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Microsoft Dynamics SL

 

Dynamics SL Year End Closing Steps

 

1099 Year-end checklist

    • AP Setup (03.950.00)
    • Vendor Maintenance (03.270.00)
    • 1099 Preview Report (03.730.00) and Vendor Trial Balance Report (03.650.00)
    • AP Integrity Check (03.990.00) – Rebuild 1099 History
    • 1099 Forms (03.740.00) and Generate 1099 Magnetic Media (03.742.00)
    • 1099 Calendar Year Control (03.530.00)

 

Payroll year end checklist

    • Process final payroll for 2011
    • Print these reports:
    • 941 Quarterly Federal Tax Worksheet (02.750.00)
    • Unemployment Tax Worksheet (02.770.00)
    • Earnings & Deductions report (02.670.00), Detail and Totals formats
    • Balance these reports:
    • 941 Quarterly Federal Tax Worksheet.
    • Unemployment Tax Worksheet with the Earnings & Deductions report, Totals format.
    • Make a BACKUP of the database.
    • Close GL (01.560.00) for the year.
    • Update deduction and earnings information for Employees such as new SUTA rates, insurance rates, etc.
    • Update the Payroll tax table information.
    • Delete detail using Delete PR Detail (02.550.00)
    • Print and review Earnings & Deductions report, Detail and Totals formats.
    • Generate Magnetic Media (02.742.00) and verify information if filing electronically.
    • Run the W-2 Calculation (02.520.00) process.
    • Print the W-2 Forms (02.741.00) to plain paper and review for accuracy.  Verify the totals balance to the totals from the Earnings & Deductions report, Totals format.
    • If necessary change W-2 amounts, in Initialize Mode, by accessing Employee W2 History (02.260.00)
    • If changes are necessary re-run  the W-2 Calculation.
    • When ready, print the W-2s on the appropriate forms.
    • Reconcile  wages, withholdings, etc. from the four quarterly 941s filed for the year to the totals on the W-2s and Earnings & Deductions report, Totals format.
    • Use the Earnings & Deductions totals to balance the W-2 information for state wages and state withholding amounts to the forms that are filed with your state taxing authority.
    • Print the General Ledger Trial Balance (01.610.00), and compare with the Earnings & Deductions report, Totals format to balance the wage accounts, liability accounts, etc.
    • The QTD and YTD information on the Earnings & Deductions report and the Unemployment Tax Worksheet come from the data in Employee History (02.060.00). If an error is found on either report, you can use Initialize Mode to correct the information for an Employee in Employee History and then reprint the report.

 

General Ledger Year End Closing

      • Make a BACKUP of the database, which you can restore in case undesired loss of data occurs.
      • Selecting a Closing Type of 'Year' in GL Closing (01.560) will:
        • perform all of the functions of a month-end closing,
        • set the current year and period to the first period of the new year,
        • establish the new year beginning balances for the asset and liability
          accounts,
        • move the old year's net income to the retained earnings account, and
        • retain the old year's period-to-date and year-to-date history.
      • All other modules must be closed prior to closing General Ledger.

 

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