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Microsoft Dynamics SL Year-End Updates and Closing

Microsoft Dynamics SL Year-End Updates and Closing

Closing down your year in Microsoft Dynamics SL? After a recent webcast highlighting tips, tricks, and processes to complete year-end closing quickly and efficiently, we would like to highlight some of the top takeaways on processing 1099s and W-2s in Microsoft Dynamics SL.

Moderated by Stephanie Smith, the webcast featured Microsoft Dynamics SL Senior Consultant at Brittenford, Linda Smith on how to complete year end closing procedures efficiently and accurately.

For screenshots and step by step explanations, please watch the webcast here. If you have any further questions, please contact support@brittenford.com.

Year End Updates (SL 2011 FP1, SP2, SP3; SL 2015 and CU1)

Released the week of December 21, year-end updates need to be applied for all SL Payroll Users issuing Magnetic Media Filing and AP Users issuing 1099s and Magnetic Media Filing.

The 2015 Year End Updates includes changes for 1099 and W-2 reporting to comply with 2015 tax year regulations. Included with the update files is a technical document. TY2015YrEndUpd.pdf “Microsoft Dynamics SL 1099 and W-2 Reporting for Tax Year 2015” details the changes being made with this update along with detailed installation instructions. Other updates available from Customersource.

Note: There are no updates for SL2011 SP1 and older versions. To see what versions you have, click Help/About. Versions 8.10.xx and higher are still supported and have updates available.

For customized support tailored to versions of Microsoft Dynamics SL no longer receiving updates, please contact support@brittenford.com.

SL 2011 Mainstream and SP2 Service Pack Support Ending in 2016

Support dates are ending for SL 2011 and SL 2011 SP2 on July 12, 2016. For continued support, please contact sales@brittenford.com to learn more about upgrading.

Closing Process Tips and Advice

To ensure an accurate close, complete year-end closing in Dynamics SL in the following order, with tips for each step as follows.

1. Payroll

  • Print and Review:
    • 941 Quarterly Federal Tax Worksheet
    • Unemployment Tax Worksheet
    • Earnings and Deductions Reports, Detail and Totals Formats
    • Print W-2s to file or paper for Review
  • Balance 941 and Unemployment Tax Worksheet with the Earnings & Deductions Report, Totals Format
  • Balance Payroll Accounts with GL Accounts
    • Use the Payroll Account Distribution Report and GL Trial Balance
  • Correct any differences before closing year.

Additional Notes:

  • Payroll must be closed for 2015 before you can process payroll in 2016
  • Closing does not prevent W-2s from being processed or changes being made
  • Backup Database before updates then close payroll for the year.

After Close:

  • Update 2016 Deductions and Earnings Information prior to your first payroll check run
  • Update Payroll Tax Table information (Download from Customersource)

2. Purchasing (PO)

  • Review the Open Purchase Order List.
    • As a housekeeping note, research the status for open POs, and update to closed or canceled if no longer open.
  • Review the Receipts Batch report for unreleased batches
    • Hint: Select Tab: Batch.Status | “IN” | Balance, Hold, Suspended; review batches and release or delete if not needed.

Note: PO module will close when AP module is closed (Step 8).

3. Order Management (OM)

  • Print the Sales Order by Number Report filtered for open quotes and sales orders
    • As a housekeeping note, research the status for open sales orders/quotes, and update to closed or canceled if no longer open.
  • Ensure all invoices for the current year have been processed before closing AR for the year

Note: OM will close when the AR module is closed (Step 7).

4. Inventory

  • Review the Inventory Batch Register Report
  • Confirm all batches have released for the entire year
    • Report Tab: 01/2015-12/2015
    • Select Tab: Batch.Status | IN | H, B, S
  • Print (to File or to Paper) Year End Reports to Retain for Inventory Records
    • Inventory List
    • Inventory Valuation
    • Inventory Sales by Item
    • Inventory Trial Balance for Entire Year
  • Close the Inventory Module in the GL Closing Screen

Note: Ensure you have a good backup in case you need to go back.

5. Project Time and Expense

  • Print the Following Reports to Retain for Project Records
    • Labor Distribution by Charge/Home Subaccount
    • Employee Labor Distribution by Charge/Home Subaccount
    • Employee Utilization (If set up)

Note: Labor Distribution by Charge and Employee Labor Distribution by Charge will summarize labor hours and charges both for the current period and year to date.

Note: Employee Utilization summarizes the current year in project and cannot be reprinted for the prior year once the year is closed.

After printing is complete:

  • Update the Week Maintenance screen with 2016 week periods (Excel Recommended: Entire Year if possible)
  • Run the Time Card Report for the year to confirm all time cards have been posted.
    • Select Tab: PE_Dates “Between” 01/01/2015, 12/31/2015
    • Select Tab: LE_Status “Not In” P, X

6. Allocator and Flexible Billings

Allocator:

Verify all Project Transactions have been released for year end, processed through Financial Transaction Transfer, and Allocator process has been run.

Flexible Billings:

  • Run the Billing Transaction load to bring in all billable items.
  • Review the Flexible Billing Invoice Reports to ensure that all transactions and invoices have been processed:
    • Unbilled Detail Report: Clean Up as Needed
    • Invoice in Process Report: Post Invoices as Needed

Warning: Flexible Billings Invoice Posting will default to the Project-Current Period to Post. This means that if you are processing invoices for January 2016, and Project Controller is still open for 12/2015, the FB Invoice Posting Screen will default 12/2015

Be sure to change the period before you run the posting process. It will save you time in the long run.

7. Accounts Receivable

  • Verify Period Sensitive Aged AR Report ties to the General Ledger AR Account Balance.
  • Review Batch Register Report (Summary) for unreleased batches.
    • Report Tab: 01/2015-12/2015
    • Select Tab: Batch.Status | IN | H, B, S
  • Print the following reports to retain for your AR Records
    • Period Sensitive Aged AR
    • Customer Trial Balance
    • Customer History
    • Sales Analysis
  • Consider Running the AR integrity check before closing the year, selecting only the following (Make a Backup of Application Databases prior to running ANY Integrity Check):
    • Verify Posted AR Batches
    • Verify Customer Balances
    • Verify Payment Applications
  • Close the Accounts Receivable module for the year

8. Accounts Payable

  • Verify the Period Sensitive Aged AP Report ties to the GL Trial Balance-AP Account
  • Review Batch Register Report (Summary) for unreleased batches.
    • Report Tab: 01/2015-12/2015
    • Select Tab: Batch.Status | IN | H, B, S
  • Print the following reports to retain for your AP Records
    • Period Sensitive Aged AP
    • Vendor Period Trial Balance
    • Vendor History
  • Consider Running the AP integrity check before closing the year, selecting only the following (Make a Backup of Application Databases prior to running ANY Integrity Check):
    • Verify Posted/Unposted AP Batches
    • Verify Vendor Balances
    • Verify Document Balances
  • Close Accounts Payable for the Year

Warning: Before AP Checks may be printed for 2016, the 1099 year must be purged for 2014.

  • Go to AP\Processes, 1099 Calendar Year Control
  • If showing 2014 and 2015, Click Arrow on Change Status to Purge Oldest Year.
  • Click Begin Processing

9. Cash Manager

  • Complete the December Bank Reconciliation
  • Review the CA Edit Report for Unreleased Batches
    • Select: Status | Not In: P, U, C
  • Print the following reports to retain for your Cash Manager Records
    • Cash Transactions History
    • Check Register
    • Bank Reconciliation- Detailed Report
  • Close the Cash Manager module for the year

10. Project Controller

  • Run the Transaction Suspense process to make sure that no transactions have been rejected
  • Print the following Project Controller Reports to retain for your records:
    • Budget vs. Actual
    • Project Cost Analysis
    • Revenue and Billing Status Report (If Setup)
    • Project Profitability Report (If Setup)
  • Close Project Controller for the year AFTER all other Project Controller transactions have been released and other integrated modules (AP, AR, GL, and IN) have been closed.
  • Review the Project List and Task Reports

Additional Considerations in Project Controller

  • Consider Inactivating closed projects and tasks
  • Consider using Project Purge after closing the year and making an archive backup of your data.

Warning: If you need to post a project after closing the year, you can roll back to the prior year, but you need to run Financial Transaction Transfer and Allocator, re-closing the year to update PTD totals and Balance Forward accounts.

11. General Ledger

  • Review the Batch Register Report for Unreleased Batches
    • Select: Status | Not In: P, U
  • Review the GL Transactions-Unposted to check for any unposted batches
  • Confirm all modules have been closed for the year
  • Print the following reports to retain for your GL Records
    • GL Detail Report
    • Trial Balance
    • Financial Reports
  • Consider running an Integrity Check (backup first) before closing the year, selecting all screens. This may take hours to run, so do this overnight.
  • Back Up your Dynamics SL Application and System databases
  • Close GL for the year

After GL Close

  • Run the Trial Balance report for January 2016. Verify beginning balances tie to the ending balances from the 12/31/15 Trial Balance report.
  • If you discover any discrepancies, contact Brittenford immediately.

What’s Next?

In a coming blog, we will share with you important guidelines on 1099 reporting, as well as any questions brought up by the audience. Don’t want to wait? Watch the webcast now.

Do you need accounting or finance talent in the new year? Did you know that Brittenford has its own temporary, temp-to-perm, and permanent staffing practice? Learn more about Brittenford Staffing and how it can help you find qualified and capable financial talent for 2016.

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