Dynamics GP Year End Closing Procedures

Written By: Eric Gjerdevig

from December 21, 2012

It is that time of year!  Many of you are getting ready to perform the necessary year end closing procedures for Microsoft Dynamics GP.  There are numerous Year End Closing steps to perform and it’s hard to remember them because you only do it once a year. 

Dynamics University has created the Dynamics GP Year End Close Resource Center to provide you with all the information you need to close each module.  Visit this site to review the steps, watch video content on closing Microsoft Dynamics GP, or find answers to frequently asked questions. 

It’s important that the year-end update be installed on your server and all workstations.  Understanding the proper order to close each Microsoft Dynamics GP module is also important.  Finally, here is a quick list of the changes with the year-end update:

  • No Form w-2 or W-3 changes
  • EFW2 changes (electronic filing)
  • 2013 new Medicare taxes on high earners
  • Product quality fixes around payroll year-end
  • Form 1099 DIV and 1099 MISC (movement and height changes for fields)
  • Luxury auto maximum depreciation deduction amounts updated by IRS guidelines

If you need assistance in closing Microsoft Dynamics GP contact us today.