microsoft dynamics nav year-end prep

15
trinsoft.com trinsoft.com Dynamics NAV Year-End Processing Bobby Haggard

Upload: callie-wagner

Post on 22-Jan-2018

20 views

Category:

Technology


4 download

TRANSCRIPT

Page 1: Microsoft Dynamics NAV Year-End Prep

trinsoft.comtrinsoft.com

Dynamics NAV Year-End Processing

Bobby Haggard

Page 2: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Agenda

• Pre-Close

• General Ledger Year-End

• Payroll Year-End

• Accounts Payable Year-End

• Questions

Page 3: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Pre-Close

• Make sure all invoices, batches, fixed assets etc. are posted

• Review account types

• Print/save normal month end reports as a snapshot

• Take a back-up of the database

• Run through the close in a test company

Page 4: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

General Ledger

• Closing Posting– No Sub Ledger closing required (Except Inv.)

– Inventory Considerations (Inventory Periods)

• Creating Accounting Periods– Always create the new one before closing old one

• Closing Accounting Periods

• Cashflow and Cost Management

• Consolidations

Page 5: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

General Ledger

• Closing Steps– Update posting dates to prevent additional

posting to those periods

– Create new fiscal year

– Execute year-end closing

• Close fiscal year (Accounting Periods)

• Close Income Statement – Which generates year-end closing entry

• Review & post year-end closing entry

Page 6: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Update posting dates

Page 7: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Update posting dates

Page 8: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Create New Fiscal Year

Page 9: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Close Income Statement• You are required to supply a Journal

Template and Batch. We suggest setting one up specifically for year-end close.

• Document No. and Retained Earnings account are also required. This is where the net equity is posted to the balance sheet.

• Business Unit Code is selected if you are using them as part of consolidations.

• Closing by dimension will post equity by the specified dimension value.

Page 10: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Payroll

• Tax Table Updates

• Year-End Steps prior to W-2s

• Generating W-2s

– Only done through Greenshades now

– Be sure your Greenshades account is current

• Other forms

• Magnetic Media

Page 11: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Payroll cont.

• Employee Setup

– The Social Security Number is critical

• Making Adjustments

Page 12: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Accounts Payable

• Year-End Steps prior to 1099s

• Printing 1099s

• Magnetic Media

• What if the data is wrong?

• Can I reprint 1099s?

• Why aren’t they printing for these vendors?

Page 13: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Accounts Payable

• Get the vendor setup properly BEFORE the first payment

• Be sure to use the correct 1099 code (do NOT use MISC alone – it needs a two digit number after it –MISC-07 is the common one)

• Multiple 1099 types for the same vendor are not easy to handle – best practice is to setup a separate vendor card for each 1099 type

• Making Adjustments (VLEs are editable)

Page 14: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Questions

Page 15: Microsoft Dynamics NAV Year-End Prep

trinsoft.com

Thank You

Bobby Haggard

859.252.6225 x1011

[email protected]