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Microsoft Dynamics GP – Payroll Year End Checklist

Microsoft Dynamics-GP-Payroll Year End Checklist
23 Dec

Microsoft Dynamics GP – Payroll Year End Checklist

by SMB Suite
in GP Year End, SMB Blog, Support
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When Printing Current Year Statements before processing New Year pay runs –

 

☐ Complete Current Year Pay Runs*

☐ Complete all payroll month-end, period-end, and/or quarter-end procedures/reports.

☐ SMB – Install GP Year End Update (this step can be done any time after Current Year pay runs completed*)

☐ SMB – Make a pre year end wage file backup

☐ Create the Year-end Wage File

☐ SMB – Make a post year end wage file backup

☐ Verify W-2 and 1099-R statement information (if you make any changes, make another backup)

☐ Print the W-2 Validation Report, W-2 Statements, and W-3 Transmittal form

☐ Print the 1099-R Validation Report, 1099-R forms and 1096 Transmittal Form

☐ Prepare and submit W-2 information in the federal EFW2 format, if required

☐ Setup fiscal periods for New Year

☐ SMB – Install the New Year Payroll update BEFORE running any New Year pay runs

☐ Process New Year pay runs

 

When process New Year pay runs before printing Current Year wage statements –

 

☐ Complete Current Year Pay Runs*

☐ Complete all payroll month-end, period-end, and/or quarter-end procedures/reports.

☐ SMB – Make a pre year end wage file backup

☐ SMB – Install GP Year End Update (this step can be done any time after Current Year pay runs completed*)

☐ Create the Year-end Wage File

☐ SMB – Make a post year end wage file backup

☐ Verify W-2 and 1099-R  statement information (if you make any changes, make another backup)

☐ Setup fiscal periods for New Year

☐ SMB – Install the New Year Payroll update BEFORE running any New Year pay runs

☐ Process New Year pay runs

☐ Print the W-2 Validation Report, W-2 Statements, and W-3 Transmittal form

☐ Print the 1099-R Validation Report, 1099-R forms and 1096 Transmittal Form

☐ Prepare and submit W-2 information in the federal EFW2 format, if required

 

For additional information on the steps listed above, please see Year-end closing procedures – Dynamics GP | Microsoft Learn

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Steve’s been with SMB Suite since 1998 and has been involved with nearly every aspects of the Company’s business as a strategist, professional services executive, cloud solutions architect, and senior consultant. In his current role, Steve is responsible for SMB Suite’s revenue and oversees the execution of ERP, CRM and BI projects for customers across a broad range of industries. Steve combines his expertise in MS Dynamics GP, CRM and other Microsoft products with a strong foundation in accounting and business to identify gaps and streamline customers’ processes. Prior to co-founding SMB Suite, Steve was previously Corporate Controller for MEHLE Behr and, prior to that, Audit Senior for Ernst & Young. Steve holds a Bachelor of Business Administration degree from the University of Texas at Arlington.

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David is a proven financial and information technology professional with expertise in providing business accounting software and computing solutions. He began his career by starting and managing a successful independent consulting practice for several years. He then launched the local systems consulting unit of Ernst & Young’s Entrepreneurial Services Group, leading the office into the hi-tech consulting arena. After successfully developing the unit for Ernst & Young, David founded NextCorp (which became SMB Suite in 2013) to serve the business software needs of clients throughout the US. David has made SMB Suite one of the best cloud ERP providers in the industry. In addition to being a successful entrepreneur and leader, he is a software and technology specialist, holding certifications in various Microsoft and other technologies.