ERP Software Logo

Microsoft Dynamics vendors provide comparisons and opinions to professionals in the ERP/Accounting software selection process

 
 

Sabrina Zimara, DFC Consultants

Tips for Closing Year-End in Microsoft Dynamics GP


    Email | Print

    Microsoft Dynamics GP customers who are up-to-date on their annual enhancement receive year-end and tax updates completely free. These changes allow you to comply with 2016 filing requirements and automatically update your tax tables with little to no work on your part.

    The GP Service pack update is easily downloaded from CustomerSource and ensures you’re ready for the 2017 tax update.. https://mbs.microsoft.com/customersource/northamerica

    If you’re on GP 2010, your version is no longer supported so in order to receive the year-end and tax updates, you’ll need to upgrade your system. The software upgrade is free and all you need to pay for is the time it takes your partner to complete the install.

    If you’re on Microsoft Dynamics 2016 will require you to upgrade to version 2016 R2 for the year-end update.

     

    new years at workSo, what does the year-end close do?

    Year-end close creates your wage file containing all the annual wage information used to generate IRS forms such as W-2’s, W-3s, 1099’s, etc.

     

    Where do I start?

    1. Install GP year-end service pack update
    2. Verify you have the latest 2016 tax updates (15/18/15 was last update)
    3. Complete all 2016 pay runs
    4. Complete payroll month/quarter/year-end processes
    5. Backup company database
    6. Create the year-end wage file
      1. Tools> Routines>payroll > year-end closing
      2. Type in 2016 in the year field and click process
    7. Make a backup of company database and rename with an alternate name than the first backup
    8. Verify W-2 and 1099 statement information
    9. Archive HR information for inactive employees (optional)
    10. Setup fiscal periods for 2017
    11. Close fiscal periods for payroll series for 2016 (optional)
    12. Install payroll tax update
    13. Process 2017 pay runs
    14. Print W-2 statements, validation report, and W-3 transmittal form
    15. Print 1099 forms

    Things to Keep in Mind

    • 2017 payroll tax updates can be installed any time after the year-end wage file has been created
    • If you recreate the 2016 year-end file after your 2017 updates, your FICA limits may be incorrect
    • These steps can be completed from any workstation and will they update the server
    • All users should be out of the system when year-end is completed
    • Download tax tables here: GP Menu> Maintenance> US Payroll Updates> Check for Tax Updates
      • The automatic option downloads the current tax table update directly through your internet connection
      • Choose the manual option only if you don’t have an internet connection for the automatic update.

    Need assistance with your year-end close or have questions? Contact the professionals at DFC Consultants by email or call 800-277-5561.

     

    Ask This Expert a Question / Leave a Comment

     

     
     
    Live chat by BoldChat
    Show Buttons
    Hide Buttons