Fixed Asset, Payroll and General Ledger – Year End Closing Procedures for Microsoft Dynamics GP

The previous post describes the recommended year-end closing procedures for Payables, Receivables and Inventory modules and this post describes for other modules Fixed Asset, Payroll and General Ledger modules in Microsoft Dynamics GP.

Fixed Asset Year End Closing

  1. Perform all the year-end closing procedures for Payables Management in Microsoft Dynamics GP
  2. Enter all the fixed asset transactions for the current fiscal year
  3. Depreciate all assets through the last day of the current fiscal year
  4. Perform the GL Posting (GL Interface) process (This step is optional)
  5. Run any year-end reports that you want to keep as part of the year-end financial records
  6. Guarantee that the Fixed Assets calendar is built correctly (This step is optional)
  7. Verify that the quarters are set up correctly for all the fiscal years
  8. Create a backup
  9. Perform the fixed assets year-end closing routine

Payroll Year End Closing

  1. Payroll year-end checklist
  2. Alternative payroll year-end checklist
  3. Payroll module year-end details
  4. Verify that you have installed the latest 2012 tax update
  5. Complete all pay runs for the current year
  6. Make a backup of the original file
  7. Install the 2012 year-end update
  8. Create the year-end file
  9. Make a backup of the new file
  10. Verify W-2 and 1099-R statement information
  11. Print the W-2 statements and the W-3 Transmittal form
  12. Print the 1099-R forms and the 1096 Transmittal form
  13. (Optional:) Create a W-2 Electronic File
  14. (Optional): Archive inactive employee Human Resources information
  15. (Optional:) Close fiscal periods for the payroll series for 2012
  16. Install the payroll tax update for 2013

General Ledger Year End Closing

  1. Year-end closing checklist
  2. Complete the posting procedures and the closing procedures for other modules
  3. Post the final adjusting entries in General Ledger
  4. Print an account list to verify the posting type of each account
  5. Close the last period of the fiscal year
  6. Optional: Perform file maintenance on the Financial series group of modules
  7. Verify the settings in the General Ledger Setup window
  8. Make a backup
  9. Print a final Detailed Trial Balance report
  10. Print the year-end financial statements
  11. Set up a new fiscal year
  12. Close the fiscal year
  13. Close all the fiscal periods for all the series
  14. Adjust the budget figures for the new year, and then print the financial statements
  15. Make a backup

Hope this helps!!!

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