Year-end closing procedures for Receivables Management in Microsoft Dynamics GP

Several clients have asked for detailed steps for closing the Receivables Management module in Dynamics GP.

The information below comes from Microsoft Support, Article ID: 857444, updated September 16, 2016. We hope this helps with the Receivables year end close.

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Year-end closing checklist

You can use this checklist for the end of the fiscal year and for the end of the calendar year. 

Note Although Receivables Management is date sensitive, the following items are updated based on the closing of Receivables Management:

• The SmartList objects
• The Receivables Management summary reports
• The Amounts Since Last Close view in the Customer Summary window

Therefore, we recommend that you follow these steps so that the SmartList objects, the Receivables Management summary reports, and the Amounts Since Last Close view contain the correct information:

1. Post all the sales and receivables transactions for the year.
2. Make a pre-year-end closing backup.
3. Close the year.
4. Close the fiscal periods. (This step is optional.)
5. Close the tax year.
6. Make a post-year-end closing backup.

Step 1: Post all the sales and receivables transactions for the year

Post all the sales and receivables transactions for the year before you close the year. If you want to enter any sales and receivables transactions for a future period before you close the year, create a batch that contains the transactions. Next, save the batch. Then, post the batch after you close the year.

You must close the year because some areas of Microsoft Dynamics GP are not date sensitive. If you do not close the year after you enter all the current year transactions and before you enter transactions for the next year, these areas will contain incorrect information. However, if you have to change the information, you can change the information in the Amounts Since Last Close view in the Customer Summary window and in the Customer Finance Charge Summary window. The following areas are the areas of Microsoft Dynamics GP that are not date sensitive.

• The Amounts Since Last Close view in the Customer Summary window
  --To open the Amounts Since Last Close view in the Customer Summary window, follow these steps:
  1. On the Cards menu, point to Sales, and then click Summary.
  2. In the Customer Summary window, type a customer ID in the Customer ID box.
  3. In the Summary View list, click Amounts Since Last Close.
• The Customer Finance Charge Summary window
  To open the Customer Finance Charge Summary window, follow these steps:
  1. On the Cards menu, point to Sales, and then click Summary.
  2. In the Customer Summary window, type a customer ID in the Customer ID field.
  3. Click Finance Charges.
• The SmartList objects
  To view the SmartList columns that are affected, follow these steps:
  1. In Microsoft Dynamics GP, click Columns on the Microsoft Dynamics GP menu, click SmartList, expand Sales, expand Customers, and then click Add.
  2. Select the following items in the Available Columns list.
     Note The items that are flagged with an asterisk are affected by the calendar year-end close. All the other items are affected by the fiscal year-end close.
     • Average Days to Pay - Year
     • Finance Charges CYTD*
     • Finance Charges LYR Calendar*
     • High Balance LYR
     • High Balance YTD
     • Number of ADTP Documents - LYR
     • Number of ADTP Documents - Year
     • Number of NSF Checks YTD
     • Total # FC LYR*
     • Total # FC YTD*
     • Total # Invoices LYR
     • Total # Invoices YTD
     • Total Amount of NSF Check YTD
     • Total Bad Debt LYR
     • Total Bad Debt YTD
     • Total Cash Received LYR
     • Total Cash Received YTD
     • Total Discounts Available YTD
     • Total Discounts Taken LYR
     • Total Discounts Taken YTD
     • Total Finance Charges LYR*
     • Total Finance Charges YTD*
     • Total Returns LYR
     • Total Returns YTD
     • Total Sales LYR
     • Total Sales YTD
     • Total Waived FC LYR*
     • Total Waived FC YTD*
     • Total Writeoffs LYR
     • Total Writeoffs YTD
     • Unpaid Finance Charges YTD*
     • Write Offs LYR
     • Write Offs YTD
  3. Click OK.
  4. Click OK.

Step 2: Make a pre-year-end closing backup

Create a backup before you close the year. Put the backup in safe, permanent storage. This backup makes sure that you have a permanent record of the company's financial position at the end of the year. You can restore information from this backup if you have to. For example, this backup would let you quickly recover if a power fluctuation or another problem occurred during the year-end close procedure.
To create a backup in Microsoft Dynamics GP, follow these steps:

1. In Microsoft Dynamics GP, point to Maintenance on the Microsoft Dynamics GP menu, and then click Backup.
2. In the Back Up Company window, select the company name in the Company Name list.
3. Change the path of the backup file if it is required, and then click OK.
   Note We recommend that you name this backup PreYearEndClosingBackup20XX. (Enter the year for the XX placeholder.)

Step 3: Close the year

1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Sales, and then click Year-End Close.
2. If you are closing both the fiscal year and the calendar year at the same time, click All. If you are closing only the calendar year, click Calendar. If you are closing only the fiscal year, click Fiscal.
3. Click to select the Print Report check box, and then click Close Year.
   Note We recommend that you keep a paper copy of the year-end report together with the permanent year-end audit records.

Calendar year details
The calendar year-end process in Microsoft Dynamics GP clears the following fields in the Customer Summary window:

• Finance Charges CYTD
• Total # FC YTD
• Total Finance Charges YTD
• Total Waived FC YTD
• Unpaid Finance Charges YTD

The calendar year-end process updates the amounts in the following fields:

• *Finance Charges LYR Calendar
• *Total # FC LYR

Fiscal year details
The fiscal year-end process in Microsoft Dynamics GP clears the following fields in the Customer Summary window:

• Average Days to Pay - Year
• High Balance YTD
• Number of ADTP Documents - Year
• Number of NSF Checks YTD
• Total # Invoices YTD
• Total Amount of NSF Check YTD
• Total Bad Debt YTD
• Total Cash Received YTD
• Total Discounts Available YTD
• Total Discounts Taken YTD
• Total Returns YTD
• Total Sales YTD
• Total Writeoffs YTD
• Write Offs YTD

The fiscal year-end process updates the amounts in the following fields:

• High Balance LYR
• Number of ADTP Documents - LYR
• Total # Invoices LYR
• Total Bad Debt LYR
• Total Cash Received LYR
• Total Discounts Taken LYR
• Total Returns LYR
• Total Sales LYR
• Total Writeoffs LYR
• Write Offs LYR

Step 4: Close the fiscal periods (This step is optional)

To prevent users from accidentally posting transactions to the wrong period or to the wrong year, use the Fiscal Periods Setup window to close all fiscal periods that are still open for the year. Before you close fiscal periods, verify that you have posted all the transactions for the period and for the year for all modules. If you must later post transactions to a fiscal period that you already closed, you can return to the Fiscal Periods Setup window to reopen the period so that you can post the transactions.
To close a fiscal period, follow these steps:

1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Company, and then click Fiscal Periods.
2. Click to select the Sales check box for the period that you want to close.

Step 5: Close the tax year

Note Follow these steps only after you complete the year-end closing procedures for all the sales and purchasing modules.
To close the tax year, follow these steps:

1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Company, and then click Tax Year-End Close.
2. Click to select the Close Year check box, and then click to select the Print Report check box.
3. Click Process.
   Note We recommend that you keep a paper copy of the year-end report together with the permanent year-end audit records.

Step 6: Make a post-year-end closing backup

Create a backup after you close the year. Put the backup in safe, permanent storage. This backup makes sure that you have a permanent record of the company's financial position at the end of the year. You can restore information from this backup if you have to. For example, this backup would let you quickly recover if a power fluctuation or another problem occurred during the year-end close procedure.
To create a backup in Microsoft Dynamics GP, follow these steps:

1. In Microsoft Dynamics GP, point to Maintenance on the Microsoft Dynamics GP menu, and then click Backup.
2. In the Back Up Company window, click the company name in the Company Name list.
3. Change the path of the backup file if it is required, and then click OK.
   Note We recommend that you name this backup PostYearEndClosingBackup20XX. (Enter the year for the XX placeholder.)

Year-to-date finance charges on customer statements for December and for January

Year-to-date finance charges are not automatically printed on customer statements for December and for January.

December statements

To add the year-to-date finance charges to the December statements, follow these steps:

1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Customize, and then click Report Writer.
2. In the Product list, click Microsoft Dynamics GP, and then click OK.
3. Click Reports.
4. Use the appropriate method:
   • If you have not previously modified the statement form, click the statement form that you print in the Original Reports list, click Insert, and then click the statement form in the Modified Reports list.
   • If you previously modified the statement form, click the statement form in the Modified Reports list.
5. Click Open.
6. In the Report Definition window, click Tables.
7. In the Report Table Relationships window, click RM Customer MSTR, and then click New.
8. In the Related Tables window, click Customer Master Summary, and then click OK.
9. Click Close.
10. Click Layout.
11. In the resource list in the Toolbox box, click Customer Master Summary.
12. In the field list, drag Finance Charges CYTD to the layout of the report. You can position this field in any section of the report.
13. On the File menu, click Microsoft Dynamics GP. When you are prompted to save the changes, click Save.
14. If you have not previously modified this report, you must grant security to the report. To do this, use the steps below:
    1. On the Microsoft Dynamics GP menu, point to Tools, point to Setup, point to Systems, and then click Alternate/Modified Forms and Reports.
    2. In the ID box, enter the user ID.
    3. In the Product list, click
       Microsoft Dynamics GP.
    4. In the Type list, click Reports.
    5. Expand Sales, and then expand the node of the modified form.
    6. Click Microsoft Dynamics GP (Modified).

January statements

To add the year-to-date finance charges to the January statements, follow these steps:

1. Follow steps 1 through 11 in the "December statements" section.
2. In the field list, drag Finance Charges LYR Calendar to the layout of the report. You can position this field in any section of the report.
3. Follow steps 13 and 14 in the "December statements" section.

Please contact us for more information on managing your year end close or contact us about  how we can help you with a Dynamics implementation or upgrade.

Send an email to Support@dynamicsmct.com or call us at Toll Free:  +1.780-555-6144.

Submitted by Judith Hirst CPA, CMA MCP Senior Financial Analyst

www.dynamicsmct.com

About Running General Ledger Reconcile in Dynamics GP

                  

Figure 1 -  The RECONCILE FINANCIAL window in Dynamics GP

Last week, there was a large storm in Alberta that stretched from Edmonton down through Calgary and south, and east into Saskatchewan.  The winds knocked down trees and branches, which ended up knocking out some power.

Microsoft recommends running the reconcile utilities after a power outage or server issue. Microsoft suggests that:

"companies use the Reconcile Financial Information window to reset account totals in the chart of accounts so they match the posted transaction amounts. Reconciling an open year ensures that amounts on the financial statements are the same as the totals printed on the Detailed Trial Balance. Reconciling recalculates account summary amounts for the open periods."

This information discusses how to run the reconcile on the Dynamics

1.   Financial (Tools > Utilities > Financial > Reconcile). The options to reconcile in the General Ledger are fairly straightforward, as listed below.

             a)   Allocation Accounts - Mark this option to verify that all allocation accounts, distribution accounts, and account types are valid.

If you reconcile allocation accounts, the system verifies the validity of all allocation accounts, distribution and breakdown accounts, and account types. If the allocation accounts contain errors, the Reconcile Report is printed. The reconciliation process doesn't correct allocation account errors, you must enter those corrections manually.

             b) Year – Select this option to review the transaction detail for each general ledger account and update the Summary totals for the selected year. You would run this reconcile if the information in the Summary Inquiry (Inquiry > Financial > Summary) or History Summary Inquiry (Inquiry > Financial > History Summary) is incorrect when compared to the transaction totals.

 NOTE: Only reconcile your historical years if you keep account and transaction history

             c) Batches – Choose this option to review the transactions that are assigned to a batch in general ledger and update the batch header information. Use this reconcile if your batch total is not correct, or if there are transactions that are not appearing in a batch.

If you reconcile batches and identifying records are added, the Reconcile Report is printed.

2.    Choose Posting Numbers to open the Reconcile Posting Numbers window, where you can reconcile posting numbers so that no gaps in the posting number sequence exist.

The Posting Numbers buttons appears only if you have marked the Enable Posting Numbers in General Ledger option in the Company Setup Options window. Sequential posting numbers are a legal requirement in some European countries.

3.     Choose Reconcile to reconcile account totals, batch information, or both.

Contact us  at Dynamics MCT Consulting to get assistance on executing the Financial Reconcile or to get mor information on  Dynamics products.  Send an email to Support@dynamicsmct.com or call us at Toll Free:  +1.780-555-6144.

Submitted by Judith Hirst CPA, CMA MCP

www.dynamicsmct.com

How To Import Stock Count into Dynamics GP–Stock Count Import Tool

 

 

Figure 1 from Armanino LLP

Companies do routine stock counts based on the Count Cycle in Dynamics GP.  Sometime, the stock count actual entry can take a very long time if there are lots of items to enter.

A handy tool for entering and importing data into the stock count in GP comes from Armanino LLP.  Armanino’s Stock Count Import module makes it easy to update Microsoft Dynamics GP with actual inventory count information.

This module enhances Microsoft Dynamics GP by:

• Creating import templates in conjunction with the standard Dynamics GP Cycle Count process
• Allowing splitting of count sheets to multiple people
• Allowing count entry via laptops or other mobile devices
• Importing inventory count information in conjunction with the standard Dynamics GP Cycle Count process
• Automatically marking the Verification Check Box upon import, saving countless hours of tagging files
• Supporting serial and lot numbers
• Enhancing variance reporting

If you want to explore new ways to upload your count information into Dynamics GP, contact us at Dynamics MCT Consulting.  Send an email to Support@dynamicsmct.com or call us at Toll Free:         +1.780-555-6144.

Submitted by Judith Hirst CPA, CMA MCP

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