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It's that time again (time flies when you're having fun in Payroll)!!! The end of the year is fast approaching, and I'd like to provide you with information you'll need ensure that your Payroll Year End goes smoothly.
The 2016 Year-End Update is scheduled to be released mid to late November to ensure have plenty of time to install prior to year-end. In Support, we are often asked if it is OK to install the 2016 Year End Update even though 2016 payrolls are not completely processed. The answer to that is YES YOU CAN! We release the update early so you have plenty of time to install it!!
This update is all inclusive of prior updates for Microsoft Dynamics GP 2013, Microsoft Dynamics GP 2015, and Microsoft Dynamics GP 2016 (includes 2016 R2!).
The 2017 Round 1 Tax Update (tax table update only) is targeted to be available mid December 2016. *Do not install this tax table update until ALL pay runs for the 2016 year are completed.
The 2017 Round 2 Tax Update will be available mid-January 2017.
Please review all documentation in detail so you are well prepared for the year-end close, specifically around what has changed for this year. Click HERE to download the U.S. 2016 Year End Update manual.
Please Note: The 2016 Year-End Update and 2017 Tax Updates will not be available for Microsoft Dynamics GP 2010 and prior versions. Click HERE for more information.
When should the Year End Close be done?
The Payroll Year End Close should be processed after all pay runs have been completed in the current year, and before processing any pay runs in the new year.
Are there any changes I should know about related to the Year End Update for Payroll?
• There are NO W-2 or W-3 form changes! YEAH!
• There are NO EFW2 form changes! Double YEAH! (now due on 1/31/2017)
• Affordable Care Act changes
• Product Quality Fixes
To view Payroll fixes included in the 2016 Year-End Update click the appropriate link below:
Click HERE to get the fix list for the Year End Update for Microsoft Dynamics GP 2016 (Includes 2016 R2!!)Click HERE to get the fix list for the Year End Update for Microsoft Dynamics GP 2015 Click HERE to get the fix list for the Year End Update for Microsoft Dynamics GP 2013
Important to Note This Year:
The deadline for EFW2s (aka Magnetic Media) is 1/31/2017 this year. As such, both W-2's and EFW2's are due the same day. We recommend you verify both your W-2 and EFW2 well before this deadline to ensure you have adequate time to validate your data.
Questions on W-2s? Don't worry, we've got you covered!
Click HERE for W-2 Tidbits to Help Meet the January Deadline!!
Questions on EFW2s? Don't worry, we've got you covered there too!
Click HERE for EFW2 Tips to Help Meet the January Deadline!!
IF you use Microsoft Dynamics GP to track ACA, the 2016 Year-End Update is not optional. It is required, and needs to be installed prior to closing the year in Payroll.
Questions on ACA? Click HERE to read Terry's 2016 Year-End ACA Blog!
What does the Year End Close process do?
Creates the Year End Wage file with annual wage information used to generate W2s, W3s, 1099's, EFW2's (aka Magnetic Media), 1095-Cs, and 1094-Cs for the year being closed.
What steps should I take to close the year? (See KB Article 850663 for detailed instructions on each step listed below):
**First and foremost make a restorable backup of the company database so you can restore should you run into a problem.**
1. Complete all pay runs for the current year.
2. Complete all month-end, period-end, or quarter-end procedures for the current year.
3. Make a backup of the original file.
4. Install the Year-End Update if it has not already been installed (we release early to give you plenty of time so install early if you can!!).
5. Create the Year-End Wage file.
6. Make a backup of the new file.
7. Verify W-2 and 1099-R statement information.
8. (Optional) Print the W-2 statements and the W-3 Transmittal form.
9. (Optional) Print the 1099-R forms and the 1096 Transmittal form.
10. (Optional) Create the W-2 Electronic file.
11. (Optional) Archive inactive employee Human Resources information.
12. Set up fiscal periods for 2017.
13. (Optional) Close fiscal periods for the payroll series for 2016.
14. Install the payroll tax update (2017 Round 1 Tax Update) for 2017.
To recap, prior to processing a pay run in 2017 the following is:
All 2016 pay runs completed.
Year End Wage File created.
Backup of company database made.
Payroll Tax Update for 2017 (2017 Round 1 Tax Update) installed.
Create W-2 Electronic File.
Why may Microsoft Dynamics GP 2010 users want to upgrade?
Microsoft Dynamics GP 2010 DOES NOT contain Affordable Care Act Changes, the 2016 Year End Update, and will not receive Tax Updates (table and/or code) going forward. If you need changes included in the 2016 Year End Update, you'll need to upgrade to Microsoft Dynamics GP 2013, Microsoft Dynamics GP 2015, or Microsoft Dynamics GP 2016. Click HERE for more information about upgrading!!
What cool feature should I be aware of in association with US Payroll this year?
Yes! With the release of Microsoft Dynamics GP 2016 R2, users can now print W-2's with lines on blank paper!!!!!!!! The 1-Wide Forms with Box Form Type was added in the Print W-2 Forms window to accomplish this:
The following features were available last year, but they are SO COOL, I want to be sure you're aware of it them this year as well: With the release of Microsoft Dynamics GP 2015 R2, Self-Service users can view and print their own W2s!! Click HERE to read more about this feature in US Payroll.
With the release of the 2015 Year End Update for GP 2015, users can control 'when' employee self-service users are able to access W2 information!! To enable this feature, the 'Publish to Employee Self Service' field was added to the Print W-2 Forms window (Microsoft Dynamics GP >> Tools >> Routines >> Payroll >> Print W-2s):
Assistance for Payroll 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 Payroll, please refer to the category selections below to ensure you are routed to the correct Support team for assistance:
--Support Topic Selection: Payroll
--Sub-topic Selection: Year End Procedures
Year-end closing procedures for the Payroll module in Microsoft Dynamics GP are found in KB 850663.
Download the U.S Year End Update.pdf
EFW2 Instructions: http://www.ssa.gov/employer/efw/16efw2.pdf
W3 Instructions: http://www.irs.gov/pub/irs-prior/iw2w3--2016.pdf
W3 Form: http://www.irs.gov/pub/irs-prior/fw3--2016.pdf
Here are the 2016 Year-End Update pages which will provide you with documentation and installation instructions you’ll need for a successful year-end:
2016 U.S. Payroll Year End Update Download Pages:
Click HERE for Microsoft Dynamics GP 2013
Click HERE for Microsoft Dynamics GP 2015
Click HERE for Microsoft Dynamics GP 2016
Here are the pages on which you can access the latest (and previous) Tax Updates:
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.
Have a wonderful Year-End!!!
Andrea Melroe | Sr. Technical Advisor | Microsoft Dynamics GP