Webinar Presentation: Microsoft Dynamics GP 2014 Year-End Close

Emtec, Inc. Proprietary & Confidential. All rights reserved 2014.Emtec, Inc. Proprietary & Confidential. All rights reserved 2014.Emtec, Inc. Proprietary & Confidential. All rights reserved 2014.Emtec, Inc. Proprietary & Confidential. All rights reserved 2014.
What’s New for Year-End 2014
Heidi Jensen & John Szuberla
December 16th 2014

Agenda
Supported Versions & Upgrades
Inventory
Receivables Management
Payables Management
Fixed Assets
General Ledger
Payroll- ACA Changes & Requirements
Contest Information & Q/A Session
Additional Resources
2

A Bit About the Presenters
3
Heidi Jensen
Senior Microsoft Practice Manager–
• 14 Years of hands on Microsoft GP experience
• Bachelors in Accounting
• 10,000+ (has implemented payroll solutions for 10,000+
employees over the past 6 years!)
• Heidi.Jensen@emtecinc.com
For Additional Support Please Email
information@emtecinc.com | gpsupport@emtecinc.com
John Szuberla
National Microsoft Practice Director –
• 22 Years of experience in accounting, IT and Project Management
• MEA vendor solution Integration Experience (Salesforce, Oracle)
• Leads Strategic Direction with Dynamics CRM, ERP, SharePoint,
BI and .NET development initiatives
• John.Szuberla@emtecinc.com

Supported Versions & Upgrades

Supported Versions & Releases
•Microsoft Dynamics GP 10.0 year-end release is no longer supported. There
is general support through October 10, 2017
•Microsoft Dynamics GP 2010 & 2013 are supported
–LAST YEAR FOR GP2010!!!!
•Microsoft Dynamics GP2015 released!!!!
•All updates are cumulative
•All prior service packs, hotfixes, compliance, and year end updates are included
in the most recent release
–Ex: If you install year-end update you will ‘upgrade’ to GP2013R2
•The update must be installed at all servers and workstations that have a
Microsoft Dynamics GP installation otherwise a version error will occur
5

Pre-Install & Upgrade Tips
•Backup the DYNAMICS database and all company databases
•Export all modified reports and forms to package files (Microsoft Dynamics GP |
Tools | Customize | Customization Maintenance)
•Backup the modified reports and forms .DIC files
(Refer to the Dynamics.set file for the path to the modified .DIC files)
•Configure a test environment to test the upgrade prior to installing in the live
environment
6

Install & Upgrade Tips
•User running the update must have local admin rights
•Two components to the first update installation:
–Update application install
–Upgrade DYNAMICS and all company databases in Microsoft Dynamics GP
Utilities
•Typically the update is installed at the SQL Server first to upgrade the databases
in Microsoft Dynamics GP Utilities
7

•Verify the Microsoft Dynamics GP installation used to upgrade the databases
includes all additional product installations
•If the installation fails, refer to the Windows Installer Log or Windows Event
Viewer for more information. Refer to KB 2545723 for steps to create a Windows
Installer Log
•Search for “Return Value 3” in the Windows Installer Log
•If the installation of the MSP or EXE fails, try installing via the command line.
Refer to
KB 912997 #13 for steps
8

•Enable a Dexsql.log prior to upgrading the databases in Utilities. Refer to KB
850996 for steps
•If the database upgrade fails, do not restore the databases as all troubleshooting
can take place at the point of failure
•If a red X appears next to the company name in the Update Company window,
the table conversion failed. Refer to the Support Information Section of the
Upgrade Hot Topic for troubleshooting steps
9

•All modified reports and form dictionaries must be upgraded using the Update
Modified Forms and Reports process at the Additional Tasks window in Microsoft
Dynamics GP Utilities
•If all modified reports and form dictionaries are shared, only upgrade the
dictionaries once
•The MSP file can be pushed out to client workstations using Automatic Client
Update, Group Policy or other mass deployment tools
10

Post-Install & Upgrade Tips
•Backup the DYNAMICS database and all company databases following the
upgrade
•Export all modified reports and forms to package files following the upgrade
(Microsoft Dynamics GP | Tools | Customize | Customization Maintenance)
11

Inventory

Inventory Control Year End
When should the close be done?
•The Inventory module should be closed at the end of your Fiscal year, before
any new transactions that would affect inventory quantities are posted
•The Inventory module should be closed at the end of your Fiscal year, before
any new transactions that would affect inventory quantities are posted
•No changes in year-end update
13

What does the year end close process do and/or affect?
•Transfers all summarized current-year Quantity, Cost and Sales amounts to last-
year for the Items for which you have been keeping summarized Sales History
•Updates each Item’s Beginning Quantity from the Quantity on Hand at each site
•Zeros the Quantity Sold field in the Item Quantities Maintenance (Cards -
Inventory – Quantities/Sites) for each Site
•Gives you the option to: Remove Discontinued Items, Remove Sold Receipts,
Remove Sold Lot Attributes, and Update Item’s Standard Cost
14

What steps should I take to close the year?
•Enter and post all Purchase Order Processing, Invoicing/Sales Order
Processing, and Inventory transactions for the current year
•Follow the rest of the steps outlined in
KB872713: “Inventory year-end closing procedures in Inventory Control in
Microsoft Dynamics GP”
15

What are some of the key points to remember?
•Make restorable backups when recommended in KB872713
•If you are using Sales Order Processing and/or Purchase Order Processing,
reconcile these modules in addition to the Inventory module prior to closing
•Reconcile Order: SOP, POP, and then Inventory
•If you are using Dynamics GP 2010 or Dynamics GP 10.0 SP2 or later, year-end
may be an opportune time to implement the Historical Inventory Trial Balance
(HITB) report
16

What are some of the related KnowledgeBase articles that can be
referenced?
•KB872713 : “Year-End Closing procedures in Inventory Control in Microsoft
Dynamics GP”
•KB864622: “Information about the order in which the reconcile procedures
should be run in Microsoft Dynamics GP”
•KB855316: “Inventory Accidentally Closed Twice”
•KB872182: “Inventory year end close does not remove discontinued items”
17

Receivables Management

Receivables Management- Year End
When should the close be done?
•The Calendar Year end close should be done at the end of the calendar year
prior to posting any transactions in the next calendar year
–The Calendar Year end close clears the Calendar Year-to-Date Finance Charges and moves them to
the Last Year Calendar field in Customer Finance Charge Summary
•The Fiscal Year end close should be done at the end of the fiscal year prior to
posting any transactions in the next fiscal year
–The Fiscal Year end close transfers all amounts other than the Calendar YTD Finance Charge amount
to the Last Year column in Customer Summary using the Amounts Since Last Closed View
•No changes in year-end update
19

Receivables Management Year End
•Post all transactions for the current year
•Follow the rest of the steps outlined in
KB857444: “Year-end closing procedures for Receivables Management in
20

What are some of the key points to remember?
•Make restorable backups when recommended in KB857444
•Receivables Management is not completely date sensitive
•As there are some date sensitive features the best option to close the year on
time
21

referenced?
•KB857444 : “Year-end closing procedures for Receivables Management in
•KB851140 : “Information about performing the year-end closing procedure in
Receivables Management in Microsoft Dynamics GP after December 31”
•KB856865: “Removing outdated statement runs from the Reprint Statements
Window”
22

Payables Management

Payables Management Year End
When should the Year End Close be done?
•The Calendar Year End Close Routine should be run at the end of the Calendar
year prior to posting transactions in the new year
•The Fiscal Year End Close Routine should be run at the end of the Fiscal year
prior to posting transactions in the new year
24

What does the Year End Close Process do?
•The Calendar Year End Close process transfers
the 1099 Amounts from the Year to Date column to
the Last Year column in the Amounts Since Last
Close view in the Vendor Yearly Summary window
•The Fiscal Year End Close Process transfers all
other amounts from the Year to Date column to
the Last Year column in the Amounts Since Last
Close view
*If the amounts are incorrect in the Amount Since Last Close View contact support for
scripts that can be ran to correct the amounts.
25

•Post all transactions for the current year
•Make sure transactions for the new year are saved, not posted
•Make a backup
•Follow the steps in KB875169: “Year-end closing procedures for the Payables
Management module in Microsoft Dynamics GP”
26

Are there any changes I should know about with the Payables Year
End Close?
–1099 INT
•Added Box 10 (Marked discount)
•Added Box 11 (Bond Premium
•Renamed Box 13 to be Box 15 (State Tax Withheld)
27

What are some important points to remember?
–GP2013 new features
•Separate 1099 Address ID field on vendor card
•Additional Box Numbers added for each Tax Type
•Additional fields on the 1099 Details window
•New functionality to edit 1099 information
–Edit 1099 Transaction Information (per trx)
–Update 1099 Information Utility not has options for ‘Not a 1099 Vendor’ tax
type (per vendor)
•Can print 1096 form
•New features video: Payables Management
https://mbs.microsoft.com/customersource/documentation/userguides/MD
GP2013_TechnicalReadiness
28

•Follow the steps as outlined in KB875169
•Payables Management is not fully date sensitive, so it is still recommended that
you process your year end closing routines at the actual year end
•1099 Information will not auto-populate if the transactions were not processed
as 1099 transactions at the time of the posting
•Use KB918536 to correct this (GP2010 and prior)
•Use 1099 Details window to edit 1099 amounts individually (Cards |
Purchasing | 1099 Details)
29

Fixed Assets

Fixed Assets Year End Close
•The Fixed Assets Year End Close should be run
after you close Payables Management, but before you close the General Ledger
•You can close each book separately, but you must close all books before you
can do any processing in Fixed Assets for the new year
31

Are there any changes I should know about related to the Year End
Update for Fixed Assets?
•Luxury Auto Maximum Depreciation Deduction Amounts
•The maximum depreciation deduction amounts allowed for luxury vehicles
has been updated for assets placed in service in calendar year 2014 to
comply with IRS Guidelines: http://www.irs.gov/irb/2014-11_IRB/ar09.html
•Historical Reporting Capability in GP2013 (year-end reports)
•Dynamics GP2015 has Fixed Assets Year-end Report
32

What does the Year End Close process do?
–In the Asset General Information Window (Cards | Fixed Assets | General):
•The YTD Maintenance amount is cleared from the Expand last Maintenance
Date Window
•The Quantity is copied to the Begin Quantity field in the Expand Quantity
Window
–In the Asset Book Window (Cards | Fixed Assets | Book):
•The YTD Depreciation Amount is cleared
•Cost Basis is copied to Begin Year Cost field
•Life to Date Depreciation is copied to Begin Reserve field
•Salvage Value is copied to Begin Salvage field
–The Current Fiscal Year is increased for each closed book
33

•You must depreciate all assets through the last day of the current FA year before
you close the year
•Print all the reports that you will need for the year you are closing
•Make a backup
•Follow the steps in KB865653: “The year-end closing procedures for the Fixed
Asset Management module in Microsoft Dynamics GP”
34

General Ledger

General Ledger – Year End Close
•The General Ledger Year End Close should be done after you have completed
your Year End closings for all other modules
•Those other modules should be closed in the following order:
•Inventory
•Receivables
•Payables
•Fixed Assets
•No changes in the Year End Update
36

General Ledger – Year End Close Process
•The year end close process closes all Profit and Loss accounts out to Retained
Earnings, leaving the P&L accounts with a zero balance at the beginning of the
new year (*new option in 2013)
•All Balance Sheet accounts are updated with the beginning balance in the new
year which will be the same as the ending balance from the year you are closing
•The Retained earnings account(s) are updated with the amount from all P&L
accounts if you close to one Retained Earnings account, or with the amount from
the P&L accounts in that division if you close to divisional Retained Earnings
37

General Ledger Year End Close
•The Retained Earnings accounts are the only Balance Sheet accounts that
should have a different beginning balance than the ending balance from the year
that you are closing
•The year end close routine moves all open year transactions from the GL20000
table to the GL30000 table
•Balance brought forward journal entries are created in the GL20000
•The Fiscal Period tables are updated to mark the year that you are closing as
historical
38

•What’s new in GP2013?
–Include inactive GL accounts with $0 balance (or just those not used in budget)
–Year end closing Progress bar – DO NOT CTRL+ALT+DEL
–Mark unit accounts as balance sheet or P&L type
•What steps should I take to close the year?
–Follow the steps in KB888003: “Year-end closing procedures for General
Ledger in Microsoft Dynamics GP”
–FAQ section covers most common YEC Issues
39

What are some important points to remember?
•Remember to make restorable backups as needed and follow ALL the steps in
KB888003
•Make sure that you have enough free space on the server to allow for the
GL20000 table to double in size
•Perform the Year End Close at the server
•Have all other users out of Dynamics GP when you perform the year end close
•The year end close routine does appear to hang at 50%, but it is still processing,
so let it run
•DO NOT USE Reverse Historical Year to reverse failed year-end close
40

referenced?
•KB871679: “How to set up an adjusting period”
•KB850615: “How to use divisional retained earnings accounts”
•KB864913: “Changing the posting type on an account after you close the year”
•KB850741: “ Retained Earnings account not found”
•KB857582: “Query to clear beginning balances for unit accounts”
•KB856550: “General Ledger year end close still in process and batches cannot
be posted”
41

Payroll- ACA Changes &
Requirements

What’s New – U.S. Payroll Year End
•No W-2 Form changes
•W-3 Form changes
–Employer’s fax number box switched with Employer’s email address box.
•EFW2 Changes (W-2 Electronic Filing)
*File will error if YEC update is not installed – new required fields
•1099-R distribution code changes
–Code ‘K’ added to report hard-to-value IRA assets
•Product Quality Fixes around Payroll Year-End
**Recommend to install for payroll customers**
43

What’s New – U.S. Payroll Round 1 Tax Update
Calendar 2015 Round 1 Tax Update
•Target release date is December 19, 2014
•FICA Social Security tax limit $118,500
•State tax changes – Arkansas, California, Kentucky, Maine
*Do not install until after Year End Wage file is generated
and all payrolls for 2014 have been processed!
44

What’s New – U.S. Payroll & Affordable Care Act
Affordable Care Act (ACA)
•Phase 1 of 2 included in YEC
•YEC gets tracking in place.
–includes table/column changes for automatic ACA tracking in calendar
year 2015
•Included in Microsoft Dynamics GP 2013 and higher
–No tracking available for Microsoft Dynamics GP 2010!!
•Need to use Human Resources Management
45

What’s New– U.S. Payroll Year End
Affordable Care Act (ACA)
•Blog: ACA Information/Setup: (Nov 19, 2014)
https://community.dynamics.com/gp/b/dynamicsgp/archive/2014/11/
19/draft-microsoft-dynamics-gp-2014-year-end-release-affordable-
health-care-act-2.aspx
•Blog: ACA Table/Column changes: (Nov 12, 2014)
https://community.dynamics.com/gp/b/dynamicsgp/archive/2014/11/
12/table-and-column-changes-in-2014-year-end-update.aspx
46

Important Reminders
• If you are on Microsoft Dynamics GP 2013 SP 2 or above AND you use
Business Portal Human Resource Self Service Suite you will need to
install the BP Hotfix.
•There were Direct Deposit table changes made in GP 2013 Service Pack
2 around Payroll Direct Deposit affected Business Portal Human
Resource Self Service functionality.
•Error “Invalid column name ‘INDEX1’”
•Business Portal will not be supported with Microsoft Dynamics GP 2015
47

Documents, Numbers and Sites
•Downloads >> Tax Updates
•U.S. Year End Update.pdf
•W-2 Wage and Tax Statement Data Source.pdf
•Tax Forms – 800-432-1281 www.microsoftbusinesschecks.com
•IRS Forms and Publications http://www.irs.gov/formspubs/index.html
•Accuwage for Electronic File Verification
http://www.ssa.gov/employer/accuwage/index.html
48

What’s New – Supported Versions
•Supported Versions
–Microsoft Dynamics GP 2010 (11.00.2351)
–Microsoft Dynamics GP 2013 (12.00.1801)
–Microsoft Dynamics GP 2015 (releasing in Dec, YEC in January)
*Updates are all-inclusive
49

What’s New – Release Dates Year End
•Release Dates
–2014 Year End Update – GP 2010/GP2013 – now available!
–2014 Year End Update – GP 2015 – January 2015
–2015 Tax Update (Round 1) – Target of December 19th 2014
–2015 Tax Update (Round 2) – Mid January 2015
50

What’s New – Customers on Microsoft Dynamics GP
Customers on Microsoft Dynamics GP 2010:
• This is the LAST year that a Year End Update available.
• Mainstream support (ie. tax updates) will end 10/13/2015.
• Extended support with no updates will end on 10/13/2020.
51

Starbucks Contest Details

Now About That $50 Starbucks Gift Card
Even More Chances to Win!
•Every Question you submit during this webinar will
count as an addtional entry!
•Winner will be notified by email on Friday December 19th
•Gift Card will be mailed to the recipient
•To request a cup of coffee served by our Emtec Microsoft Team please email
Jennifer Sammons at Jennifer.Sammons@emtecinc.com
53

Q & A

Additional Resources

Additional Resources – Year End update
•2014 Year End Update for Microsoft Dynamics GP 2013:
https://mbs.microsoft.com/partnersource/northamerica/deployment/downloads/tax-
regulatory-updates/usgpye2013
https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-
•2014 Year End Update for Microsoft Dynamics GP 2010:
https://mbs.microsoft.com/partnersource/northamerica/deployment/downloads/tax-
https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-
56

Additional Resources – Payroll Tax updates
•U.S. Payroll Tax Update for Microsoft Dynamics GP 2013:
https://mbs.microsoft.com/partnersource/northamerica/deployment/down
loads/tax-regulatory-updates/TUGP2013
https://mbs.microsoft.com/customersource/northamerica/GP/downloads/t
ax-regulatory-updates/TUGP2013
•U.S. Payroll Tax Update for Microsoft Dynamics GP 2010:
https://mbs.microsoft.com/partnersource/northamerica/deployment/down
loads/tax-regulatory-updates/TUGP2010
https://mbs.microsoft.com/customersource/northamerica/GP/downloads/t
ax-regulatory-updates/TUGP2010
57

Additional Resources – New Features
•Microsoft Dynamics GP 2013 R2: New Features
https://community.dynamics.com/gp/b/dynamicsgp/archive/2014/04/22/microso
ft-dynamics-gp-2013-r2-new-feature-blog-series-schedule.aspx
•Microsoft Dynamics GP 2013 SP2: New Features
https://community.dynamics.com/gp/b/dynamicsgp/archive/2013/09/26/microso
ft-dynamics-gp-2013-service-pack-2-new-feature-blog-series-schedule.aspx
•Microsoft Dynamics GP 2013: New Features
https://mbs.microsoft.com/customersource/northamerica/GP/learning/documen
tation/user-guides/MDGP2013_TechnicalReadiness
58

Additional Check List Resources – Year End
•2014 Year-End Close Blog series:
https://community.dynamics.com/gp/b/dynamicsgp/archive/2014/11/04/
draft-microsoft-dynamics-gp-year-end-blog-series-for-2014.aspx
•‘Standard’ Year-End Close procedures: (Checklists/KB articles)
https://mbs.microsoft.com/Files/customer/GP/Downloads/TaxUpdates/
Standard%20Year-End%20Close%20Webinar.pptx
59

Additional Resources – Year End
KB Articles
•Payroll - KB 850663
•General Ledger - KB 888003
•Analytical Accounting - KB 960356 and KB 2910626
•Fixed Assets - KB 865653
•Payables Management - KB 875169
•Receivables Management – KB 857444
•Inventory – KB 872713
•BP/HRMSSS - KB 978268 (pay schedule dates)
60

Additional Resources – Support
• Dynamics 50 Shades of GP Blog
http://www.emtecinc.com/blog/erp-blog/2014/11/21/50-shades-of-microsoft-
gp-and-greenshades/
• Dynamics GP Support Blog
https://community.dynamics.com/product/gp/gptechnical/b/dynamicsgp/def
ault.aspx
• Microsoft Dynamics Community - Ask your peers
https://community.dynamics.com/default.aspx
• Microsoft Dynamics Support – Log a Support Request
https://mbs2.microsoft.com/Support/newstart.aspx
61

Case Creation – GP Support Case Routing
•Microsoft Dynamics GP Support Case Routing
Assistance with the install of the MSP or EXE
1. Support Topic Selection: System and Security Setup, Installation,
Upgrade and Migrations
2. Sub-topic Selection: System Installation
Assistance with the database or report/form upgrade in Microsoft
Dynamics GP Utilities
1. Support Topic Selection: System and Security Setup, Installation,
Upgrade and Migrations
2. Sub-topic Selection: System Upgrade
62

Case Creation – Assistance
Assistance with installing the tax table update in Microsoft Dynamics GP
1. Support Topic Selection: Payroll
2. Sub-topic Selection: Payroll Tax Update
Assistance with Payroll-specific issues related to the Year End release
and procedures
1. Support Topic Selection: Payroll
2. Sub-topic Selection: Year End Procedures
63

Case Creation
• INVENTORY
– Distribution – Inventory; Inventory – Other
• RECEIVABLES
– Financial – Receivables Management; Year End Procedures
• PAYABLES
– Financial – Payables Management; Year End Close
• FIXED ASSETS
– Financial – Fixed Assets; Year End Procedures
• ANALYTICAL ACCOUNTING
– Financial – Analytical Accounting; Other
• GENERAL LEDGER
– Financial – General Ledger; Year End Closing
64

THANK YOU FOR YOUR TIME
Please visit us online at www.emtecinc.com
THANK YOU FOR YOUR TIME
Please visit us online at www.emtecinc.com

Webinar Presentation: Microsoft Dynamics GP 2014 Year-End Close

Recommended

Recommended

More Related Content

Viewers also liked

Viewers also liked (20)

Similar to Webinar Presentation: Microsoft Dynamics GP 2014 Year-End Close

Similar to Webinar Presentation: Microsoft Dynamics GP 2014 Year-End Close (20)

Recently uploaded

Recently uploaded (20)

Webinar Presentation: Microsoft Dynamics GP 2014 Year-End Close