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)
- 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:
- Verify that you have installed the latest 2014 payroll tax update
- Complete all pay runs for the current year
- Complete all month-end, period-end, or quarter-end procedures for the current year
- Make a backup of the original file
- Install the Year-End Update
- Create the Year-End file
- Make a backup of the new file
- Verify W-2 and 1099-R statement information
- Print the W-2 statements and the W-3 Transmittal form
- Print the 1099-R forms and the 1096 Transmittal form
- (Optional) Create the W-2 Electronic file
- (Optional) Archive inactive employee Human Resources information
- Set up fiscal periods for 2015
- (Optional) Close fiscal periods for the payroll series for 2014
- Install the payroll tax update for 2015
For full details and additional information on closing your payroll in
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 ...