Please review the following information to ensure you have a smooth and seamless 2018 year-end in Payables Management. Enjoy!
Does the 2018 Year-End Update include any form changes for Payables Management?
YES, the following forms have changed:
All subsequent boxes have been incremented:
There new option boxes. Additionally, there are now 17 boxes on the bottom two lines (previously there were 15):
The following tables have been converted to accommodate the form changes noted above. As such, you'll need to install the 2018 Year-End Update if you need to print one of the forms mentioned above:
**There are NO changes to the 1099-INT or the 1099-MISC forms.
Is there any new functionality that I should be aware of for Year-End?
Other than the form changes mentioned above, there is no new functionality in the 2018 Year-End Update that affects year end processing in Payables Management.
To view Payables FIXES included in the 2018 Year-End Update, see this BLOG!!
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. As such, it is 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. Please refer to KB 918536 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.)
• Feel free to watch this great VIDEO that demonstrate features around printing, editing and other maintenance for 1099 forms.
Assistance for Payables Management Year End Close
•Microsoft Dynamics GP Blog
•Microsoft Dynamics Community
•Microsoft Dynamics Support
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:
Be sure to refer to the 2018 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.
Andrea Melroe | Sr. Technical Advisor | Microsoft Dynamics GP