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Sabrina Zimara, DFC Consultants

Year End is Approaching; Are You Ready?


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    It’s time to start preparing for year end. There are a few changes that Microsoft Dynamics GP users should be aware of including: W2 electronic filing changes, W3 form changes, addition of 1099-R distribution code, payables 1099 interest form changes and application changes, product quality fixes and ACA changes.

    The ACA changes are only applicable to those who are on Dynamics GP 2013. There are two new forms (1094C and 1095C) that will be required in order to report employer provided health insurance offers and coverage. These forms only apply to businesses with 50 of more FTEs for the 2015 year. If your business falls into this category and you’re not yet on GP 2013, you MUST upgrade by January 1.

    The first step you should take when starting your year end close is to head to CustomerSource. Microsoft has the latest closing procedures for 2014 laid out for GP users. From there, check your Master Posting and Batch Recovery and take a backup. Having that backup is the most important thing you can do, just in case something goes wrong with your closing. From there, copy any report and form dictionaries and make sure any add-on or custom software additions are compatible with updates.

    Payroll Year End

    If you’re using the payroll module in Microsoft Dynamics GP make sure to complete the following steps:

    • Download the year end update and the payroll tax updates
    • Backup Databases and Reports Dictionaries
    • Apply year-End update for 2013 prior to closing the year. This can be run before or after the last payroll, but before closing the year
    • Close the Year, which creates Year End Wage File. You can utilize the Social Security Administration’s (SSA) Accuwage to verify SSN’s and errors
    • Apply Tax Table Update after closing the year
    • Provide W-2s to Employees by January 31
    • File W-3 and W-2’s to SSA by February 28

    Year End Closing Non-Payroll

    You will need to close both the fiscal year and the calendar year. Fiscal year closing your financial information including inventory, receivables, payables and fixed assets. Calendar year closes your tax information such as payroll, 1099’s, interest paid and sales tax. The modules you will need to close include: sales tax, inventory, receivables management, payables management, fixed assets, payroll, any third-party/ISV applications, general ledger and any analytical accounting.

    Version Matters

    Now is the best time to budget an upgrade for next year if you’re not on the latest version of GP. If you’re currently on Microsoft Dynamics GP 2010, this is the last year that year end will be supported. Getting those updated tax tables and law changes are vital to a successful year end close.

    If you need additional guidance or instruction on year end close, you can contact DFC Consultants for assistance or register for our upcoming half-day training session. The cost is only $125 and the class can be taken remotely. Classes are scheduled for December 10 and 11.

    by DFC Consultants

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