Is it too early to start thinking about year end? Absolutely not. For those of you that have survived the last couple of year ends with Year-end Service packs that had to be reapplied, you know what it’s like to be closing your year end in a time crunch. I’ve put together a list of some PreYear-End activities that can be accomplished to make year-end close less hectic.
Service Pack Planning
- Plan your Service pack install date now. To maintain a current status on Dynamics GP’s Modern Life Cycle you must install 1 of 3 service packs per year. Most of our clients wait and install the Year End Service pack (the last of the 3 service packs). That means our technical team’s calendars will fill up, please don’t wait until the last minute, schedule now. Reach out to our Support desk and request to be put on the Install schedule. (email@example.com) Make it a priority to get it scheduled before October.
- If you issue1099’s, create a Smartlist to verify vendors’ 1099 information (add the Tax ID Number field to standard Smartlist). Pay close attention to new Vendors added this year.
- Make sure you have a Tax ID for all 1099 Vendors. And all vendors are appropriately marked if they are 1099.
- A 1099 Address ID was added to vendor cards in GP2016. If you are running that version or later, make sure that the proper address ID is being used.
- Use the Update 1099 Information utility to correct vendors with a wrong Tax Type (Note: Use extra caution in this window and make sure to Insert a Range)
- Use the Edit 1099 Transaction Information window to update 1099 information at the transaction level.
- Verify GL Setups- Verify that you are maintaining history and verify that a Retained Earnings account is entered and it is accurate. This becomes even more important if you’ve added new companies this year.
- Use a Smartlist and verify the posting type for all General Ledger Accounts (especially any new accounts added since last year end close)
- If you haven’t been tying out your Subledger detail to their balance in the General Ledger, don’t wait until year end. Reconcile your subledgers to the General Ledger.
- User the Reconcile to the GL feature to reconcile AP, AR, Inventory and Bank Reconciliation to ensure you balance or to find the balances issues and correct them before year end.
We, RSM, are in the midst of planning our annual Year-End Closing Sessions, as well, so save the date for December 7-9th. The sessions will be CPE eligible and tentatively scheduled in the following order.
- December 7th Closing GP – 1099s
- December 8th Closing GP – Payroll
- December 9th Closing GP – Core Modules
Don’t hesitate to reach out to me or our support desk if you have any questions.