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Steps to Year-End Processing in Dynamics SL


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Year-End processing can give even the most efficient accounting person a headache. For all of you Dynamics SL users out there – here is a synopsis to help you stay on top of the process:

  • Applying Year End Updates
  • Calculating W2’s
  • Reviewing Data
  • Correcting W2’s
  • Running Magnet Media File

Applying Year End Updates

Obtain Dynamics SL year-end updates from Microsoft CustomerSource here and install utilizing installation instructions from the downloaded file. Year-end updates are applied to current year reports, magnetic media changes and AP 1099 changes.

Calculating W2’s

Open the W2 Calculation screen and choose the current W2 year. Then, select pay groups that you wish to calculate for and begin processing.

Reviewing Data & Calculations

Print W2 forms to blank paper to review and use either plain paper copy format or Employee W2 history to verify information.

Correcting W2’s

The first step is determining the cause of the problem: Is it Federal or State Wages that are incorrect? Identify earning types that are set up incorrectly and any missing exemptions. Fix setup and re-calculate W2’s to correct the federal wages. Use initialize mode to correct the wages for state wages.

If the tax amount is incorrect – determine the cause of the problem and initialize tax amount to be the correct tax amount.

*It’s important to note that totals should not be initialized unless you are aware of why you are doing it. Also, it is key to correct setup issues to avoid problems in the following year.

Printing W2 Forms

You can obtain pre-printed forms from Solomon Forms at this link. Or, you can print your own forms using the Copy A*, Copy B, Copy C and Copy D formats.

*Copy A for W2 forms must be printed in a red scannable 2up format ink.

Running Magnetic Media File

Use W2 Magnetic Media screen in Payroll and populate the required fields: calendar year, contact person information, transmitter PIN (provided by SSA). Also, change the file path to easily locate the generated file. To send the file to SSA, follow the instructions provided by the Social Security Administration for W2 transmittal. The file format is usable by AccuWage program.

Looking for more help with Dynamics SL? SBS Group, your local Microsoft Dynamics SL Partner provides consulting, training, implementation, and support for accounting solutions including Microsoft Dynamics. Contact SBS Group here or email info@sbsgroupusa.com.

By: SBS Group – New Jersey Microsoft Dynamics GP, SL, CRM & AX Partner

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