Welcome to this years second half of Dynamics GP Year-End Blog series, where we will showcase year-end closing information to assist you with planning for a smooth year-end close. Let's get started!
Update 7: Payable Management
Does the 2019 Year-End Update include any form changes for Payables Management?
NO Changes for 2019 Forms!
Is there any new functionality that I should be aware of for Year-End?
There are no functionality changes for the 2019 Year-End Update.
When should the Year End Close for Payables Management be done?
- The Calendar Year-End Close Routine should be run at the end of the Calendar year prior to posting transaction in the next Calendar year.
- The Fiscal Year-End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the next Fiscal year.
What does the Year-End Close Process do and /or affect?
- The Calendar year-end close process transfers the 1099 Amount from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window, found under (Cards >> Purchasing >> Summary >> Yearly Button).
- 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, also found under (Cards >> Purchasing >> Summary >> Yearly Button).
*If the Year to Date or Last Year amounts are incorrect in the Amount Since Last Close View: contact support for scripts that can be ran to correct these amounts.
- When these amounts are transferred this will also affect SmartList amounts that contain Year to Date or Last Year summary columns.
- The Vendor Summary report will also be affected by the transfer of amounts from the Year to Date column to the Last Year column when closing the year.
What steps should I take to close the year?
- Post all transactions for the current year.
- Make sure that transactions for the new year are saved, not posted.
- After verifying those steps, make a backup of your company database.
- Follow the steps in KB 875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”.
Key points to remember:
- Follow the steps outlined in KB 875169 and always make a restorable backup before starting any year-end close procedure.
- Payables Management is not fully date sensitive. In the Vendor Yearly Summary window, the Summary Views for Calendar Year and Fiscal Year are date sensitive, so will be correct.
However, the Amounts Since Last Close view will move amounts from the Year to Date Column to the Last Year column at the point in time you ran the Year End close process for Payables Management. As such, it is recommended that you process your year-end closing routines at the actual year end, and before you post any transactions in the new year so this view is correct.
- Vendors should be marked as 1099-able before any transactions are posted for them so that 1099 information is updated automatically throughout the year. Please refer to KB 918536 to correct vendors that were not marked correctly.
- Please Note: Both Payables Management and Receivables Management Year End KB articles mention that you should close the tax year. This will only need to be done once, after both the Receivables and Payables modules are closed. (The reason that we list this on both KB Articles is because some users may not use both Payables Management and Receivables Management.)
- Feel free to watch this great VIDEO that demonstrate features around printing, editing and other maintenance for 1099 forms.
Update 8 - Inventory
Does the 2019 Year-End Update include any changes specifically for the Inventory Control Year-End close?
No, there are no changes included for the Inventory Control year-end close process.
When Should the Inventory Control Year-End 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 in the new fiscal year.
What Does the Year-end Close Process do and/or Affect?
- Transfers all summarized current-year quantities, costs, and sales amounts to last-year, for the items which you are maintaining 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 window (Cards >> Inventory >> Quantities/Sites) for each site.
- Gives you options to:
- Remove discontinued items
- Remove sold purchase receipts
- Remove sole lot attributes
- Update items standard cost
What Steps Should You Take to Close the Year?
Enter and post all Purchase Order Processing, Invoicing/Sales Order Processing, and Inventory transactions for the current year and then continue with the steps outlined in KB 872713 “Inventory year-end closing procedures in Inventory Control in Microsoft Dynamics GP”!!
Key Points to Remember:
- Make restorable backups as recommended in KB 872713!!
- If you are using Sales Order Processing and/or Purchase Order Processing, be sure to reconcile each of these modules along with the Inventory module prior to closing.
- The order in which to reconcile these modules is as follows (more information on that below): SOP, POP and then Inventory.
Update 9 - Analytical Accounting
It's that time of year again! Be sure to give yourself plenty of time to review the Analytical Accounting (AA) data before you run the Year-End close process for General ledger. This will be an important step if your financial reports pull any data from AA tables.
Please review the information below to ensure a successful year-end process for AA:
Does the 2019 Year-End Update include changes that will affect year-end processing for Analytical Accounting?
There are NO changes included in the 2019 Year-End Update that will affect year-end processing for Analytical Accounting!!!
Is there a separate Year-End close process to run for Analytical Accounting?
The year-end close process for Analytical Accounting is automatically integrated with the year-end close process for General Ledger. So no, there are no 'separate' steps that you need to run in Analytical Accounting to close it. **However, you should always verify AA data is accurate prior to closing the year.
What should I be aware of for AA with Year-end procedures?
If your Financial reports need to pull data from AA tables, (such as Management Reporter Data Mart), be sure to give yourself plenty of time to go through all the information in KB Article 2910626 before you close the General Ledger year.
What is the impact if the AA data does not match GL data?
If the AA data does not match General Ledger data, and financial reports are pulled from AA tables: This could skew your Financial reports (when AA tables are not consistent with General Ledger) and you won't balance to the General Ledger Trial Balance reports. Missing or duplicated data in the AA tables can skew the beginning balance entries created in the AA tables. The first step is to determine if your Financial reports use the AA tables or not. If you do use AA tables or Management Reporter, it is highly recommended to run through KB 2910626 to help look for mismatched data between AA and General Ledger that should be corrected before closing the General Ledger year.
Why wouldn't data match between AA and General Ledger tables?
There are many reasons why AA data may not match the General Ledger data. If AA is active, ALL transactions from other modules update the AA tables(whether or not the General Ledger accounts are linked to AA and whether or not you put AA codes on the transactions). All transactions need to be accurate in the AA tables if you are doing your financial reporting from AA tables.
Discrepancies can occur when:
- There are posting interruptions
- Data is imported
- AA is not installed on all machines
- General Ledger was closed on a machine in the past where AA was not installed
- Users disable AA when AA error messages crop up
- Multi-currency is not registered
As such, we recommend that you continually use the scripts in KB 2910626 to monitor if there are any ongoing issues in your environment (most definitely prior to closing your General Ledger year). This will ensure the data between AA and General Ledger stays in sync if you are doing any financial reporting from AA tables.
When should the Year End Close for Analytical Accounting be done?
Since there is no separate process to close AA, we recommend that you run through the following KB articles before closing the General Ledger year:
- KB 960356 - The Year End Close procedures for Analytical Accounting in Microsoft Dynamics GP.
- If you are using Management Reporter (MR) for your reporting, you should also run through KB 2910626 -Financial Reports from Management Reporter do not match the General Ledger Trial Balance Reports in Microsoft Dynamics GP.
Note: If you have any of the scripts saved locally in the past from these KB articles, be sure to re-download the scripts again so you have the most up to date versions of these scripts.
What does the General Ledger year end close process do and/or affect in Analytical Accounting?
The General Ledger Year-End close process will affect the following in the AA tables:
- Moves AA data from open tables (AAG30000-AAG30003) to the history tables (AAG40000-AAG40003)
- Creates Balance Brought Forward (BBF) entries in the AAG30000 series tables
- Consolidates balances and ties AA codes to the BBF entries for the AA dimensions that were marked to be included in the year-end close
What steps should I take to have AA included in the General Ledger Year-end close and BBF entries created in AA?
In order to have AA codes tied to your beginning balances created by the General Ledger year-end close, you must first verify that the following options are selected:
- In the Analytical Accounting Options window (Microsoft Dynamics GP >> Tools >> Setup >> Company >> Analytical Accounting >> Options), mark the checkbox for ‘Include dimensions in the year end close’ and click OK.
- In the Transaction Dimension Maintenance window (Cards >> Financial >> Analytical Accounting >> Transaction Dimension), select the AA dimension code you want a balance carried forward for, and mark the checkbox for ‘Consolidate balances during Year End close’ and click Save. Do this for each Transaction Dimension you wish to have linked to the beginning balance entries create by the General Ledger year-end close process.
Key points to remember:
- Follow the steps in KB 960356 titled “The Year-End close procedures for Analytical Accounting in Microsoft Dynamics GP”. This KB includes steps and SQL scripts to make sure the AA data matches General Ledger data. It also has steps to verify that the AA dimensions that you wish to be consolidated during the year-end close process are properly marked to create BBF entries, and steps on how to move data to history. You should determine if your reporting tool uses AA tables or not. Data Mart with Management Reporter now reads from AA tables, so it is more important than ever to make sure your AA data matches General Ledger data.
- With the release of Microsoft Dynamics GP 2015, the user can determine the data that is available to the Microsoft Dynamics Management Reporter Data Mart to help improve the performance and give the user control over the data selected. Note that the Data Mart CU10 and up does have the option to report with or without AA data.
- Make sure the General Ledger year-end close is performed at a workstation that has AA installed and activated, and that users know not to disable AA if they receive any messages. Restore to the backup immediately, and make a screen print of the AA error message if assistance is needed with the General Ledger year-end close process.
Update 10 - Receivables Management
Does the 2019 Year-End Update include any changes for the Receivables Management Year-End Closing process?
No, there are no changes included the 2019 Year-End Update that will affect the Receivables Management year-end close process.
When should the Year End Close for Receivables Management be done?
- If you are using a Calendar year, the year-end process should be done at the end of your calendar year, prior to posting any transactions in the next calendar year.
- For those using a Fiscal year, the year-end process should be done at the end of your fiscal year, prior to posting any transactions fin the next fiscal year.
What does the year end close process do and/or affect?
- The Calendar year end close clears the Calendar Year-to-Date Finance Charges and moves them to the Last Year Calendar field in the Customer Finance Charge Summary window found under (Cards >> Sales >> Summary >> Finance Charges).
- The Fiscal Year end close transfers all amounts other than the Calendar Year-to-Date Finance Charges to the Last Year column in the Customer Summary window (Cards >> Sales >> Summary).
What steps should I take to close the year?
Post all transactions for the current year and then proceed through the rest of the steps outlined in KB 857444: Year-end closing procedures for Receivables Management in Microsoft Dynamics GP”.
Key points to remember:
- Make a restorable backup when it is recommended as you work through KB 857444.
- Receivables Management is not completely date sensitive. This means that if you do not close the year after you enter all the current year transactions and before you enter transactions for the new year, some areas in GP will contain incorrect information.
- Since there are some date sensitive features, it is recommended you close the year on time.
- You will notice that we have two KB's around closing Receivables Management (KB 857444) and Payables Management (KB 875169) - both instructions say to 'Close the tax year by going to Microsoft Dynamics GP >> Routines >> Company >> Tax Year-End Close. You will only have to do that once, typically after both RM and PM are closed. The reason this step appears in both articles is due to the fact that not everyone used both the RM and PM modules.
Update 11 - Affordable Care Act (ACA)
Update 12 - Canadian Payroll
Good news this year with Canadian Payroll, there are no table changes needed, below are the list of changes in the update.
We plan to release this as all one update, including RL-1 and form changes for Quebec. This way it is less hassle with installs, etc.
All Quebec information has been approved and below are the numbers you will need:
Software Development Number for XML - RQ-19-01-177
RL-1 Slip Authorization number - FS1901207 (enter in the Payroll T4/R1 Print window)
The target release is by 12/20, but hope for sooner, it is touch and go here day by day so a lot is changing and hard to pin point, but I'm going with the later and then hope to deliver you an early Christmas present. :-).
For now, lets get started with our year end steps that should be the same YOY, but good reminders to all.
What steps should I take to close the year?
1. Complete all the pay runs for the current year.
2. Complete any necessary 2019 Payroll reports.
3. Make a backup of the data.
4. ***Install the 2019 Canadian Payroll Year-End Update/2020 Tax Update.***
5. Complete the "Year End File Reset" process.
6. Make a backup of the data.
7. Create the T4, T4A, and RL-1 statements, and print the T4, T4A, and RL-1 reports.
8. Edit the T4, T4A, and RL-1 records as necessary.
9. Create T4, T4A, and RL-1 Summary records.
10. Print the T4, T4A, RL-1 reports and create T4, T4A and RL-1 XML file, if appropriate.
11. Verify that the Pay periods for 2020 are setup correctly.
~For more detailed steps, please refer to the Year-end closing procedure for the Canadian Payroll module in Microsoft Dynamics GP, by clicking on
Change for the 2019 Year End and 2020 Tax tables.
RL-1 XML and form changes
No T4 or T4A form and XML changes
- Canada Employment Insurance (EI)
- Canada Pension Plan (CPP)
- Canada Income Tax
- Alberta (no change)
- British Columbia
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia (no change)
- QPIP Tax
- QPP Tax
- Quebec Provincial tax
-Prince Edward Island (no change)
**This will be translated to French
Key Points to remember:
• The Year End Close process moves all your current year data into the Last Year (LY) tables and it doesn't take the date into consideration. For this reason it is very important that you complete ALL 2019 Payrolls (step 1) and then complete at least through the year end file reset (step 5) before doing any 2020 payrolls.
• It is vital that you install the Year-End Update before the Year End Reset (Steps 4 and 5) because you are prompted during the Year End Reset to update Basic Personal Amounts. If you miss this you will need to restore from a backup.
• When you do the Year End Reset it changes the Basic Personal Amounts for employees. Depending on the Province it will either add a fixed amount or increase the amount by an indexation factor as determined by the Provincial Authority.
• This is an all-inclusive update.
And that wraps it up for the second half of this year's Microsoft GP Year-End blog series! For more information/documentation on new features please check out Microsoft Dynamics GP-2019 Year-End Blog Series
Contact us to learn more about our commitment to help customers implement their financial and business management systems. Team up with a certified, Microsoft Gold Partner to make your migration to the cloud seamless. Or if you have any questions regarding Dynamics 365 or other ERP/CRM systems, you can contact us here.