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ReportBelow you will find some tips to help ensure that your Payables Management Year End Close process goes smoothly for you!
When should the Year End Close for Payables Management be done?
1. The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transaction in the next Calendar year.
2. The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the next Fiscal year.
What does the Year End Close Process do and /or affect?
1. The Calendar year end close process transfers the 1099 Amount from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window, found under (Cards – Purchasing – Summary – Yearly Button).
2. The Fiscal year end close process transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view, also found under (Cards – Purchasing – Summary – Yearly Button).
*If the Year to Date or Last Year amounts are incorrect in the Amount Since Last Close View contact support for scripts that can be ran to correct these amounts.
3. When these amounts are transferred this will also affect SmartList amounts that contain Year to Date or Last Year summary columns.
4. The Vendor Summary report will also be affected by the transfer of amounts from the Year to Date column to the Last Year column when closing the year.
What steps should I take to close the year?
1. Post all transactions for the current year.
2. Make sure that transactions for the new year are saved, not posted.
3. After verifying those steps, make a backup of your company database.
4. Follow the steps in KB 875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”.
What changes should I know about related to the Year End Update for Payables Management?
1. 1099 DIV and 1099 MISC forms: Some fields have moved slightly and some have been increased and decreased in size.
a. These are very small changes and if you need to print 1099’s before loading the Year End update you can test printing them with the current layout, they will most likely print correctly.
2. The IRS will allow filers to truncate/mask a recipients ID number (SSN, ITIN, or ATIN), this is Optional.
a. Since this is optional and not for all ID numbers no change will be made to mask the ID number in Microsoft Dynamics GP.
Key points to remember:
1. Follow the steps outlined in KB 875169 and always make a restorable backup when it is recommended.
2. As with Receivables Management, Payables Management is not fully date sensitive, so it is still recommended that you process your year-end closing routines at the actual year end, otherwise some areas in Dynamics GP will contain incorrect information.
3. 1099 Information will not auto-populate if the transactions were not processed as 1099 transactions at the time of the posting. If 1099’s are incorrect, you can use KB 918536 to correct them.
4. Both Receivables Management and Payables Management Year End KB Article’s say to close the tax year. This will only need to be done once, after both Receivables and Payables are closed. The reason that we list this on both KB Articles is because some users may not use both Payables Management and Receivables Management.
Assistance for Payables Management Year End Close
Microsoft Dynamics GP Blog - http://blogs.msdn.com/b/dynamicsgp/
Microsoft Dynamics Community - https://community.dynamics.com/product/GP/default.aspx
Microsoft Dynamics Support - https://mbs.microsoft.com/support/newstart.aspx
If you are creating a case with the Technical Support Team, please refer to the routing below to ensure you are routed to the correct Professional for assistance.
Assistance with the Payables Management Year End Close
--Support Topic Selection: Financial - Payables Management
---Sub-topic Selection: Period / Year End Close
Resources:
Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP
http://support.microsoft.com/kb/875169
Back by popular demand for the 2012 year, here is the Year-End Video!
Check it out...
http://www.microsoft.com/en-us/showcase/details.aspx?uuid=c85f0cbf-ac8e-4a1b-9350-10c24a6f0746
Be sure to check back to the Year-End Schedule post for current posted blogs and upcoming blog posts related to Year-End Closing for Dynamics GP.
Good luck and have a great Year-End!
Jennifer R
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