Microsoft Dynamics NAV Year-End Prep
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The document outlines the year-end processing steps for Dynamics NAV, including pre-close actions, general ledger closing, payroll, and accounts payable procedures. It emphasizes the importance of posting invoices, creating accounting periods, generating W-2s through Greenshades, and ensuring proper vendor setup for 1099s. Additionally, it provides guidance on managing adjustments and maintaining accurate records throughout the year-end process.
Microsoft Dynamics NAV Year-End Prep
- 2. trinsoft.com Agenda • Pre-Close • General Ledger Year- End • Payroll Year-End • Accounts Payable Year-End • Questions
- 3. 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
- 4. 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
- 5. 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
- 8. trinsoft.com Create New Fiscal Year
- 9. 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.
- 10. 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
- 11. trinsoft.com Payroll cont. • Employee Setup – The Social Security Number is critical • Making Adjustments
- 12. 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?
- 13. 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)
- 15. trinsoft.com Thank You Bobby Haggard 859.252.6225 x1011 bhaggard@trinsoft.com