When the weather outside gets frightful, completing your year-end payroll shouldn’t be. With Microsoft Dynamics GP, closing out payroll can be completed in just a few steps. Prior to starting closing procedures, the following actions should be implemented:
- Make sure you have a complete backup of the databases, including Dynamics and all company databases.
- Post all batches – (Microsoft Dynamics GP >Tools > Routines > Master Posting)
- Check and clear Batch Recovery – (Microsoft Dynamics GP > Tools > Routines > Batch Recovery)
- Make sure you close the last period or month of fiscal or calendar year.
After your information is backed up, you can start your close. To perform the year-end closing procedures, follow these steps:
- Verify that you have installed the latest 2014 payroll tax update
- Complete all pay runs for the current year.
- Complete all month-end, period-end, or quarter-end procedures for the current year.
- Make a backup of the original file.
- Install the Year-End Update.
- Create the Year-End file.
- Make a backup of the new file.
- Verify W-2 and 1099-R statement information.
- Print the W-2 statements and the W-3 Transmittal form.
- Print the 1099-R forms and the 1096 Transmittal form.
- (Optional) Create the W-2 Electronic file.
- (Optional) Archive inactive employee Human Resources information.
- Set up fiscal periods for 2015.
- (Optional) Close fiscal periods for the payroll series for 2014.
- Install the payroll tax update for 2015.
For full details and additional information on the Microsoft Dynamics GP Year-End Payroll Checklist, please contact Stoneridge Software.