Hi Everyone!
Below you will find some tips to help ensure that your Payables Management Year End Close process goes smoothly for you!
When should the Year End Close for Payables Management be done?
1. The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transaction in the next Calendar year.
2. The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the next Fiscal year.
What does the Year End Close Process do and /or affect?
1. The Calendar year end close process transfers the 1099 Amount from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window, found under (Cards – Purchasing – Summary – Yearly Button).
2. The Fiscal year end close process transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view, also found under (Cards – Purchasing – Summary – Yearly Button).
*If the Year to Date or Last Year amounts are incorrect in the Amount Since Last Close View contact support for scripts that can be ran to correct these amounts.
3. When these amounts are transferred this will also affect SmartList amounts that contain Year to Date or Last Year summary columns.
4. The Vendor Summary report will also be affected by the transfer of amounts from the Year to Date column to the Last Year column when closing the year.
What steps should I take to close the year?
1. Post all transactions for the current year.
2. Make sure that transactions for the new year are saved, not posted.
3. After verifying those steps, make a backup of your company database.
4. Follow the steps in KB 875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”.
What changes should I know about related to the Year End Update for Payables Management?
1. The 1099 MISC form had the names blanked out for boxes 11 and 12.
2. The following changes were made to the format for the 1099 INT form:
- Added Box 10 - Market Discount
- Added Box 11 - Bond Premium
- Renamed Box 13 - Box 15 - State tax withheld
Key points to remember:
1. Follow the steps outlined in KB 875169 and always make a restorable backup before starting any year-end close procedure.
2. Payables Management is not fully date sensitive. In the Vendor Yearly Summary window, the Summary Views for Calendar Year and Fiscal Year are date sensitive, so will be correct. However, the Amounts Since Last Close view will move amounts from the Year to Date Column to the Last Year column at the point in time you ran the Year End close process for Payables Management. So it is still recommended that you process your year-end closing routines at the actual year end, and before you post any transactions in the new year so this view is correct.
3. Vendors should be marked as 1099-able before any transactions are posted for them so that 1099 information is updated automatically throughout the year. In Microsoft Dynamics GP 2010, refer to KB 918536 to correct vendors that were not marked correctly. However, there is new functionality in Microsoft Dynamics GP 2013 that you will want to utilize to make editing 1099 information (by vendor and/or by transaction) much easier.
4. Please note that both Payables Management and Receivables Management Year End KB article’s say to close the tax year. This will only need to be done once, after both Receivables and Payables are closed. (The reason that we list this on both KB Articles is because some users may not use both Payables Management and Receivables Management.)
5. I would recommend watching the Readiness videos for Microsoft Dynamics GP 2013 so you can utilize all the great new features for printing, editing and other maintenance for 1099 forms. (The link is provided below in the Resources section.)
Assistance for Payables Management Year End Close
Microsoft Dynamics GP Blog - http://blogs.msdn.com/b/dynamicsgp/
Microsoft Dynamics Community - https://community.dynamics.com/product/GP/default.aspx
Microsoft Dynamics Support - https://mbs.microsoft.com/support/newstart.aspx
If you are creating a case with the Technical Support Team, please refer to the routing below to ensure you are routed to the correct Professional for assistance.
Assistance with the Payables Management Year End Close
--Support Topic Selection: Financial - Payables Management
---Sub-topic Selection: Period / Year End Close
Resources:
•Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP are found in KB 875169: http://support.microsoft.com/kb/875169
•Check out the "What's New for Year-End 2014" video.
•You can also download the "What's New for Year-End 2014" slide deck as well.
•Be sure to check back to the Year-End Schedule post for current posted blogs and upcoming blog posts related to Year-End Closing for Dynamics GP:
Good luck and have a great Year-End!
Shannon Aune | Microsoft Dynamics GP Support | Sr. Technical Support Engineer