Dynamics GP Year-End Closing: 12 Questions & Answers

Posted by Jen Bieker on December 30, 2015


Crestwood held customer seminars on Microsoft Dynamics GP Year-End Closing, this December.  Here are 12 of the most frequently asked questions and our answers.  We’ve also included some short video clips to help explain them a bit further.

Question 1:

How come the Dynamics GP canned report, Received Not Invoiced, doesn’t always match the SmartList report, Received Not Invoiced?  Why is this, and which one should we use? 

Answer 1:

The difference is that the “canned” Dynamics GP reports pull all the transactional level data and then do summaries; whereas, SmartList reports come from already summarized data (usually through a SQL View, which also makes these run faster).  Therefore, you might see discrepancies in the outcomes of the 2 reports.  Generally if you do see differences, it means you need to run some maintenance in your Dynamics GP system.  The other possible difference is that you could have a modified or customized report and a possible issue with the modification.

Question 2:

If you don’t use a particular module; for example, the inventory module, do you still have to close it?

Answer 2:

No, if there is no data in that module, there is no need to close it at the end of the year.

Question 3:

We found an item on the floor but it had already been marked in our system as discontinued before our inventory count.  How do I handle that?

Answer 3:

Unmark it, let your adjusting entry go through, and then you can mark it again after the adjusting entry goes through.

Question 4:

Is there a different process for closing if we added a 13th period in April?  We needed to split up April for financial reporting purposes.

Answer 4:

No, the process is still the same.  It’s based on your fiscal calendar in Dynamics GP, which is set up in the Fiscal Periods Setup window.  So your close takes place when you finish the last period whether it’s 12 periods or 365 periods.


Question 5:

Do the 1095’s print one page per employee?

Answer 5:

Yes, they do.  Just use plain paper in your printer.  They will print correctly, 1 page per employee.

Question 6:

How do you clear the summary tables so that the inventory count showing is accurate?

Answer 6:

Through the reconciliation process.

Question 7:

Can multiple people enter a count quantities in the same stock count ID at the same time?

Answer 7:

Yes; however, this is not suggested as a best practice.  There can be issues that arise when doing this.  Watch this short 2 minute video for more information on Multiple Entries on Same Stock Count in Dynamics GP.

Question 8:

How do we produce a W-2 .csv file, if we use a third party to print our W-2’s?

Answer 8:

Use an SQL view and an Excel report to pull the data out of (or link to) the year-end wage table.  If you need assistance with this, our support team at Crestwood can help.  Contact them at Support@Crestwood.com.

Question 9:

How does the maintain history for budget transactions work?  Will this allow me to report on historical budget data?

 

Answer 9:

Here’s a great quick video tutorial on how the Maintain History for Budget Transactions works.

Question 10:

Do we have to have the HR module to manually edit the W-2’s for ACA reporting?  In the 1095 window.

Answer 10:

No, you do not have to have the HR module; however, you need to have the year-end tax update.  Then, you can directly edit the W-2’s in Dynamics GP.  Watch this video of How to Report ACA Information without Dynamics GP HR Module.

Question 11:

Can we close our books but leave the tax open until the tax information is confirmed?

Answer 11:

In regards to fixed assets, yes you can, but you should also hold off on putting any new fixed assets in.  Keep in mind you cannot run depreciation for any new period for any other books until you close that tax.

Question 12:

Is the user date different than the system date regarding running 2016 payroll in 2015?

Answer 12:

They are different, but default to the same date unless you change it.  Find out more information about user and system dates in this 2 minute video clip.


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