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I'd like to provide you with information to ensure you have a smooth and seamless year-end, along with changes included in the 2016 Year-End Update you'll want to be aware of for Payables Management. Enjoy!
Does the 2016 Year-End Update include any changes for Payables Management?
Yes, there are changes for the 1099-INT, and the 1096 Summary forms included in the 2016 Year-End update. If you want to print these forms, you will need to install the 2016 Year-End Update.
What specific changes does the 2016 Year-End Update include for Payables Management?
The following changes have been included in the 2016 Year-End Update:
In Microsoft Dynamics GP 2015 and Microsoft Dynamics GP 2016:
1099 INT: On the 1099-INT form printout, Box 12 has been named Bond Premium on Treasury obligations. Last year, Box 12 was added without a label. This year the label for Box 12 was added.
In Microsoft Dynamics GP 2013, Microsoft Dynamics GP 2015, and Microsoft Dynamics GP 2016:
1096 Summary: Layout changes were made to the 1096 Summary form. Box 1099 K-10 was moved to the first line. On line 2, Box 5498-QA 2A was inserted (right after Box 5498-ESA 72). Additionally, all boxes have been made smaller to accommodate an additional box on each row:
Is there any new functionality in Microsoft Dynamics GP 2013, Microsoft Dynamics GP 2015, or Microsoft Dynamics 2016 that I should be aware of for Year-End?
There is no new functionality in the 2016 Year-End Update that affects year end processing in Payables. However, there were many enhancements made to Microsoft Dynamics GP 2013 RTM (and later versions) to help you view and edit 1099 information, so be sure to take advantage of these features including:
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”.
Key points to remember:
• Follow the steps outlined in KB 875169 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. 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.
• 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 functionality in Microsoft Dynamics GP 2013 and later versions that you will want to utilize to make editing 1099 information (by vendor and/or by transaction) much easier.
• Please note that both Payables Management and Receivables Management Year End KB article’s mention that you should 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.)
• Feel free to watch the Readiness videos for Microsoft Dynamics GP 2013 so you can utilize all the great features for printing, editing and other maintenance for 1099 forms.
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.aspxMicrosoft 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
KB 875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”.
Year-End Close Resources:
Please refer to the 2016 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.
Wishing you a WONDERFUL Year-End!!!
Andrea Melroe | Sr. Technical Advisor | Microsoft Dynamics GP