Microsoft Dynamics GP Year-End 2024: Payables Management

Hello GP Enthusiasts! 🎉

As the year draws to a close, we're here to equip you with everything you need for a successful Payables Year End.
This is your go-to hub for all the essential information to ensure your 2024 year-end in Payables Management is as smooth as possible.

Here's why it's important:

• Stay Informed: Learn about the latest updates and best practices.
• Be Prepared: Ensure you're ready for the year-end processes.
• Avoid Pitfalls: Identify and avoid common challenges.

Get ready to dive into a wealth of knowledge that will make your year-end procedures a breeze. Enjoy the journey, and let's make this year-end the best one yet! 🚀

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).

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.

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.

• 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.

• 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.)

Have a great Year-End!

Be sure to refer to the 2024 Year-End Blog Schedule to review current and upcoming blog posts and other helpful resource links related to Year-End Closing for Dynamics GP.

Terry Heley

Microsoft