Join the Raffa Technology team for an important session on the year end closing procedures for Microsoft Dynamics GP. We will provide you with an overview of the year end closing procedures for the financial series of modules in Dynamics GP. This will include General Ledger, Accounts Payable, Accounts Receivable, Fixed Assets, Payroll, Inventory and 1099 Processing.

1. Microsoft Dynamics GP
Year-End Close
Presenter – Troy Minor, Buu-Linh Tran
January 24, 2018
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2. 2
Agenda
• Objective
• 1099 & review FAQ
• Receivable Year-End Close
• Payables Year-End Close
• Fixed Asset Year-End Close
• Inventory Year-End Close
• General Ledger Year-End Close
• FAQ for YE Close
• 1099 & review FAQ

3. Learning Objective
• Review Dynamics GP 1099 process
• Review GP year end close process
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4. Nasba essentials
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COURSE UPDATE DATE: JAN 23, 2018
COURSE REVIEWED BY: BUU-LINH TRAN
COURSE REVIEW DATE: JAN 23, 2018
NASBA FIELD OF STUDY: SOFTWARE TRAINING

5. 5
Steps for 1099
1. Post all payable transactions for the year
2. Perform month-end period close
3. Perform back up (pre-1099 edits)
4. Verify 1099 information
-Tools/routine/purchasing/print 1099 (File/print)
-Edit 1099 amount – cards/purchasing/details/period
1. Print 1099 statements
-Tools/routines/purchasing/ Print 1099
6. Print 1096 Form
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6. 6
1099 Issues
• Alignment Issue: call Raffa
• Vendor was not marked as a 1099 vendor
– Update 1099 details
– Run update utility(GP2016)

7. Print 1099 and 1096
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8. Print 1099
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9. 9
1099 Detail
Changes need to be
done at the month level

10. 10
Edit 1099 Transaction Info at
Transaction level

11. 11
YE Close
• Receivables Management
• Payables Management
• Fixed Assets Management
• Inventory
• General Ledger

12. 12
What Happens in Receivable Close?
Calendar Year Close
• Clears Finance Charge for YTD
• Updates Finance Charge LYR
Fiscal Year Close
• Clears the YTD balances for each
customer
• Updates LYR balances for each customer
(cards/sales/summary)

13. 13
Receivables Year-End Close Checklist
1. Post all sales and receivables
transactions for the year
2. Perform month-end period close
3. Perform back-up (Pre year-end close)
4. Close the fiscal and calendar year
 Make sure your user date is 12/31/xx
 Tools/routines/sales/ year-end close
1. Perform another back-up (post year-end
close)

14. AR Year End Close
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15. AR Year End Close
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What Happens in Payables Close?
Calendar Year Close
• Clears amount for YTD
• For amount since last close view, updates LYR
• For calendar view, updates amount for LYR
Fiscal Year Close
• Clears the YTD balances for each vendor
• Updates LYR balances for each vendor for fiscal
year view
(cards/purchasing/summary)

17. 17
Payables Year-End Close Checklist
1. Print the aged TB w/ options report
2. Perform back-up (Pre year-end close)
3. Close the fiscal and calendar year
 Make sure your user date is 12/31/xx
 Tools/routines/purchasing/ year-end close
4. Perform another back-up (post year-end
close)

18. 18
Payables Year End Close

19. 19
Payables Year End Close

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What happens in FA close?
• Current fiscal year in each closed book
increased by one year
• System zeros the following fields
– YTD depreciation
– YTD Maintenance

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Fixed Asset YE Close Checklist
1. Enter all FA transactions
2. Depreciate all assets through the last day
of the year
3. Build FA calendar if necessary
4. Create backup
5. Run FA YE close routine
(Tools/routine/FA/YE)
6. Create final backup

22. Fixed Asset Close
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What happens in Inventory close
• Zeros the quantity sold field in item quantity
maintenance window for each site
• Updates the amount in the item’s beginning
quantity field to the quantity on hand field at each
site
• Transfer all summarized current year quantity
(cost and sales amounts) to transaction history for
the items
• Updates the standard cost of each items to the
current cost if you use either the FIFO periodic or
the LIFO periodic valuation method

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Inventory Year-End close Checklist
• Post all transactions for the year
• Reconcile inventory quantities
• Complete physical inventory count and post
any adjustments
• Make a backup
• Perform year end close
(Tools/routine/inventory/year end)
• Make final backup

25. 25
Inventory Year-End close

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What Happens during GL Year-End
Close?
• Transfers all current year information for each
account to account history
• Reconciles and summarizes the GL balances that
accumulates throughout the year
• Removes all accounts that are marked as inactive
if the accounts matches criteria for deleting
• Removes all P&L account balances to RE
• Summarizes balance sheet accounts and brings
the balance forward as the beginning balance of
the account in the new year
• Prints the year-end closing report

27. 27
Preparing for GL close
1. Close all sub-ledger
• Inventory
• Receivables Management
• Payables Management
• Fixed Assets Management
1. Do a backup!

28. 28
General Ledger Year-End Close
Checklist
1. Post all outstanding entries in GL
2. Print an account list to verify the posting type of each account
(reports/financial/accounts/ all accounts (include inactive
accounts)
3. Perform month-end period close
4. Verify setting in the GL setup window
5. Perform pre-close backup
6. Print detailed TB report and Financial Statement (to file) Setup
new fiscal year
7. Close the fiscal and calendar year
 Make sure your user date is 12/31/xx
 Tools/routines/financial/ year-end close
8. Perform another back-up (post year-end close)

29. 29
GL Year End Close

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Questions?