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Microsoft Dynamics NAV Year-End Processing
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- 2. trinsoft.com Agenda • General LedgerYear-End – Closing Posting – Creating Accounting Periods – Closing Accounting Periods – Consolidations • Payroll Year-End – Tax Table Updates – W-2s – Printed – W-2s – Magnetic Media • Accounts Payable Year-End – 1099s – Printed – 1099s – Magnetic Media • Questions
- 3. trinsoft.com General Ledger • ClosingPosting – No Sub Ledger closing required (Except Inv.) – Inventory Considerations (Inventory Periods) • Creating Accounting Periods – Always create the new one before closing old one • Closing Accounting Periods • Cashflow and Cost Management • Consolidations
- 4. trinsoft.com General Ledger • ClosingSteps – Update posting dates to prevent additional posting to those periods – Create new fiscal year – Execute year-end closing • Close fiscal year (Accounting Periods) • Close Income Statement – Which generates year-end closing entry • Review & post year-end closing entry
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- 8. trinsoft.com Close Income Statement •You are required to supply a Journal Template and Batch. We suggest setting one up specifically for year-end close. • Document No. and Retained Earnings account are also required. This is where the net equity is posted to the balance sheet. • Business Unit Code is selected if you are using them as part of consolidations. • Closing by dimension will post equity by the specified dimension value.
- 9. trinsoft.com Payroll • Tax TableUpdates • Year-End Steps prior to W-2s • Generating W-2s – Only done through Greenshades now – Be sure your Greenshades account is current • Other forms • Magnetic Media
- 10. trinsoft.com Payroll • Employee Setup –The Social Security Number is critical • Making Adjustments
- 11. trinsoft.com Accounts Payable • Year-EndSteps prior to 1099s • Printing 1099s • Magnetic Media • What if the data is wrong? • Can I reprint them? • Why aren’t they printing for these vendors?
- 12. trinsoft.com Accounts Payable • Getthe vendor setup properly BEFORE the first payment • Be sure to use the correct 1099 code (do NOT use MISC alone – it needs a two digit number after it – MISC-07 is the common one) • Multiple 1099 types for the same vendor are not easy to handle – best practice is to setup a separate vendor card for each 1099 type • Making Adjustments (VLEs are editable)
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