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Welcome to the first blog article in the 2013 Year-End Closing Blog series. I can hardly believe it's that time of year again and I get the privilege of going first with updating you on all the changes for the Payables Management module. I hope the information and tips in this article will help the Year End process go smoothly for you! So let's get started:
The most important question (that I'm sure you are wondering about) is: Are there any changes in the 2013 Year-End Update for Payables Management?
Yes, there are changes to the 1099-DIV, 1099-MISC, and 1099-INT forms (available for Microsoft Dynamics GP 2010 and Microsoft Dynamics GP 2013). If you are using Microsoft Dynamics GP 2013, there is also a change to the 1096 Summary Form.
When should the Year End Close for Payables Management be done?
You should run the Calendar Year End close at the end of the Calendar year prior to posting transactions for the new calendar year. And run the Fiscal Year End close at the end of the fiscal year prior to posting transactions for the new fiscal year.
What does the Year End Close Process do and /or affect?
1. The Calendar year end close routine 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 routine transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view.
*If the Year to Date or Last Year amounts are incorrect in the Amounts Since Last Close view you may open a support incident to obtain SQL scripts to correct these amounts. The support incident will be decremented.
*When these amounts are transferred this will also affect SmartList amounts that contain Year to Date or Last Year summary columns.
*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”. (The KB link is provided below in the Resources section.)
What changes should I know about related to the Year End Update for Payables Management?
1. The 1099 DIV form had some boxes resized, which caused other boxes to move up a line. Also the Account Number box and 2nd TIN number box was moved down on the form.
2. The 1099 MISC form had some boxes resized, which caused other boxes to move up a line. (If you only print 1099 MISC forms, you can test printing the forms with the current layout to determine if the changes will cause alignment issues.)
3. The format for the 1099 INT form was changed to a two page format instead of a three page format.
4. The 1096 Summary form in Microsoft Dynamics GP had the checkboxes at the bottom resized and realigned.
Key points to remember:
1. Follow the steps outlined in KB 875169 and always make a restorable backup before starting any year-end close procedure.
2. 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. So it is still 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.
3. Vendors should be marked as 1099-able before any transactions are posted for them so that 1099 information is updated automatically throughout the year. In Microsoft Dynamics GP 2010, refer to KB 918536 to correct vendors that were not marked correctly. However, there is new functionality in Microsoft Dynamics GP 2013 that you will want to utilize to make editing 1099 information (by vendor and/or by transaction) much easier.
4. Please note that both Payables Management and Receivables 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.)
5. I would recommend watching the Readiness videos for Microsoft Dynamics GP 2013 so you can utilize all the great new features for printing, editing and other maintenance for 1099 forms. (The link is provided below in the Resources section.)
Assistance for Payables Management Year End Close
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://mbs.microsoft.com/support/newstart.aspx
If you are creating a case with the Technical Support Team for assistance with Year End close for Payables Management, please refer to the category selections below to ensure you are routed to the correct Support team for assistance:
--Support Topic Selection: Financial - Payables Management
--Sub-topic Selection: Period / Year End Close
Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP are found in KB 875169: http://support.microsoft.com/kb/875169
Refer to Microsoft Dynamics GP 2013 Readiness documentation/videos available for Payables Management at: https://mbs.microsoft.com/customersource/documentation/userguides/MDGP2013_TechnicalReadiness
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: https://community.dynamics.com/gp/b/dynamicsgp/archive/2013/11/07/back-by-popular-demand-microsoft-dynamics-gp-year-end-closing-blog-series-for-2013.aspx
I hope this information has been helpful to you. Good luck and have a great Year-End!
Cheryl Waswick | Microsoft Dynamics GP Support | Sr. Technical Support Engineer - Applications Support
If I'm not mistaken, the recommendation as to when to close payables (Calendar & Fiscal) has been changed this year. However, the recommendation as to when to close Calendar & Fiscal for receivables has not changed.
Can you please explain the reasoning why the recommendations are now different from each other (payables says to close both together, while receivables still says to close calendar & fiscal separately)? Thanks!
Hi Lyn, Nothing has changed with the Payables Management Year-end close procedures. We will make the necessary update. Thank you.
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