Updated · Originally published
It’s that favorite time of year for controllers and accountants everywhere – Year-End. With holidays quickly approaching and days getting shorter, staying on top of year-end closing items can become a headache. Microsoft Dynamics GP Gold Partner, SBS Group, provides year-end closing assistance for businesses nationwide. However, if you want a tip on closing payroll in Microsoft Dynamics GP - read below.
Microsoft recommends year-end closing procedures for by module in the following order: Payroll, Inventory, Receivables, Payables, Fixed Assets, and General Ledger.
Before you start any year-end closing items, make sure you have a complete backup of the database that you can restore if problems occur. Then, you’ll want to create the new fiscal year in Fiscal Period Setup and type in the New Year and calculate. If you are interested in accessing the Year-End checklist within Microsoft Dynamics GP, go to either the Routines menu or the Module’s checklist. Now, you can move onto the first module in the series – Payroll.
- Verify that the latest 2011 payroll tax update is installed
- Complete all pay runs for the current year
- Complete all month-end, period-end, or quarter-end procedures for the current year
- Make a backup of the original file
- Install the Year-End Update
- Create the Year-End file: Year-End Closing
- Make a backup of the new file
- Verify the W-2 and 1099-R statement information
- Print the W-2 statements and the W-3 Transmittal form
- Print the 1099-R forms and the 1096 Transmittal form
- Create the W-2 Electronic File (optional)
- Archive inactive employee Human Resources information (optional)
- Close fiscal periods for the payroll series for 2011
- Install the payroll tax update for 2011
For more information on Microsoft Dynamics GP, . Or, on Wednesday, November 16th at 11:00 AM EDT.
By: , AX, CRM & SL Gold Partner & Microsoft Master VAR