How To Process A Test Payroll Year End Close

Transcription

1 Dynamics GP Scott Witteveen Consultant V 3 Technologies LLC Dynamics Support Tech Knowledge articles that you may want to download from CustomerSource and review Year End Closing procedures How to process a test Payroll Year End Close (This article also explains how to recreate the YE wage file) Description of error messages on Payroll Validation report

2 Dynamics Support suggests the following steps: 1. Verify the version of Microsoft Dynamics GP 2. Complete all pay runs for the current year 3. Complete all monthly and quarterly period end procedures 4. Make a backup of the original file 5. Install the Year End update 6. Create the Year End file 7. Make a backup of the new file 8. Verify the W 2 and 1099 R statement information 9. Print W 2 statements and W 3 Transmittal form 10. Print 1099 R forms and 1096 Transmittal form 11. Create a W 2 Electronic file 12. Archive inactive employee Human Resources information 13. Set up fiscal periods for Close fiscal periods for the payroll series for Install the payroll tax update for 2015 Scott s recommended steps + Tips and

3 Verify the version of Microsoft Dynamics GP Dynamics GP versions 2010 and 2013 are presently supported for the YE updates. Prior versions of Dynamics GP are not supported for YE updates which may effect your ability to print W 2 s on the required form and create the Electronic file. Now you may want to update to a currently supported version before 12/31 Complete all pay runs for the current year If you have taxable benefits or need to adjust taxable wages in a regular payroll run, make sure you include those in or before the final pay run

4 Install the Year End (YE) Update Before installing any update or service pack make sure you have a backup of your Dynamics and Companies databases. The YE Update usually updates the W 2 and W 3 forms and Electronic Filing layout, but there can be other updates included in the YE Update. The YE update needs to be installed on the server and all workstations. The YE Update will be released in late November Year End Update includes: 1. No W 2Form changes 2. EFW2 changes (Electronic Filing) 3. Product Quality Fixes around Payroll Year End 4. W 3 Form changes Interest form and application changes R distribution code changes 7. Fixed Asset Luxury Auto Depreciation changes 8. Affordable Care Act Changes

5 Create the Year End Wage file (Routines Payroll Year End Closing) This routine reads the payroll tables and calculates the W 2 data based on the pay codes, deductions and taxable benefits setting at the time of the pay run If you need to delete or recreate the YE wage file reference TechKnowledge After the last pay run for the year Verify the W 2 Information Print the following Period End Payroll reports for the calendar year: Pay Code Summary, Deduction Summary and Benefit Summary Gross wages, less Federal TSA deductions, plus taxable benefits should equal the Federal taxable wages. Gross wages, less FICA TSA deductions, plus taxable benefits should equal the Social Security wages. Reconcile the difference between Social Security and Medicare wages. Michigan taxable wages should equal the Federal Taxable wages. After creating the YE wage file

6 Print the W 2 statements and W 3 transmittal Use 4 up forms for employees (Form 5205) Print quarter end payroll reports If any adjustments where made to the W 2 file use the W 3 transmittal and back into the final 941 data..

7 Create a W 2 Electronic file Register with the Social Security (SS) Administration. You will need a PIN number to create the electronic file in GP. Upload the file to the SS website and submit electronically After the data is verified, but before the filing deadline Close the Payroll series fiscal periods for 2014 When the payroll series fiscal periods are closed a warning message will be returned when entering a date in the closed period After the last payroll is posted

8 Set up the fiscal periods for will need to be set up before any processing and posting can occur for Now If you setup the 2015 fiscal period now, close November and December 2015 so that no one posts to those periods in error. Install the Round 1 payroll tax update for 2015 The payroll tax update updates the withholding tables for any tax changes for 2015 The 2015 payroll tax update is installed once Use the automated update by going to Microsoft Dynamics GP Maintenance U.S. Payroll Updates Check for Tax Updates (sa user or equivalent) Before processing the first payroll of 2015

9 What is included in Round 1 payroll tax update for 2015 FICA Social Security Limit $118,500 Affordable Care Act Dynamics GP is adding ACA reporting capability to the HR module in the Payroll Year End update. If you are presently only using the payroll module and are on GP2013 you may want to activate the HR module.

10 Affordable Care Act Forms 1094 C this is a summary the employer fills out of all the employees that received the 1095 C. A 1094 C should accompany any 1095 C s to IRS. It is a transmittal of Employer Provided Health Insurance Offer and Coverage Information Return 1095 C this goes to the employee from the employer (like a W2) Employer Provided Health Insurance Offer and Coverage Affordable Care Act Windows

11 Affordable Care Act Windows Affordable Care Act Windows

12 Affordable Care Act Windows Questions?

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