Microsoft Dynamics GP Year-End Update 2022: Payables Management

Hello GP Fans!

You have come to the right place to attain your Payables Year End information.

Please review the following information to ensure you have a smooth and seamless 2022 year-end in Payables Management. Enjoy!

NOTE:
If you applied the 2022 US year end update that includes the 18.5 release and now on some of your customized / modified reports you may receive this error message:
Calculated field, "Inactive Address Footer Message"

This is happening due to a table change we made with a feature in 18.5 around the Vendor Address
(+) Microsoft Dynamics GP October 2022- Inactivate Vendor Address Record - Microsoft Dynamics GP Community

What we would recommend is to print the original of this report and it will work fine for you. This is happening due to the modified version of the report you are printing.

Due to these table changes, the report upgrade process does not fix this issue automatically for you, the easiest way is to print the original report and if you need to make modifications again to their report based on what they have, you can.

You can also try to take the report package of just this custom report and import it into the 18.5 dictionary and it may wok, depending on your modifications and version you upgraded from.

Does the 2022vYear-End Update include any form changes for Payables Management?

Yes, there are changes for the 2022vForms! You can review these changes in detail in our new Payables YE blog: Microsoft Dynamics GP Year-End Update 2022: Payables Management form changes 

Is there any new functionality that I should be aware of for Year-End? No.

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 Closeview in the Vendor Yearly Summary window, found under (Cards >> Purchasing >> Summary >> Yearly Button).
2. The Fiscalyear-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: you can use the link below to download the Payables Management Recalc Scripts as well as additional information on the Amounts Since Last Close.

https://community.dynamics.com/gp/b/dynamicsgp/posts/amounts-since-last-close-views-incorrect-in-payables-or-receivable-s-after-closing-the-year

1. When these amounts are transferred this will also affect SmartList amounts that contain Year to Date or Last Year summary columns.
2. 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 Year-end closing for Payables Management - Dynamics GP | Microsoft Docs.

Key points to remember:

• Follow the steps outlined in Year-end closing for Payables Management - Dynamics GP | Microsoft Docs and always make a restorable backup before starting any year-end close procedure.
• Payables Management is not fully date sensitive. In the Vendor Yearly Summary window, the Summary Views for Calendar Year and Fiscal Year are date sensitive, so will be correct. 

However, the Amounts Since Last Close view will move amounts from the Year-to-Date Column to the Last Year column at the point in time you ran the Year End close process for Payables Management.   As such, it is recommended that you process your year-end closing routines at the actual year end, and before you post any transactions in the new year, so this view is correct.

• Vendors should be marked as 1099-able before any transactions are posted for them so that 1099 information is updated automatically throughout the year.  Please refer to Change the 1099 amount for a vendor - Dynamics GP | Microsoft Docs to correct vendors that were not marked correctly.
• Please Note: Both Payables Management and Receivables Management Year End KB articles mention that you should close the tax year. This will only need to be done once, after both the Receivables and Payables modules 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.)
• Feel free to watch this great VIDEO that demonstrate features around printing, editing and other maintenance for 1099 forms. 

Assistance for Payables Management Year End Close

• Microsoft Dynamics GP Blog
• Microsoft Dynamics Community
• Microsoft Dynamics Support
• Microsoft Dynamics Payables Documentation
• Tax Forms – 800-432-1281

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 for Payables Management - Dynamics GP | Microsoft Docs

Year-End Close Resources:

Be sure to refer to the GP 2022 Year-End Blog Schedule to review current and upcoming blog posts and other helpful resource links related to Year-End Closing for Dynamics GP.

I hope this is helpful and that you have a successful Year-End!!  If you have any feedback or suggestions, please let us know.

Brandon Jarrett | Support Engineer | Microsoft Dynamics GP