50 Tips for Closing Year End with Confidence. Sheri Carney

Transcription

1 50 Tips for Closing Year End with Confidence Sheri Carney Prep Tips 1) Attend Year End Procedures in Microsoft Dynamics GP class at The Resource Group» Dec 11 th or Dec 20 th» 2) Year End is also another Month End 3) Close Fiscal Periods after closing months 4) Make LOTS of backups throughout process 5) Create new fiscal year 1

2 Payroll Tips 6) Make backups after each update and after W2 edits 7) Install the Payroll Year End Update when released (definitely prior to creating Year End Wage file) 8) Verify 3 rd party and custom software 9) Keep out of GP until update fully installed 10) Install Payroll Year End Update on server and EVERY workstation 11) Confirm Year End Update date in Payroll Setup window Payroll Tips (cont.) 12) Payroll Tax Update can be installed any time after Year End Wage file created 13) Download Payroll Tax Update from within GP 14) Automated Payroll Tax Update requires Authorization Number 15) Confirm Last Tax Update date in Payroll Tax Setup Window 16) Select correct Form Type when printing W2s 2

3 Inventory Tips 17) Make backup 18) Do not post any new year transactions until Year End complete 19) Run Inventory Reconcile 20) No report prints after processing Inventory Year End Receivables Tips 21) Use Write Off Documents 22) Use Reconcile to GL tool 23) Do not post any new year transactions until Year End complete (for SmartList YTD and LYR accuracy) 24) What does YTD mean in Sales SmartLists? 3

4 Payables Tips 25) Use Reconcile to GL tool 26) Do not post any new year transactions until Year End complete (for SmartList YTD and LYR accuracy) 27) What does YTD mean in Purchasing SmartLists? 28) Select correct Form Type when printing 1099s 29) Edit 1099s in 1099 Details window Payables Tips (cont.) 30) If vendor unavailable in 1099 Details, Vendor Maintenance card needs to have Tax Type assigned 31) Microsoft Dynamics GP provides a default SmartList favorite to show current 1099 vendors 4

5 Tax Tip 32) Optional Tax Year End Close on Administration pane under Company Routines Fixed Assets Tips 33) Complete Payables Year End first 34) Process GL Posting for the year 35) Ensure Calendar is built correctly 36) Make a backup label and SAVE 37) Verify book year after closing 5

6 General Ledger Tips 38) Close GL last 39) Verify ample disk space 40) Use SmartList to help verify posting types 41) Check Links entire Financial Series 42) Verify General Ledger Setup settings for Retained Earnings account and maintaining history 43) Print a detailed trial balance 44) Make a backup General Ledger Tips (cont.) 45) Do not click the Close Year button more than once 46) If processing seems to freeze do not reboot 47) Verify backups, virus scans, auto logoffs, etc. are not scheduled to take place during closing process 48) The Year End Closing report cannot be reprinted 6

7 General Ledger Tips (still!) 49) Settings required for posting adjusting entries to closed year 50) Posting to a closed year automatically creates a second closing entry seen on posting journal 51) If you discover AFTER you closed your year that you had an account with the wrong posting type, refer to the handouts provided for this session for the steps to correct Questions? 7