Steps To Close Canadian Payroll In Dynamics GP 2016 for Year End 2016

If this is your first year end for closing Dynamics GP Payroll information, you do need to read the information below.   If you are a pro, with several years experience under your belt, then skip this blog. 😊

Microsoft will have the payroll year end software update for GP 2016, GP 2015, and GP 2013, ready for sometime around December 19 2016.  This update also includes the Payroll Tax Updates for 2017.  

So, the install of the update has to happen after your last payroll run in 2016, and before your first payroll run in 2017.

Here is what you need to know.

What steps should I take to close the payroll year in Dynamics GP?

1. Complete all the pay runs for the current year.

2. Complete any necessary 2016 Payroll reports.
3. Make a backup of the data.
4. ***Install the 2016 Canadian Payroll Year-End Update/2017 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 2017 are setup correctly.

• 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.  (Microsoft Dynamics GP 2016 will include Microsoft Dynamics GP 2016 R2.)

~For more detailed steps, please refer to the Year-end closing procedure for the Canadian Payroll module in Microsoft Dynamics GP, by clicking on  KB 861806.

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 2016 Payrolls (step 1) and then complete at least through the year end file reset (step 5) before doing any 2017 payrolls.

Need some help with your process?  Contact Dynamics MCT Consulting at support@dynamicsmct.com to arrange for a time for assistance.

 Have a great week!

Judith Hirst BA CPA; CMA, ERP Consultant and Analyst at Dynamics MCT Consulting Ltd.

www.dynamicsmct.com 

Dynamics GP 2016 R2 Released

The newest release of Dynamics GP is GP 2016 R2.   The Microsoft Development Team has announced the following release features.  

• Power BI on Web Client home page
• Smartlists available in Advanced Look ups
• SmartList Favorite Protection
• Show user name in message batch is edited by another user
• Purchase Order Processing - Cancel Purchase Order When linked to a Requisition & Visual indicator if quantities not fulfilled.
• Sales Order Processing - Display Tax Percent for Historical Transaction
• Safepay file pull the CHECK NAME on actual check not from Vendor Master
• General Ledger - Distribution line to open expanded, also for RM, PM and Cash Receipts transaction entry
• Bank Reconciliation history tracking and transaction remove capability which = better performance!!
• Fixed Asset ability to save Asset ID with suffix other than 1

The two features for Bank Reconciliation and for Fixed Assets are definitely going to improve fullfiling the accounting tasks of bank rec and adding new fixed assets.

Thinking about upgrading?  Talk to our specialists.  Set up an appointment using Support@dynamicsmct.com.

Judith Hirst BA CPA; CMA, ERP Consultant and Analyst at Dynamics MCT Consulting Ltd.

www.dynamicsmct.com