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Sabrina Zimara, DFC Consultants

Microsoft Dynamics GP Payroll Year End Checklist


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    The weather outside may be frightful, but completing your payroll year end shouldn't be. With Microsoft Dynamics GP, closing out payroll can be completed with a few steps. However, prior to starting closing procedures, the following actions should be implemented:

    • Make sure you have a complete backup of the databases, including Dynamics and all company databases.
    • Post all batches - (Microsoft Dynamics GP >Tools > Routines > Master Posting)
    • Check and clear Batch Recovery – (Microsoft Dynamics GP > Tools > Routines > Batch Recovery)
    • batch recovery
    • Make sure you close the last period or month of fiscal or calendar year.

     

    After your information is backed up, you can start your close. To perform the year-end closing procedures, follow these steps:

    1. Verify that you have installed the latest 2014 payroll tax update
    2. Complete all pay runs for the current year
    3. Complete all month-end, period-end, or quarter-end procedures for the current year
    4. Make a backup of the original file
    5. Install the Year-End Update
    6. Create the Year-End file
    7. Make a backup of the new file
    8. Verify W-2 and 1099-R statement information
    9. Print the W-2 statements and the W-3 Transmittal form
    10. Print the 1099-R forms and the 1096 Transmittal form
    11. (Optional) Create the W-2 Electronic file
    12. (Optional) Archive inactive employee Human Resources information
    13. Set up fiscal periods for 2015
    14. (Optional) Close fiscal periods for the payroll series for 2014
    15. Install the payroll tax update for 2015

     

    For full details and additional information on closing your payroll in Microsoft Dynamics GP,  you can contact DFC for assistance or request the year end close manuals. The two manuals - 2014 Payroll Year-End Close Procedures and Reports for GP versions 2010 & 2013 and 2014 Year-End Close Procedures and Reports for GP versions 2010 and 2013 - can be sent to you for $25 plus shipping. The manuals include step-by-step guides on how to close payroll, sales order process, purchase order processing, inventory, receivables, payables, fixed assets, general ledger, anaylytic accounting and eight ISV products including WennSoft and Greenshades.

    by DFC Consultants

    One Response to “Microsoft Dynamics GP Payroll Year End Checklist”

    1. payroll management systems are emerging as an essential part of salary calculation for organizations of all sizes. These systems not only effective and expedite the process of salary calculation, but these also ensure that the salary calculated …

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