TGO Consulting will be creating a series of blog posts related to 2014 Year-End Closing. We hope you find the information and tips in this series useful and it helps your Year-End process run effortlessly!
Below is the list of the entire series of Microsoft Dynamics GP 2014 Year-End Closing Blog Posts:
Part 1 – Inventory Control
Part 2 – Receivables Management
Part 3 – Payables Management
Part 4 – Fixed Assets
Part 5 – Analytical Accounting
Part 6 – General Ledger
The order of these modules listed in the schedule above is the same order that the modules should be closed – and listed at the top of the GL year-end KnowledgeBase #888003. Please note that year-end procedures for Payroll are independent from other modules and are always performed at the end of each calendar year.
Payables Management Year-End Closing:
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 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?
- 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 (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 (same as above)
What steps should I take to close the year?
- 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 KB 875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”
What are some important points to remember?
- Follow the steps as outlined in KB 875169
- 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 KB 918536 to correct this
- Use 1099 Details window to edit 1099 amounts individually (Cards | Purchasing | 1099 Details)
Additional Resources
Knowledge Base: https://mbs.microsoft.com/knowledgebase/search.aspx
Microsoft Dynamics Support: https://mbs.microsoft.com/support/newstart.aspx
Microsoft Dynamics Community: https://community.dynamics.com/product/GP/default.aspx
Part 4 of the 2014 Year End Closing for Microsoft Dynamics GP can be found here:
The post Microsoft Dynamics GP 2014 Year End: Part 3 – Payables Management Year-End Close appeared first on TGO Consulting.