FIN 16 – ‘How2’ Manage Year-End Close More Efficiently

1. FIN 16 – ‘How2’ Manage Year-End Close More Efficiently Bob McAdam | Tribridge Zubin Gidwani | Dynamic Budgets

2. FIN16 – Y/E Close Checklist • Finalize any/all applicable transactions • Reconcile submodules to G/L • Print necessary reports & file • Make a backup when finished • Begin closing process

3. FIN16 – Module Closing Order • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

4. Did you make your backup?!?!

5. FIN16 – Module Closing Order • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

6. FIN16 – Closing Subledgers • SOP & POP modules • SOP: Double-check for any applicable invoices/returns and post • POP: Double-check for any applicable receivers/invoice matches and post • POP: Received/Not Invoiced report ties out your ‘Accrued Purchases’ liability account

7. FIN16 – Module Closing Order • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

8. FIN16 – Closing Subledgers • Inventory Control (IC) • Wrap-up year-end physical count & related variance/adjustment transaction postings • Run the IC year-end closing process • Other Item: • Inventory Batches – “Post to G/L” checkbox mention

9. FIN16 – Module Closing Order • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

10. FIN16 – Closing Subledgers • Receivables Management (RM) • Complete monthly processes, including posting all non-recurring RM batches, aging reports, etc. • Review ‘Unapplied Documents’ report • Run the RM year-end closing process • Save new year transactions to batches for now

11. FIN16 – Module Closing Order • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

12. FIN16 – Closing Subledgers • Payables Management (PM) • Complete monthly processes, like RM module • Run 1099s for tagged Vendors (if needed) • Run the PM year-end closing process • Two closes required if not on calendar year • One for 1099s; one for year-end process

13. FIN16 – Module Closing Order • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

14. FIN16 – Closing Subledgers • Fixed Assets Management (FAM) • Close out Payables module before beginning • Double-check that all transactions – additions, retirements, etc. – are posted • Double-check that final depreciation routine and related G/L interface process are complete • Run the FAM year-end closing process

15. FIN16 – Module Closing Order • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

16. FIN16 – Closing Subledgers • United States Payroll (UPR) • Year-end processing ALWAYS done @ 12/31 • Confirm status of any new updates from MSFT • Process final payroll & period/qtr procedures • Build the Year-end Wage file/table • Tools>Routines>Payroll>Year-End Closing • Holds all info needed to produce W-2s & 1099-Rs • Review & Edit W-2s & 1099-Rs (if needed) • Tools>Routines>Payroll>Edit W-2s • Tools>Routines>Payroll>Edit 1099-Rs

17. FIN16 – Closing Subledgers • United States Payroll (con’t)... • Print W-2s & 1099-Rs • Tools>Routines>Payroll>Print W-2s • Tools>Routines>Payroll>Print 1099-Rs • Apply new Dynamics GP Tax Tables • Available via CustomerSource OR import them • Typically installed after payroll is closed • New calendar year payroll can now be processed!

18. FIN16 – Module Closing Order • SOP & POP • Inventory • Receivables • Payables • Fixed Assets • Payroll • General Ledger

19. FIN16 – Year-End Close • General Ledger (GL) • ALWAYSthe final module to be closed! • Doesn’t need to be closed immediately • Finalize adjustments; post ‘Single Use’ batches • Print detailed T/B & FRx/MR financials (optional) • SKIP Period Consolidation process • Tools>Routines>Financial>Period Consolidation

20. FIN16 – Year-End Close • General Ledger (GL) • Double-check ‘Posting to History’ setting • Tools>Setup>Financial>General Ledger • Posting to most-recent closed fiscal yr only • Also check ‘Maintain History’ & R/E acct • Run the G/L year-end closing process • Tools>Routines>Financial>Year-End Closing • Click ‘Close Year’ button only once! • Edit R/E account and/or next JE number • Issue w/ financials if delayed past 1stnew period

21. FIN16 – Year-End Close • Ancillary Items... If you’re licensed for Analytical Accounting on Dynamics GP v10 SP2+, and you’re closing your G/L, you may see this and then need KB #960356

22. FIN16 – Year-End Close

23. FIN16 – Year-End Close • Additional Ancillary Items... • Before closing G/L, create a simple ‘Accounts’ SmartList and review “Posting Type” settings • KB #864913 provides the required fix • Close the ‘TEST’ database first • Fiscal Periods Setup Maintenance • Tools>Setup>Company>Fiscal Periods • Be sure all 2011 module boxes are checked • Create a new calendar for 2012 module postings

24. Thanks for joining us! • Please fill out your evaluation • CPE credit is available for GPUG Summit 2011 • Follow-up questions? • bob.mcadam@tribridge.com • zgidwani@dynamicbudgets.com • 720.515.1565 (Zubin) • See you in Houston at Convergence 2012 next March • See you in Seattle for Summit 2012 • Browse out to www.gpug.com for more information