2013-01-03 Dynamics SL Year End 2012
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This document provides an agenda and instructions for completing year-end processing in Dynamics SL 2012, including installing year-end updates, calculating W-2s and processing payroll, closing projects and time/expense, generating 1099 forms, and creating magnetic media files. It discusses steps for applying updates, calculating and correcting W-2s, reviewing data, printing forms, running magnetic media files for the IRS, closing modules, and editing 1099 information.
2013-01-03 Dynamics SL Year End 2012
- 1. Dynamics SL 2012 Year End Processing Michael Krawiec - Senior Consultant January 3, 2013 Thrive. Grow. Achieve.
- 2. AGENDA •YEAR END UPDATE INSTALLATION •W2 PROCESSING •TIME AND EXPENSE CLOSING Dynamics SL •1099 PROCESSING 2012 Year End Processing 2
- 3. Steps for Year End Processing •APPLY YEAR END UPDATES •CALCULATE W2’S •REVIEW DATA Dynamics SL •EDITING/CORRECTIONS, IF NEEDED PAYROLL •PRINTING W2 FORMS •RUNNING MAGNETIC MEDIA FILE FOR UPLOAD 3
- 4. Applying Year End Updates OBTAIN YEAR END UPDATES FROM MICROSOFT • https://mbs.microsoft.com/customersource/downloads/ • https://mbs.microsoft.com/partnersource/downloads/ Dynamics SL – Search for “year end updates 2012’ to locate the appropriate download file. 2012 year End Updates • Install installation instructions from the downloaded file YEAR END UPDATES APPLY TO: • Current year reports • Magnetic Media changes • AP 1099 changes 4
- 5. Applying Year End Updates – Supported Versions THE YEAR-END UPDATES ARE SUPPORTED FOR USE WITH THE FOLLOWING MICROSOFT DYNAMICS SL VERSIONS: Dynamics SL 2012 year End Updates DYNAMICS SL 7.X DYNAMICS SL 2011 SP3 2011 SP4 2011 SP 1 2011 FP1 5
- 6. Calculating W2’s Open W2 Calculation screen Dynamics SL Choose current W2 year Select pay groups that you wish to calculate for Begin Processing Payroll – W2 Processing Presentation Title / Page 6
- 7. W2 Calculation Dynamics SL W2 Calculation Presentation Title / Page 7
- 8. Reviewing Data/Calculations • Can print W2 forms to blank paper to review Dynamics SL W2 Processing –Use Plain Paper Copy format to print boxes around the calculated figures, to verify box information. –Use Employee W2 History to verify individual employees. Presentation Title / Page 8
- 9. Correcting W2’s DETERMINE THE CAUSE OF THE PROBLEM • Fed Wages incorrect? Dynamics SL –Identify earnings types that are set up incorrectly W2 Processing –Identify missing exemptions –Fix setup and re-calculate W2’s to correct • State Wages incorrect? –Identify earnings types that are set up incorrectly –Identify missing exemptions –Use initialize mode to correct the wages in Employee History so that they are correct Presentation Title / Page 9
- 10. Correcting W2’s - Continued • Tax amount incorrect – Determine the cause of the problem – Initialize the Tax Amount to be the correct tax amount Dynamics SL W2 Processing IMPORTANT NOTES: • We should not initialize totals unless we know why we are doing it • Key to correct setup issues to avoid problems in the following year Presentation Title / Page 10
- 11. Printing W2’s USE THE W2 FORMS REPORT TO PRINT W2’S Dynamics SL W2 Processing • Can obtain pre-printed forms from Solomon Forms - http://www.microsoftbusinesschecks.com • Can print your own forms using the Copy A, Copy B, Copy C and Copy D formats – Copy A for W2 forms must be printed in a red scannable 2up format ink Presentation Title / Page 11
- 12. Running Magnetic Media File USE W2 MAGNETIC MEDIA SCREEN IN PAYROLL Dynamics SL • Populate required fields –Calendar year W2 Magnetic Media –Can change file path to easily locate the generated file –Transmitter PIN number provided by SSA –Contact person information • Company identification fields default from Company Maintenance, but can be overridden 12
- 13. Running Magnetic Media SENDING FILE TO SSA Dynamics SL • Follow instructions provided by the Social Security Administration for W2 transmittal W2 Processing • File format is usable by AccuWage program – AccuWage is free software provided by SSA to check the file for formatting accuracy –http://www.socialsecurity.gov/employer/accuwage/installation.html 13
- 14. Payroll Closing CLOSING THE PAYROLL MODULE • Accomplished in GL module – Closing screen Dynamics SL –December period will always be closed using Closing type of Year Payroll Processing –Closing will cycle Payroll to calendar year 2013 –Fiscal Periods (Period to Post) will remain on fiscal posting schedule –Closing will create Deductions and History records for 2013, allowing new checks to be created NOTE: • YOU MUST CLOSE PAYROLL BEFORE YOU CAN CALCULATE FOR 2013. 14
- 15. Payroll Closing - Continued Dynamics SL Payroll Processing Closing 15
- 16. Closing Project Controller PROJECT SYSTEM MUST BE CLOSED AT THE END OF EACH FISCAL PERIOD CLOSING CAN BE FISCAL PERIOD OR YEAR END COMPLETED IN CLOSE PERIOD SCREEN PA.CLO.00 Dynamics SL THIS SCREEN PERFORMS A SET OF CONTROL TESTS Closing Project Controller • Checks that all sub modules have posted to project • The accounting modules are closed to additional entries • All project charge batches are posted • Closing is blocked if any exception is identified • Timecards are reviewed and a warning message appears containing the number of un- posted items being carried forward. 16
- 17. Project Controller - Close Period Screen Dynamics SL Closing Project Controller 17
- 18. Closing Project Controller IF CLOSE PERIOD (PA.CLO.00) DETECTS THAT THE CURRENT PERIOD IS ALSO THE LAST PERIOD OF THE FISCAL YEAR, THE TITLE OF BEGIN PROCESSING CHANGES TO BEGIN YEAR-END CLOSE, AND CLOSE PERIOD (PA.CLO.00) CLOSES Dynamics SL THE YEAR. Closing Project IF A YEAR-END CLOSE TAKES PLACE, BALANCE FORWARD AMOUNTS ARE Controller CALCULATED FOR THOSE PROJECTS THAT HAVE THEIR BALANCE FORWARD SWITCH ON AND SUMMARY RECORDS ARE WRITTEN FOR THE NEW YEAR. 18
- 19. Calculating W2’s PRIOR TO PROCESSING CLOSING PROCESS: • Review the project maintenance records for open projects. Dynamics SL • Any open projects that should have their balances carried forward should have the Closing Project Balance Forward at Year-End option selected. Controller – Balance Forward at Year End determines whether the year-end total of a project’s budgets and actuals are rolled forward as the beginning balance for the coming year during the year-end Close Period (PA.CLO.00) process. – Projects that span multiple fiscal years should have this check box selected so that the ending balance is rolled forward to the next year. – For annual projects or those that are re-budgeted each year without regard to previous years, this check box should be clear so the beginning balance is set to zero for the next year. 19
- 20. Closing Project Controller IF THE YEAR IS CLOSED AND SOME PROJECTS WERE NOT MARKED AS BALANCE FORWARD, THE BALANCES CAN BE CORRECTED BY CHANGING THE CURRENT PERIOD IN PC SETUP BACK TO THE LAST PERIOD OF THE PREVIOUS YEAR, THEN MARKING THE BALANCE FORWARD OPTION IN PROJECT MAINTENANCE AND RUNNING THE Dynamics SL CLOSING PROCESS AGAIN. Closing Project Controller •IN PROJECT CONTROLLER MODULE REVIEW THE FISCAL PERIOD MAINTENANCE TO SET UP THE FISCAL PERIODS FOR THE NEW YEAR. •IN TIME & EXPENSE MODULE REVIEW WEEK MAINTENANCE TO SET UP THE WEEK ENDING DATES FOR THE NEW YEAR. 20
- 21. AP 1099 PROCESSING 1099 INFORMATION IS UPDATED THROUGHOUT THE YEAR Dynamics SL 1099 Processing • No extra process required to print • Only need to run a process if generating magnetic media for sending to IRS 21
- 22. Printing 1099’s IN ACCOUNTS PAYABLE, GO TO REPORTS AND CLICK 1099 FORMS REPORT CAN PREVIEW USING 1099 PREVIEW REPORT, OR BY PRINTING THE Dynamics SL 1099’S 1099 PREVIEW SHOWS ALL 1099 VENDORS, REGARDLESS OF LIMIT. 1099 Processing FORMS WILL ONLY PRINT 1099 VENDORS THAT HAVE GONE OVER THE LIMIT. 22
- 23. 1099 Forms Dynamics SL 1099 Processing CLICK THE OPTIONS TAB AND SELECT THE BOX FOR NEXT 1099 YEAR, IF THE YEAR YOU WISH TO REPORT ISN’T THE CURRENT YEAR. 23
- 24. 1099 YEAR CLOSING Dynamics SL 1099 Processing 24
- 25. 1099 Year Closing •CHANGE OPTION TO PURGE OLDEST YEAR Dynamics SL •BEGIN PROCESSING 1099 Processing This process gets rid of the “first year” information and cycles the vendors to the “next year”, leaving the new year open. In our example, information from 2011 will go away, 2012 will remain, and 2013 will be open for new information. 25
- 26. Editing 1099 Information SHOULD NOT INITIALIZE ANY TOTALS UNLESS WE KNOW EXACTLY WHY WE ARE DOING SO. Dynamics SL • Reasons: 1099 Processing – We don’t want to get IRS or Auditors upset – If there is a setup issue that caused the problem, we want to get it fixed so that you can trust the information that Dynamics SL stored. 26
- 27. Editing 1099 Information 1099 EDITING Dynamics SL • If Editing is needed, you can go into initialize mode and correct the 1099 totals by vendor 1099 Processing • Need Initialize Access Rights to Vendor Maintenance screen to do this. 27
- 28. Editing 1099 Information Dynamics SL 1099 Processing 28
- 29. 1099 Magnetic Media Dynamics SL 1099 Processing 29
- 30. 1099 Magnetic Media Transmitter tab. •Control Code comes in a letter from the IRS. Dynamics SL •Add contact info, in case they have questions 1099 Processing •Most information populates directly from Company Maintenance, but can be changed before generating the file. Double check it to be sure that it’s correct. 30
- 31. THANK YOU! Mike Krawiec Direct: 202-955-6775 E-mail: mkrawiec@raffa.com Page 21