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ReportHi everyone,
Yes, it's time to start planning for Year-End again! I'd like to provide you with information to help ensure that your U.S. Payroll Year End Close (YEC) goes smoothly.
In Support, we are often asked "if it is okay to install the 2014 Year End Update even though 2014 payrolls are not completely processed?" The answer to that is YES YOU CAN! Please review all documentation in detail so that you are well prepared for the year-end close, and knowledgeable about what has changed for this year.
What versions of Microsoft Dynamics GP will be supported with the 2014 Year End Update?
• Microsoft Dynamics GP 2010 *This will be the LAST year that a Year End update is available. Click HERE for more information on the lifecycle for Microsoft Dynamics GP 2010.
• Microsoft Dynamics GP 2013 - (This does include Microsoft Dynamics GP 2013 R2)
• Microsoft Dynamics GP 2015 - (YEC update to release January 15 ,2015)
• Note: The Year-end/Tax Update is inclusive of all previous hot fixes, services packs and year-end downloads.
What are the target release dates?
• The 2014 Year End Update for Microsoft Dynamics GP 2010 and Microsoft Dynamics GP 2013 are now available for download. (Released on November 18, 2014.)
• The 2014 Year End Update for Microsoft Dynamics GP 2015 is targeted for January 15 release.
• The 2015 Round 1 Tax Update (tax table update only) for Microsoft Dynamics GP 2010 and Microsoft Dynamics GP 2013 will be available the week of December 19th, 2014. This update will increase the FICA Social Security Limit to the new 2015 calendar year amount. *NOTE: Therefore, do not install this tax update until the 2014 Year End Wage file is created and ALL pay runs for the 2014 year are completed!
• The 2015 Round 2 Tax Update will be available mid-January.
When should the Year End Close be performed?
The Payroll Year End Close should be processed after all pay runs have been completed in the current year, and before processing any pay runs in the New Year.
Are there any changes I should know about related to the Year End Update for Payroll?
• There are NO W2 form changes
• There are W3 form changes
• There are EFW2 (Electronic Filing) changes. *The file will error if these changes are not incorporated.
• 1099-R (Retirement) distribution code changes
• Affordable Care Act changes - available in Microsoft Dynamics GP 2013 and higher versions only
• Product Quality Fixes around Payroll Year-End
Where can I learn more about the Affordable Care Act (ACA) changes?
• Another blog will be released tomorrow (Nov 19) to further discuss the Affordable Care Act changes in Microsoft Dynamics GP and will include Frequently Asked Questions.
• For more information on the table/column changes due to the Affordable Care Act, click HERE.
• For more information on the Affordable Care Act, click HERE to read Terry's preliminary blog.
What does the Year End Close (YEC) process do?
The YEC process creates the 'Year End Wage' file with annual wage information used to generate W2s, W3s, 1099-R's, and the W2 Electronic file for the year being closed.
What steps should I take to close the year? (See KB Article 850663 for detailed instructions on each step listed below):
**First and foremost make a restorable backup of the company database so you can restore should you run into a problem.**
1. Verify that you have installed the latest 2014 payroll tax updates. The 'Last Tax Update' should read 12/17/2013 or later in the Payroll Tax Setup Window (Microsoft Dynamics GP >> Tools >> Setup >> System >> Payroll Tax). (Verifying that the Last Tax Update is dated greater than the Round 1 tax update for 2014 will ensure you have the correct FICA limit in place when you create the Year-End Wage file.)
2. Complete all pay runs for the current year.
3. (Optional) 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.
To recap, prior to processing a pay run in 2015 the following is:
Required:
• All 2014 pay runs completed.
• Year End Wage File created.
• Backup of company database made.
• Payroll Tax Update for 2015 (2015 Tax Update Round 1) installed.
Optional:
• Print W-2s.
• Create W-2 Electronic File.
Can we run a payroll in the new year prior to closing the 2014 year?
If you must process a payroll for the new year before the 2014 year-end closing procedures are completed, refer to the 'Alternative Payroll Year End Checklist' steps in KB 850663.
Why may those using Microsoft Dynamics GP 2010 want to upgrade?
The functionality needed to track the Affordable Care Act changes for calendar year 2015 is included in the Year-End Update for Microsoft Dynamics GP 2013 and higher versions. If assistance is needed for the install or upgrade, click HERE.
ASSISTANCE: Here are some links to use if you need assistance for Payroll Year End Close
• Refer the landing page for the 2014 Year-End Blog Series.
• Microsoft Dynamics GP Blog - https://community.dynamics.com/product/gp/gptechnical/b/dynamicsgp/default.aspx
• Microsoft Dynamics Community - https://community.dynamics.com/default.aspx
• Microsoft Dynamics Support - https://mbs2.microsoft.com/Support/newstart.aspx
If you are creating a case with the Technical Support Team for assistance with Year End close for Payroll, please refer to the category selections below to ensure you are routed to the correct Support team for assistance:
--Support Topic Selection: Payroll
--Sub-topic Selection: Year End Procedures
ADDITIONAL RESOURCES:
•Year-end closing procedures for the Payroll module in Microsoft Dynamics GP are found in KB 850663: http://support.microsoft.com/kb/850663
•Be sure to check back to the Year-End Blog Schedule for current posted blogs and upcoming blog posts related to Year-End Closing for Dynamics GP.
•Here is a link to a comprehensive video presentation for "What's New in Year-End 2014" for Microsoft Dynamics GP.
•Check out the" What’s New for Year-End 2014” slide deck now available for download.
•Download the Year End Update document by clicking on US13YE.pdf on the Year-End update page.
YEAR-END UPDATE LINKS: Here are the 2013 Year-End Update pages which will provide you with documentation and installation instructions:
2014 U.S. Payroll Year End Update for Microsoft Dynamics GP 2013 Download Pages:
https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates/usgpye2013
2014 U.S. Payroll Year End Update for Microsoft Dynamics GP 2010 Download Pages:
https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates/usgpye2010
TAX UPDATE LINKS: Use these links to access the latest (and previous) Tax Updates:
Latest U.S. Payroll Tax Update for Microsoft Dynamics GP2013:
https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates/TUGP2013
Latest U.S. Payroll Tax Update for Microsoft Dynamics GP 2010:
https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates/TUGP2010
I hope you find this information helpful! Please watch for more blogs and helpful information to come. Have a great Year End!!!
Cheryl Waswick | Microsoft Dynamics GP | Senior Support Engineer
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