Month & Year-End Closing

At Its Best
Bob McAdam, Vice President of Finance
Dynamic Communities, Inc.
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
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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

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

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

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

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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

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

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Time for another backup…

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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

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

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Time for another backup…

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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

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

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Time for another backup…

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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

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

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Time for another backup…

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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

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

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Time for another backup…

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Closing Subledgers Properly
• United States Payroll (UPR)
– Year-end processing ALWAYS done @ 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

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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

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

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Time for another backup…

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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

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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 1st new acctg period

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Finalizing the Y/E Close
• Ancillary items (iii)
– Before closing G/L, create a simple ‘Accounts’
SmartList and review “Posting Type” settings
• KB# 864913 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

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If Closing in ‘GP 2013’…

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If Closing in ‘GP 2013’…

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If Closing in ‘GP 2013’…

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Questions?
Bob McAdam
Dynamic Communities, Inc.
bob.mcadam@dynamiccommunities.com
http://www.linkedin.com/in/bobmcadam
“Bob’s BloGPipes” periodically at:

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