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