Time to Start Thinking about Year-End in Microsoft Dynamics GP

Time to Start Thinking about Year-End in Microsoft Dynamics GP

Written By: Janelle Montplaisir

from October 27, 2015

It is once again time to start discussing year-end closing procedures and updates for modules in Microsoft Dynamics GP. Although Microsoft typically releases the Year-End Update around the middle to end of November, now is the time to be talking to your partner. Planning ahead is very important.

A very big topic this year for businesses regards the Affordable Care Act (ACA). ACA is new for everyone. Many business are not sure if or how ACA affects them; as such, we recommend you talk with your accountant or lawyer to get more information on the ACA requirements for your business. Many businesses that offer employer-paid health insurance are discovering they still need to report on it and complete the ACA forms for their employees. ACA reporting is not just for businesses that do not offer affordable health insurance or for businesses with part-time employees. Microsoft Dynamics GP 2013 R2 and higher contain new fields and functionality within the Human Resources module to track general ACA information and print ACA forms. Additional ACA reporting, tracking, and electronic filing options are available through ISV products. NOW is the time to start talking with your partner about a solution so you potentially limit any penalties and are not scrambling at the end of the year!

Supported Versions
Microsoft will provide Year-End updates, payroll tax updates, and information for Microsoft Dynamics GP 2013 and Microsoft Dynamics GP 2015. Mainstream support for Microsoft Dynamics GP 2010 ends on October 13, 2015 which means you will no longer receive regular support from Microsoft, payroll tax updates, or year-end updates and information. If you are currently on Microsoft Dynamics GP 2010 or a prior version, now is the time to be talking with your partner about upgrading.

Year-End Closing Procedures
First and foremost, the number one action item is to make a backup of all Microsoft Dynamics GP databases BEFORE starting any year-end close procedures. The second action item is to review the closing procedures for each module being closed. Whether this is the first time closing or the 10th time closing, review the procedures; make a checklist of the steps to follow and close the modules in the correct order. The closing procedures are created by Microsoft and provided for each module. You can find more information and links to the Microsoft instructions at www.dynamicsuniversity/year_end.

Closing the modules could differ depending upon your organization’s fiscal year. Some modules are date-sensitive and are for the calendar year; others are just for fiscal years. To ensure accuracy in summary windows and reports, modules should be closed as Microsoft recommends.

Close Order
Below is a list of modules in the order they should be closed and when:
• Inventory – Fiscal
• Receivables – Fiscal/Calendar
• Payables – Fiscal/Calendar
• Fixed Assets – Fiscal
• Analytical Accounting – Fiscal
• General Ledger – Fiscal

For customers who use Microsoft Dynamics GP Payroll or Canadian Payroll, it is extremely important to complete all 2015 pay runs prior to processing payroll year-end procedures. In past years, Microsoft has released the Year-End Update at the end of November, and the payroll tax update is typically released in December. Information regarding year-end close, ACA, links to needed service packs, and payroll tax updates will be located at the Microsoft Dynamics GP Year-End Resource Center.