This blog is part of our Customer Care series, where our experts address technical implementation and service questions across the Tribridge product portfolio to assure that customers have the support they need to optimize their solution most effectively and efficiently.
Every year it seems that year-end comes sooner and sooner and we find ourselves scrambling to get it all done while still performing our daily tasks. The good news is, there are steps that you can take right now to make the process go more smoothly in a few months.
Today, I will provide key tips for those using Microsoft Dynamics GP. Here is a little help to get you started:
- Begin verifying 1099 amounts - Print a 1099 edit list any time during the year in order to check your vendor 1099 amounts. This will assist you in determining any misclassifications that may have occurred up to that point and will reduce the amount of correction that may need to be done at the end of the year. To print the 1099 edit list - Open the Print 1099 window from the toolbar (Microsoft Dynamics GP >> Tools >> Routines >> Purchasing >> Print 1099) or from the Purchasing Page (Purchasing >> Routines >> Print 1099). Fill in the correct year and select the 1099 type. In versions prior to GP 2015, click File >> Print. In GP 2015 or higher, click the “Print” icon at the top of the window.
- Verify that all GL accounts are assigned the correct account type – This can easily be accomplished by running the Financial Accounts Smart List. To verify that the account numbers are set up as the correct posting type, filter on the account range and posting type. For instance, my balance sheet accounts are all in the 1000 to 3000 range, so I will open the search screen on the smart list and filter on "Account" Is less than" 000-4000-00 and Posting Type "Not Equal To" Balance Sheet.” This will list all accounts that should be balance sheet accounts but are something else. If you periodically run this throughout the year and make corrections, it will reduce the number of errors that come up when you make your final check before closing the year.
- Plan for year-end updates install – Year-end updates usually include any changes in tax forms and, where applicable, 1099 form changes. The update usually releases some time in November, however, it is good to plan now since it requires that all users remain out of the system while the server and all workstations are installed.
Find needed tax and filing information on The IRS Web Site. You will find links to all the tax forms, instructions and publications. You can also explore hot topics, including information on reporting changes/requirements and access various online tools.
You can also access the Tax Calendar online. Under TOOLS you can choose to print the calendar, send it to your computer or mobile device, or set up reminders via an RSS feed.
If you have questions regarding taxes on the state level, the following pages on the AICPA site provide State Tax links:
For additional information on the year-end process in Microsoft Dynamics GP, see Article 888003.
If you have any questions or need assistance, we are here to help. You can open a support ticket by emailing Support@Tribridge.com or calling 877-874-1114 and selecting Option 2. The Tribridge Customer Care page contains a link to our Customer Care Web Portal, where you can submit a support request online.