Below is a list of other modules. Follow the links provided for corresponding Microsoft guidelines that outline the closing procedures for each:

Year-End Closing Procedures for General Ledger: This article contains a checklist of the steps in the procedure, detailed information for each step, and a series of frequently asked questions.

Year-End Closing Procedures for Inventory Control: This article discusses how to close the year and how to prepare your inventory records for the new fiscal year in Inventory Control in Microsoft Dynamics GP.

Year-End Closing Procedures for Payables Management: This article describes the recommended year-end closing procedures for the Payables Management module in Microsoft Dynamics GP. The “More Information” section contains the following information:

  • A checklist of the steps that you must follow to complete the calendar year-end closing procedures.
  • A checklist of the steps that you must follow to complete the fiscal year-end closing procedures.
  • Detailed information about each step in the checklists.
  • A list of frequently asked questions.

Year-End Closing Procedures for Receivables Management: This article contains detailed information for each step in the year-end receivables management closing process and describes how to add the year-to-date finance charge information to customer statements for December and for January.

Year-End Closing Procedures for Fixed Asset Management: This document outlines the recommended year-end closing procedures for Fixed Asset Management in Microsoft Dynamics, a “More information” section, which contains detailed information about each step, and a series of FAQ.

 

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Don’t be overwhelmed – many of these tasks are optional, and we’re here to help with all of your technical needs! Contact Tidestone Solutions today for more information:

info@tidestonesolutions.com  |  207-761-2133  |  PMB 9715-805, Portland, ME 04104

 

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