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.

-----------------------------------------------------------------

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

Five Reasons To Keep The Vendor (Supplier) List Clean

Figure 1 – The push broom used to keep shop floors clean

Most organizations have a safety policy in place.  High on the list of safety is keeping the premises clean and tidy.  An extension of this "clean and tidy" practice should be to keep the vendor list clean in the ERP system.

Why? Here are five reasons to keep the vendor list clean.

1. The longer and messier that the vendor list is, the more likely coding errors will happen. 
2. This increases the chances of the wrong vendor being paid for an invoice assigned to them in error.
3. Now, there are two voids to process, one for the cheque payment, and one for the invoice.
4. If Vendors have not been used in the last two years, inactivate them to reduce the risk that invoices will inadvertently be assigned to them. (In Dynamics GP, for example, run a SmartList to show vendors that have not received payment for the last two years, and then inactivate them.)
5. Managing the vendor list and reviewing it quarterly or semiannually will help to minimize the occurrence of fraudulent vendors, that is, vendors who submit the same invoice under different names.  You will catch these errors  because  you are watching.

The team at Dynamics MCT Consulting has been implementing Microsoft Dynamics ERP Business Solutions for more than 15 years and provides a full range of Microsoft Dynamics services.  Please contact us for more information on capabilities or how we can help you with a Dynamics implementation.

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

New Features in HR and Payroll in Dynamics GP 2016 R2

 

Figure 1 – how to get to the new employment history window in GP 2016 R2 – US Payroll only

A very simple, but powerful improvement made to the payroll and human resource module is the new ability to track history on termination and rehire dates for employees. Any time a hire date, adjusted hire date, date inactivated, last day worked or termination date is updated in the system, that information will be saved and can be viewed through the employee history inquiry window. Tracking employee history with the company has now become simple.

Other payroll and human resource improvements include:

• Vendor addresses and accounts can be established in the payroll vendor setup window, allowing for a different distribution than those currently assigned to the vendor.
• A warning is now available for potential double deductions for mandatory arrears deductions due to a previous posting.
• Tip tax amounts are now included in distribution pre-posting reports for viewing before posting.
• An option is now available to exclude inactive pay codes from lookup windows throughout payroll.
• An enhanced payroll posting accounts setup now exits with navigation lists having filter and sort capabilities along with excel export and import functionality.

Are you a Dynamics MCT client interested in installing Microsoft Dynamics GP 2016 R2? Contact us first. Dynamics MCT Consulting - email to Support@dynamicsmct.com or call us at Toll Free:  +1 780-555-6144.

Submitted by Terence Graw CPA, CMA – Consultant   www.dynamicsmct.com

Dynamics GP–Free Tools #1–Consulting Toolkit from Willoware

 

Companies are always looking for ways to save time and money.  Free tools, especially time saving tools, are one way that IT departments can help the accounting departments move through data more quickly.

Willoware has a Consulting Toolkit with both modules for purchase and with some free tools.  The free tools include:

• SQL Database Manager
• SQL Query
• SQL Trace
• GP Finder
• GP Resource Explorer
• GP View Wizard

Of the free tools, my favorite is the View Wizard.  The View Wizard is a utility for creating SQL Views of Dynamics GP tables that using “human readable” column names.  For example, instead of ITMTRKOP the column name would be ItemTrackingOption.  This is a great tool for building user-friendly tables for reporting, or for use in complex queries creating views for SmartList Builder.

You can check out the list of tools in the Consulting Toolkit at https://willoware.com/products/consulting-toolkit/.

Contact us  at Dynamics MCT Consulting to get more information on the Willoware tools.  Send an email to Support@dynamicsmct.com or call us at Toll Free:  +1.780-555-6144.

Watch for further Free Tools blogs in upcoming posts.

Submitted by Judith Hirst CPA, CMA MCP

Dynamics GP 2016 R2–Saving an new Fixed Asset with a Suffix Greater Than 1

Figure 1 – Asset Card showing new asset with suffix of 05

The Dynamics GP Fixed Asset module is improving with each release of Dynamics GP.  In the current release, Dynamics GP 2016 R2, users are able to save the Asset ID with a suffix other than 1. 

New assets can now be listed as:

• Forklift 1040 Orange-12 instead of Forklift 1040 Orange-1
• Toyota Camry SSE Grey-10 instead of Toyota Camry SSE Grey-1

Here are the reasons that this change will make life easier for the fixed asset manager:

• This change will make creating new assets easier/faster
•   If a company buys a block of assets from another company, they no longer have to change the asset id if the suffix is not a 1
• Importing assets will be easier without the suffix being 1
• Companies can create suffix lists for certain assets for easier tracking

To see a short video of all of the GP 2016 R2 features, check out Microsoft's video HERE.

If you want more information about  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

Dynamics GP 2016 R2–Accounts Receivable Module Improvements

 

Figure 1 – Cash Receipts entry window in Dynamics GP 2016 R2

In an attempt to streamline accounts receivables processes, functionality has been added to Dynamics GP that will allow the deposit of cash receipts in a batch to occur automatically. If this option is enabled, a single deposit will be created that includes all cash receipts in the batch, or if receivables are posted at the transaction level each cash receipt will result in a separate deposit being created and posted. This functionality will save steps and time in dealing with cash receipts.

Other Accounts Receivable improvements include:

• Batch approval workflows now have default word templates for edit lists to be emailed to approvers and supply them with complete information about the transactions in the batch.

Talk to us, at Dynamics MCT Consulting, about upgrading to Dynamics GP 2016 R2.  Contact Support@Dynamicsmct.com.

Submitted by Terence Graw CPA, CMA – Consultant

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

Dynamics GP 2016 R2 – Sales Order Process Module Improvements

The all in one document view now exists for sales and inventory transactions! This gives a SOP user quick access to all documents related to a given sales transaction in a single window. See information flow from quote through to credits/returns for transactions for a given customer with ease.

Other sales order processing improvements include:

- Credit Limit warning calculations will now take into account unposted credit documents giving a more up to date credit situation for customers.

- Historical tax percentages are displayed at the correct historical rate at the time of the transaction when viewing sales transaction details.

If you want to see a demo of Dynamics GP 2016 R2, please contact us.

Submitted by Terence Graw CPA, CMA – Consultant

Dynamics GP 2016 R2 - Accounts Payable Module Improvements

 

The Accounts Payable module has seen some great improvements in the handling of company credit card payments. Dealing with credit cards is often one of the more challenging aspects of working in accounts payable. The new functionality available in Dynamics GP for use with credit card payments will help with this.

A payables batch credit card payment option will allow the payment of cheque batches with a credit card. An invoice will be created for the credit card vendor and a remittance form will provide access to detailed data on the vendor invoices paid using the credit card. A link between the credit card invoice and the original vouchers is established making it easy to trace credit card payments in the system.

Other accounts payable improvements include:

- The prepayment of a purchase order can now consist of the total amount including taxes, freight, and misc. charges instead of being limited to the subtotal amount of the PO.

- The SafePay file now uses the actual vendor name printed on the cheque when the payment was made and not the default name from the vendor maintenance window which will ensure the correct data is relayed to the bank for payment presentation.

- Batch approval workflows now have default word templates for edit lists to be emailed to approvers and supply them with complete information about the transactions in the batch.

Submitted by Terence Graw CPA, CMA – Consultant

Key2Act Adds New Features to Service Management in Signature 2016 R2 for GP 2016 R2

 

If your company is using Key2Act's Signature Product for Service Management, you are going to love the new features added in Signature 2016 R2.  Some of these features will help accountants close the month more quickly – look at the Service Call Status Window.

Service Call Status window

• The Service Call Status window allows you to view unposted, committed and actual costs as well as anticipated billable information. The costs displayed are all costs for the service call, not for a specific invoice. Margin information is also displayed although tax information is not included. The Service Call Status window also provides zoom capability to the cost categories and cost types for the service call. Inquiry > Signature Service Management > Service Call Inquiry

Service Call Lookup by Customer window

• Added the ability to filter the service calls displayed by technician.

Expansion Go To button for service call inquiry windows

• In the Service Call Inquiry window, an expansion button has been added next to the Service Call field that opens the new Service Call Status window. An expansion button is also available in the Service Call Status window that opens the Service Call Inquiry window.

Assignment Status field added to the Technician Reassignment Utility window

• The ability to choose a status when reassigning a service call or appointment has been added in the Technician Reassignment Utility window. This field is enabled when the duty selected is Service Call/Appts. The default status is UNASSIGNED.

Added email capabilities for purchase orders

• Added the ability to email a purchase order to a vendor from the Signature Purchase Order window. See the Microsoft Dynamics GP documentation for information and requirements for sending purchase orders in email as well as how to set up the document options for vendors. You can set this up individually for each vendor or you can assign email settings to multiple vendors.

Word templates for Signature service invoices

• Pre-defined service invoice Word templates are available in the Microsoft Dynamics\GP2016\Signature location that you can set up to use with service invoices.

Attachments to Additional Work

• MobileTech technicians can attach a file to Additional Work and can synchronize them to the Mobile Additional Work Inquiry window in Service Management.

Add Service Customer window

• A quick add customer option has been added to the Service Manager Additional menu. This window can be used by limited and full users to quickly add a new service customer with the essential data needed to create a service call. We've also added a SmartList that displays the new service customers added so that the full user can add additional customer information from the Customer Maintenance window. Users can only add or edit the quick add service customer record.

Contact Dynamics MCT Consulting Ltd. to see the new features (Support@dynamicsmct.com)

Submitted by Judith Hirst CPA, CMA MCP

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