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Is it really necessary to create the 1099 file in Dynamics GP version 10 before you close the year in Payables?
My client is running their last check run of the year and they are under the impression that they must immediately create the 1099 file and close the year in GP before they begin processing transactions for the new year.
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Leslie (and all),
As a follow up, while I now understand the numbers GP is creating, I cannot rely on the numbers. I looked at a vendor which we also have one sales transaction per year on. We issue the invoice via SOP, then use GP's Customer/Vendor transactions to move the A/R amount to the A/P vendor id to offset our purchases. The movement creates a credit amount on the vendor. The vendor summary screen is pulling this credit amount into the calculation of the amount billed for the year. This is just one example of why this summary information for us still is not useful. We will continue to use Smartlist since we can get the information needed.
Best regards,
Dale
Leslie,
Thank you for the information. As you suspected, we were setup as Amount since last close. I justed updated it to Calendar since our fiscal and calendar are the same.
Thanks,
Dale
Hi Dale,
Your summary screens can default to the correct period balances. I know this is a long thread so I hope I am not repeating myself, but there is a setting in each module setup about how you want to display balances in your summary screens. The default is 'Amount since last close', which is worthless in my opinion, but they kept it that way for historical compatibility. Go into Payables setup and change the option to calendar or fiscal year. See the image below.
Kind regards,
Leslie
I have always been curious about the summary screen as they have always been usless for us. Why doesn't GP track summary screens better? Since business doesn't stop and usually businesses leave year end open past the first workday, why doesn't the summary screen track in a similar fashion to 1099 (except maybe use posting date as the basis)? We only left A/P open for 4 workdays this year and we had plenty of 2013 invoices coming in at the same time as we were receiving Dec 2012 invoies.
We use Smartlist when we can, but it would be nice to be able to quickly answer a question like how much did we spend with vendor x last year without having to run a report.
Best regards,
Dale
If the year was not closed is there any way to correct Year-To-Date, Last Year and Life to Date Columns?
Trying to generate a report for my client showing vendor name and address and 1099 amounts for 2012 as well as Last YTD
The closing of AP really only afftects the Year-To-Date, Last Year and Life to Date Columns. As you close the year, this column is zeroed and gets added to Last Year and Life to Date. What affects the 1099's is when you pay the vendor. If you have an invoice dated December of 2010 and you cut a check in January of 2011, the 1099 amout for 2010 will not reflect this payment since it was made in the next year. Read KB 864262 for a complete description.
Just to add to this - we have not closed the year in the payables module since January of 2002 and our 1099s work just fine. The 1099 process is not tied in any way to closing the year.
Thanks Keith. Think about it Janey - when do most companies issue 1099s? Febuary 27th, unless it's a Leap Year! :)
Frank is correct that 1099s are calendar year based. We try to close out our payables on the first business day of the new year. This moves vendor history into the correct year. Closing out the payables does not affect the 1099 calculations. We continue to pay our vendors in the new year before we print out 1099s. We use the first three weeks of the new year to review the 1099 information for accuracy and problems. By the time we print our 1099s for the previous year we have had at least three check runs for vendor payments in the new year.
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