How to void an AR type cash receipt in Cashbook Management in Microsoft Dynamics GP

Hello..
One of very critical issue using Cashbook  Bank Management is the voiding of cash receipts.Its bit tricky and would like to share this step-by-step guide on the recommended method.
 
This article explains how to void an 'AR' type cash receipt in Cashbook Bank Management using Microsoft Dynamics GP. The cash receipt is listed in the Build Deposits Entry window in Cashbook Management and there is no way to delete it in this window. If you deposit it in Cashbook Management and then try to delete this deposit in the Transaction Enquiry/Void window, you will get the message:
This deposit is an AR transaction and cannot be voided from the Bank Recon.

Cause -
By design.  Since it was an 'AR' type cash receipt and updated Receivables Management, the system now considers it to have originated from Receivables Management, and there is no functionality to void the cash receipt in Cashbook Management.



When you post a cash receipt in Cashbook Bank Management, it will create a cash receipt batch in Receivables Management. Depending on what you do with that cash receipt batch in Receivables Management, follow the appropriate method below for voiding the cash receipt:

• The recommended process is to post the cash receipt batch in Receivables Management and deposit the cash receipt in Cashbook Management. Then void the posted cash receipt in Receivables Management under Posted Transactions (Transactions | Sales | Posted Transactions). The void will flow back to Cashbook Management, and will be listed in the Transaction Enquiry/Void window as a negative amount, to serve as an offset to the deposit for the cash receipt in Cashbook Management. Both the negative amount and deposit will be listed in the Transaction Enquiry/Void window to offset each other. This is the intended design.
  
  Note: In the Posted Transactions window, be sure to search under Payments. The Number will be the payment number assigned to it when it posted to Receivables. The Receipt number from Cashbook can be found in the lower left corner under the Check Number field with a slash preceding it. So look for the Check number field, and Original Amount. If you need help to find the Number, you can also drill back on it from the Receivables Transaction Enquiry window (Enquiry | Sales |Transaction by Customer), or even look directly in the RM20101 SQL table to find it by querying on the date and amount. With the Payment Number, you should be able to bring it up in the Posted Transactions window in Sales to void it. 
• Now if you would delete the cash receipt batch in Receivables Management, then you do not have a way to void the cash receipt that is in Cashbook Management. If you deposit it in Cashbook Management and then try to void the deposit, you will get the message indicated above. At this point, the only way to remove the cash receipt from the Build Deposits window in Cashbook Management is to remove it from the following SQL tables (which is not a recommended or supported option): 

CB100000
CB100003
CB100011
CB330222
CB990007 --this is the table that actually drops it off the Build Deposits window
CB220210
CB600066

 

Recommended Book

A batch is held in the Posting, Receiving, Busy, Marked, Locked, or Edited status in Microsoft Dynamics GP

Hi guys..
One of the most common error we come across when there is an interruption during posting a batch.Here's Microsoft's guidance to go around it..
Cheers.

After you try to post a batch in Microsoft Dynamics GP or in Microsoft Business Solutions - Great Plains, the batch is assigned one of the following statuses:

• Posting
• Receiving
• Busy
• Marked
• Locked
• Edited

You cannot post or unmark the batch. When you try to open the batch, you may receive the following error message:

"Batch is marked for posting by another user."

This problem occurs when you use Microsoft Dynamics GP together with Microsoft SQL Server.

Follow these steps to fix this problem yourself:

• If you are using Microsoft SQL Server 2000, run the statement in Query Analyzer. To open Management Studio, click Start, point to Programs, point to Microsoft SQL Server 2000 and then click Query Analyzer. To run a script, click New Query.
• If you are using Microsoft SQL Server 2005, run the statement in Microsoft SQL Server Management Studio. To open Management Studio, click Start, point to Programs, point to Microsoft SQL Server 2005and then click SQL Server Management Studio. To run a script, click New Query.
• If you are using Microsoft SQL Server 2005 Express, run the statement in Microsoft SQL Server Management Studio Express. To open Management Studio Express, click Start, point to Programs, point to Microsoft SQL Server 2005 and then click SQL Server Management Studio Express. To run a script, click New Query.
• If you are using Microsoft SQL Server 2008 (and later versions of SQL), run the statement in Microsoft SQL Server Management Studio. To open Management Studio, click Start, point to Programs, point to Microsoft SQL Server 2008 (or the version you have) and then click SQL Server Management Studio. To run a script, click New Query

To run the script, follow these steps:

1. Make sure that you have a current backup of the company database, and ask all users to exit Microsoft Dynamics GP. To create the backup in Microsoft Dynamics GP, follow the appropriate steps after all users log off from Microsoft Dynamics GP: 
   1. On the File menu, click Backup.
   2. In the Company Name list, click the company that you want to back up.
   3. In the Select the backup file box, click the yellow folder to open the location in which you want to put the backup file.
   
   Or
   1. In the Object Explorer, Expand your databases so you see the database you want to back up.
   2. Right click the Database Name, go to Tasks, and select Backup.
   3. Click the add button and select the location and file name you wish to save your backup to.
   4. Click Ok to start the backup.
2. View the contents of the following tables to verify that all users are logged off: DYNAMICS..ACTIVITY, DYNAMICS..SY00800, DYNAMICS..SY00801, TEMPDB..DEX_LOCK, and TEMPDB..DEX_SESSION. To do this, run the following script.

   SELECT * FROM DYNAMICS..ACTIVITY
   SELECT * FROM DYNAMICS..SY00800 
   SELECT * FROM DYNAMICS..SY00801 
   SELECT * FROM TEMPDB..DEX_LOCK 
   SELECT * FROM TEMPDB..DEX_SESSION

   Note When all users are logged off from Microsoft Dynamics GP, these tables will not have any records in them.
3. If no results are returned, go to 'Step 4'. Otherwise, clear the stuck records by using any of the following appropriate scripts.

   DELETE DYNAMICS..ACTIVITY 
   DELETE DYNAMICS..SY00800 
   DELETE DYNAMICS..SY00801 
   DELETE TEMPDB..DEX_LOCK 
   DELETE TEMPDB..DEX_SESSION

4. Run the following script against the company database. Replace XXX with the batch number or the name of the batch that you are trying to post or select in Microsoft Dynamics GP.

   UPDATE SY00500 SET MKDTOPST=0, BCHSTTUS=0 where BACHNUMB='XXX'

   Note The value of BACHNUMB is the same as the value of the Batch ID window in Microsoft Dynamics GP.
5. Verify the accuracy of the transactions.
6. Verify that you can edit and post the batches.

How to start using an existing checkbook to reconcile in Bank Reconciliation for Microsoft Dynamics GP

Hi everyone,
Came across an article that shows how to start using Bank Reconciliation with an existing checkbook in Microsoft Dynamics GP, so you can perform the reconciliation between the Ending Balance on the Bank Statement and the Current Checkbook balance within Microsoft Dynamics GP.
Check it out..

Follow these steps to clear out the old data in an existing checkbook, so you are able to reconcile the Current Checkbook balance in Bank Reconciliation to the Ending Balance on the Bank Statement:

Note Before you follow the instructions in this article, make sure that you have a current backup copy of the company database that you can restore if a problem occurs, or do this in a test company first.

1. SELECT A STARTING POINT IN TIME: Select a start date or point in time to begin reconciling the existing checkbook. Typically, this is the ending date of the last Bank Statement balance that you reconciled to the GL cash account used with this checkbook (which you should have been doing outside of Microsoft Dynamics GP). You will also want to perform the steps in this article as close afterwards to that date as possible, to minimize the number of outstanding items since that date. The goal will be to get the checkbook balance in Bank Reconciliation to match this balance that was last reconciled between the Bank Statement and General Ledger. To begin, you will need to determine:
   
   • The last Bank Statement ending date of the last reconciliation you completed between the Bank Statement and the GL cash account that is used with this checkbook. (Note: The GL cash account should only be linked to one checkbook ID.)
   • The Bank Statement Ending balance at this same point in time.
   • The outstanding items for the above reconciliation at this same point in time.
2. POST ALL BATCHES: Post all the batches from other modules (GL, Payables, Receivables, SOP, POP, etc.) that would affect the checkbook balance. You do not want any other items affecting the checkbook balance or the GL Cash account balance at the same time you are doing maintenance to the checkbook, so it is recommended to have all batches posted in all modules, and ask all users not to key/post any transactions to this checkbook ID or GL cash account during this time.
3. IDENTIFY OUTSTANDING RECEIPTS: Print a list of cash receipts not yet deposited in Microsoft Dynamics GP to compare to the list of outstanding items from step 1, to identify the outstanding cash receipts. To do this, follow these steps:
   
   a. Click Reports, point to Financial and click Checkbook.
   b. Select the report for Undeposited Receipts, and click New.
   c. Type in a name for the Option. 
   d. Enter the Checkbook ID for the range and click Insert to add this restriction. 
   e. Click Destination and choose to print the report to the screen, printer, and/or file, and then click OK. 
   f. Click Print to print the Undeposited Receipts Report. 
   g. Review the Undeposited Receipts Report to identify which receipts have already been deposited to the bank and reconciled, and which receipts are still outstanding, or part of an outstanding deposit as of the point in time chosen in step 1.
4. MARK OFF DEPOSITED/RECONCILED RECEIPTS: Mark off the cash receipts in Microsoft Dynamics GP that have already been deposited and reconciled to the Bank Statement as of the point in time in step 1. To do this, follow these steps:
   
   a. Click Transactions, point to Financial and click Bank Deposits.
   b. For the Option field, select Enter/Edit. 
   c. Select the appropriate Deposit Date and Checkbook ID.
   d. Select the appropriate Type and enter as many Deposits as needed:
   
   NOTE: Leave any current cash receipts unmarked that have not yet been deposited to the bank.
   • Deposit With Receipts - Enter a deposit(s) and mark any receipts that are part of an 'outstanding' deposit as of the date chosen in step 1 or after. Enter as many deposits as needed and the Deposit Total for each should match the actual outstanding deposit amount(s) for ease in matching to the bank statement by amount. This deposit option only updates the checkbook balance and does not affect GL. (Note: GL was already updated when the cash receipt was posted.)
   • Clear Unused Receipts - Enter one large deposit for any receipts that are older than the date chosen in step 1 and not part of an outstanding deposit as of this date. This option simply drops the receipt from the Deposit Entry window and does not affect GL. Use this option to clear all old unused data, as you will want to clear all receipts from this window that will not be needed going forward.
   • Deposit Without Receipts - If needed, use this option to enter any 'outstanding' deposits as of the date chosen in step 1, where you could not find the receipts listed that make up this outstanding deposit. This option will affect GL and increase the cash account balance, so you must be absolutely sure that the cash receipts that make up this deposit were not listed in the window (so that GL is not updated twice for the same cash receipt amount).
   • Deposit EFT - Enter a deposit(s) and mark any receipts that are part of any 'outstanding EFT deposit' for cash receipts as of the date chosen in step 1. This option does not affect GL. Note: If you are not registered for EFT for Receivables Management, you may not have this option listed.
   f. Click Post for each deposit keyed. Enter as many deposits as needed, and ensure all receipts for old data or receipts included in an outstanding deposit have been marked off. 
5. CREATE RECONCILE HEADER: To do this, follow these steps:
   1. Click Transactions, point to Financial, and then click Reconcile Bank Statement.
   2. Select the appropriate Checkbook ID.
   3. Enter the Bank Statement ending balance, and the Bank Statement ending date from the statement that was used in step 1.
   4. Specify a Cutoff Date that is the last day of the month that is being reconciled (which is typically the same date as the Bank Statement Ending Date). This step will only list transactions in Bank Rec through this date and prevent the unintentional clearing of transactions from the following months.
6. RECONCILE TRANSACTIONS: In the above Reconcile Bank Statements window, click Transactions, to open the Select Bank Transactions window (aka. 'Reconcile' window). Then mark the C' checkbox to clear all the transactions except the following transactions:
   • Outstanding transactions in step 1 should not be marked
   • Any transactions that were entered after the reconciliation date in step 1should not be marked
     
     HINT: It may be easier to mark a large range as cleared, and then just go back and individually unmark the items that are outstanding. You can mark or unmark a range to be cleared: Simply mark the first checkbox for the beginning of the range and click CONTROL - B to begin the range. Then mark the last checkbox in the range you choose and click CONTROL - E to end the range. Then click CONTROL - K to have the range marked, or press CONTROL - N to unmark this range. (Refer to the drop-down list for Select Range.) 
     
     NOTE: A Difference between the Adjusted Bank Balance and the Adjusted Book Balance should be expected, and will cause the Reconcile button to be unavailable at this point. Leave this window open in the background, and proceed to the next step.
7. TURN OFF POSTING TO GL: An adjustment is needed in the above Reconcile window to offset the amount of the Difference. However, this adjustment is not needed in GL, so use the following steps to first turn off posting to GL from Bank Reconciliation:
   
   a. Click on Microsoft Dynamics GP, point to Tools, point to Setup, point to Posting and click on Posting.
   b. In the Series list, select Financial. 
   c. In the Origin list, click Reconcile Bank Statement.
   d. Click to clear the Post To General Ledger checkbox. (First take note if 'Post Through General Ledger Files' was marked.)
   e. Click Save.
8. KEY DUMMY ADJUSTMENT: Back in the Reconcile window, an adjustment is needed to offset the Difference and get the reconciliation to zero for the sake of reconciling. To key the adjustment, follow these steps:
   
   a. Back in the Reconcile window, click on the Adjustments button. The Reconcile Bank Adjustments window will open.
   b. Take note of the Difference listed at the bottom of the window and key the adjustment needed: If the Difference is a positive number, select Other Expense. But if the difference is a negative number, select Other Income. 
   c. Enter the cash account. Remember that you turned off posting to GL in the prior step, so no entries will actually be made to GL. 
   d. Enter the amount of the adjustment needed so the Difference shows as $0.00 at the bottom. 
   e. Click OK to close the Reconcile Bank Adjustments window.
9. PRINT REPORTS BEFORE RECONCILING: To do this:
   a. Back in the Select Bank Transactions window (or Reconcile window), click File and click Print to open the Print Reconciliation Reports window.
   b. Print the Reconcile Edit List report, and then print the Outstanding Transactions Report. Review the reports and make any changes as necessary.
   
   Note Make sure that these reports match the reports from the reconciliation in step 1. Specifically, make sure that the outstanding transactions and the Bank Statement Ending Balance match. If any transactions are missing from the Outstanding Transactions report, you must enter them in Bank Transactions, and you must make sure not to post to the general ledger if the transaction has already updated GL. 
10. COMPLETE THE RECONCILIATION: To do this:
    a. Click RECONCILE in the Select Bank Transactions window to perform the reconciliation.
    b. Print the Posting reports to screen/file/printer as you wish.
    
    Note: Make sure the Outstanding Transactions Report contains the correct Reconciling items to carry forward. 
11. TURN POSTING TO GL BACK ON. Go back to the Posting Setup and turn posting to GL back on for Bank Reconciliation. To do this:
    
    a. Click on Microsoft Dynamics GP, point to Tools, point to Setup, point to Posting and click on Posting.
    b. In the Series list, select Financial. 
    c. In the Origin list, click Reconcile Bank Statement.
    d. Click to remark the Post To General Ledger checkbox. (Also remark the 'Post Through General Ledger Files' button if it was marked before to put it back how it was.)
    e. Click Save. 
12. Make sure that the Last Reconciled Balance and Last Reconciled Date in Checkbook Maintenance window matches the Bank Statement Ending balance and Ending Date used. (Click on the Cards menu, point to Financial and click Checkbook.)

Recommended Book

Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP

Hi,
This is one of very frequently asked procedure for Payable Year end closing.
Regards. 

Payables Management master year-end closing checklist

Note Use this checklist if you are closing your fiscal year and your calendar year at the same time.

1. Post all transactions for the year.
2. Print the Aged Trial Balance with Options report.
3. Print the Vendor Period Analysis Report.
4. Install the Payroll year-end update (optional)
5. Make a backup that is named "Pre-1099 Edits."
6. Verify the 1099 information and edit it if it is required.
7. Print the 1099 statements.
8. Make a backup that is named "Pre Year-End."
9. Close the year.
10. Close the fiscal periods.
11. Close the tax year.
12. Make a backup that is named "Post Year-End."

Payables Management calendar year-end closing checklist

Note Although the Payables Management module is date-sensitive, the SmartList objects, the Payables Management summary reports, and the Amounts Since Last Close view of the Vendor Yearly Summary window are updated based on the closing of the Payables Management module. Therefore, we recommend that you follow these steps so that the SmartList objects, the Payables Management summary reports, and the Amounts Since Last Close view of the Vendor Yearly Summary window are correct.

1. Post all transactions for the calendar year.
2. Print the Aged Trial Balance with Options report.
3. Make a backup that is named "Pre-1099 Edits."
4. Verify the 1099 information and edit it if it is required.
5. Print the 1099 statements.
6. Make a backup that is named "Pre Year-End."
7. Close the calendar year.
8. Close the fiscal periods.
9. Close the tax year.
10. Make a backup that is named "Post Year-End."

Payables Management fiscal year-end closing checklist

1. Post all transactions for the fiscal year.
2. Print the Vendor Period Analysis Report.
3. Make a backup that is named "Pre Year-End."
4. Close the fiscal year.
5. Close the fiscal periods.
6. Make a backup that is named "Post Year-End."

Detailed information for each step in the year-end checklist

Step 1: Post all transactions for the year

Post all transactions for the year before you close the year. If you want to enter future period transactions before you close the year, create a new batch for the future period transactions. Save the future period transactions in the new batch, but do not post the new batch until after the year has been closed.

The following areas of Microsoft Dynamics GP are not date-sensitive:

• The Amounts Since Last Close view of the Vendor Yearly Summary window
• SmartList objects
• Vendor Summary reports

These areas of Microsoft Dynamics GP will be incorrect if you do not close the payables year after you enter all current year transactions and before you enter any transactions for the new year. However, the Amounts Since Last Close view of the Vendor Yearly Summary window is editable. Therefore, you can update the information in the Amounts Since Last Close view of the Vendor Yearly Summary window if it is required.

To access the Amounts Since Last Close view of the Vendor Yearly Summary window, follow these steps:

1. On the Cards menu, point to Purchasing, and then click Summary.
2. In the Vendor Credit Summary window, type a vendor ID in the Vendor ID field, and then click Yearly.
3. In the Summary View list, click Amounts Since Last Close.

To view the SmartList columns that are affected, follow these steps:

1. Open SmartList. To do this in Microsoft Dynamics GP, click SmartList on the Microsoft Dynamics GP menu.
2. Expand the Purchasing node, and then click Vendors.
3. Click Columns.
4. Click Add.
5. Click the following fields in the Available Columns list.
   Note The items flagged with an asterisk are affected by the calendar year-end close. All other items are affected by the fiscal year-end close.
   • *1099 Amount YTD
   • *1099 Amount LYR
   • Amount Billed YTD
   • Amount Billed LYR
   • Amount Paid YTD
   • Amount Paid LYR
   • Average Days To Pay - Year
   • Discount Available LYR
   • Discount Available YTD
   • Discount Lost LYR
   • Discount Lost YTD
   • Discount Taken LYR
   • Discount Taken YTD
   • Finance Charge LYR
   • Finance Chare YTD
   • Number of Finance Charges LYR
   • Number of Finance Charges YTD
   • Number of Invoice LYR
   • Number of Invoice YTD
   • Number of Paid Invoice YTD
   • Returns LYR
   • Returns YTD
   • Trade Discounts Taken LYR
   • Trade Discounts Taken YTD
   • Withholding LYR
   • Withholding YTD
   • Write Offs LYR
   • Write Offs YTD
6. Click OK.
7. Click OK.

To view the Vendor Summary reports, follow these steps:

1. On the Reports menu, point to Purchasing, and then click Analysis.
2. In the Reports list, click Calendar Year.
3. In the Options list, click an option, and then click Print.

Step 2: Print the Aged Trial Balance with Options report

We recommend that you print a paper copy of the Aged Trial Balance with Options report to keep with your year-end permanent financial records. To do this, follow these steps:

1. On the Reports menu, point to Purchasing, and then click Trial Balance.
2. In the Reports list, click Aged Trial Balance with Options.

Step 3: Print the Vendor Period Analysis report

We recommend that you print a paper copy of the Vendor Period Analysis report to keep with your year-end permanent financial records. To do this, follow these steps

1. On the Reports menu, point to Purchasing, and then click Analysis.
2. In the Reports list, click Period.

Step 4: Install the Payroll year-end update (optional)

If there are compliance changes for Payables Management, such as 1099 form changes, install the Payroll year-end update. If there are no changes or compliance issues for the tax year for Payables Management, you may skip this step.



Review the changes that are included in the Payroll year-end update. To do this, visit the appropriate Microsoft Web site:

Customers
https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates

Partners
https://mbs.microsoft.com/partnersource/northamerica/deployment/downloads/tax-regulatory-updates

Step 5: Make a backup that is named "Pre-1099 Edits"

Create a backup, and then put the backup in safe, permanent storage. A backup gives you a permanent record of the company's financial position at the end of the year, and this backup can be restored later if it is required. A backup lets you recover data quickly if a power fluctuation or other problem occurs during the year-end closing procedure.

To create a backup in Microsoft Dynamics GP, follow these steps:

1. In Microsoft Dynamics GP, point to Maintenance on the Microsoft Dynamics GP menu, and then click Backup.
2. In the Company Name list, click your company name.
3. Change the path of the backup file if it is required, and then click OK.
   Note We recommend that you name this backup "Pre-1099 Edits" to differentiate it from your other backups.

Step 6: Verify the 1099 information and edit it if it is required

To print the 1099 edit list, follow these steps:

1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Purchasing, and then click Print 1099.

 2. Enter the Company Information and Address ID.

3. Click on the printer icon in the upper right corner to print the 1099 Edit List. Review for accuracy.

4. If you need to edit any 1099 information, use one of the following methods (Method 1 and 2 is recommended for Microsoft Dynamics GP 2013 and higher versions and also illustrated in this BLOG.):



Method 1: (RECOMMENDED) Edit 1099 Transaction details (Applies to Microsoft Dynamics GP 2013 and higher versions)

1. Click on Transactions, point to Purchasing, and click on Edit 1099 Transaction Information.

2. Select the appropriate Vendor ID. (Only vendors set to be 1099able will be displayed in the window.)

3. You may restrict by Voucher Number, by Document Number or by Date, if desired.

4. Select if you want 1099 Debit Transactions, All Debit Transactions or All Credit Transactions.

5. The vendor's transaction detail will populate in the bottom of the window. For each transaction, you can edit the Tax Type, Box Number and Amount on open and historical transactions. Note: You may not enter a higher 1099 amount than the total amount of the document.

6. Click Process to have the changes made and the 1099 will be updated. 

 

Method 2: VENDOR NOT MARKED CORRECTLY: (Applies to Microsoft Dynamics GP 2013 and higher versions)

If you marked a vendor as 1099able and should not have, or you forgot to mark a vendor as 1099able at all, you can use the Update 1099 Information utility to change the 1099 status on the vendor and also to update the 1099 information. You can change a 1099 vendor to be non-1099 or visa versa.

1. Click on Tools under Microsoft Dynamics GP, point to Utilities, point to Purchasing, and click Update 1099 Information.

2. Mark the bullet for Vendor and 1099 Transactions.

3. In the FROM and TO sections enter the following:

• To change a vendor to be 1099able: select Not a 1099 Vendor in the FROM section, and select the appropriate 1099 type of Dividend, Interest or Miscellaneous, and the appropriate 1099 Box number in the TO section. (Miscellaneous and Box 7 Nonemployee Compensation is the most common.)

• To change a vendor to not be 1099able: Select the current Tax Type and 1099 Box Number that is selected on the Vendor Maintenance Options window for the vendor in the FROM section, and select Not a 1099 Vendor in the TO section.

*If Not a 1099 Vendor is not an option in the drop-down lists, then either you are not on a GP version higher than Microsoft Dynamics GP 2013, or you did not select Vendor and 1099 Transactions as instructed in step 2.

4. Use the Range restriction to restrict to the Vendor ID that you wish to change and click INSERT.

5. Click Process. The vendor status will be updated on the Vendor Maintenance Options window, and the 1099 information will be updated appropriately. You can use the 1099 details window (see Method 1) to verify.


Method 3: - Edit the 1099 directly (Use for Microsoft Dynamics GP 2010 and prior versions, but can work for all versions) (Note: The Reconcile utility for 1099 amounts would undo any edits you make using this method.)

1. On the Cards menu, point to Purchasing, and then click 1099 Details.

2. In the Vendor ID list, click a vendor ID.

3. In the Tax Type list, select one of the following:

Dividend

Interest

Miscellaneous

4. In the Display area, click Month or Year, and then type 20XX in the Year field. (Enter the desired year for the 20XX placeholder.)

5. In the Amount column, type the correct 1099 amount. Click Save.


Method 4: Edit the 1099 directly (Use for Microsoft Dynamics GP 2010 and prior versions, but can work for all versions) (Note: The Reconcile utility for 1099 Amounts would undo any edits you make using this method.)

1. On the Cards menu, point to Purchasing, and then click Summary.

2. In the Vendor ID list, click a vendor ID, and then click Period.

3. In the Year field, type 20XX. (Enter the desired year for the 20XX placeholder.)

4. In the Month/Period field, select the appropriate month or period.

5. Click the "1099 Details" blue expansion button that appears next to the 1099 Amount field. This 1099 Details window will open.

6. In the Amount column, type the correct 1099 amount for the respective box.

7. Press Save. Exist out of the remaining windows.
 

Step 7: Print the 1099 statements

Note You can do this at any time.

To print the 1099 statements, follow these steps:

1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Purchasing, and then click Print 1099.
2. In the 1099 Year field, type 20XX. (Enter the year for the 20XX placeholder.)
3. Each of your 1099 report types must be printed separately. In the Print 1099 window, click the options that you want in the 1099 Type field and in the 1099 Box Number field, and then click Print.

The following table provides additional information about the fields on the 1099 form and where this information can be located in Microsoft Dynamics GP.

Field	window where data is located
Payers name, street address, city, state, and ZIP Code/Postal Code	Print 1099 window
Payers Federal Identification number	Print 1099 window
Recipients name, address, and Zip Code/Postal Code	Primary Address of the Vendor Maintenance window
Recipients identification number	Tax ID field of the Vendor Maintenance Options window
Amounts for boxes 1-9 on the Dividend Form or 1-16 on the Miscellaneous Form	1099 Amount field in the Vendor Yearly Summary window

Currently, Microsoft Dynamics GP does not handle magnetic media filing of state 1099s. The following Microsoft Dynamics Partner does offer compatible State W-2 and 1099 magnetic media products. For more information, contact:
 

Greenshades Accounting Software, Inc.

7800 Belfort Parkway Suite 220

Jacksonville, FL 32207

General: 1-800-209-9793 (Toll-Free)

Sales: 1-800-209-9793x2 (Toll-Free)

sales@greenshades.com

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Step 8: Make a backup that is named "Pre Year-End"

Create a backup, and then put the backup in safe, permanent storage. A backup gives you a permanent record of the company's financial position at the end of the year, and this backup can be restored later if it is required. A backup lets you recover data quickly if a power fluctuation or other problem occurs during the year-end closing procedure.

To create a backup in Microsoft Dynamics GP, follow these steps:

1. In Microsoft Dynamics GP, point to Maintenance on the Microsoft Dynamics GP menu, and then click Backup.
2. In the Company Name list, click your company name.
3. Change the path of the backup file if it is required, and then click OK.
   Note We recommend that you name this backup "Pre Year-End" to differentiate it from your other backups.

Step 9: Close the year

To close the year, follow these steps:

1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Purchasing, and then click Year-End Close.
2. If you are closing both your fiscal and calendar year at the same time, click All. If you are just closing your calendar year, click Calendar. If you are just closing your fiscal year, click Fiscal.
3. Click to select the Print Report check box, and then click Close Year.
   Note We recommend that you keep a paper copy of the year-end report together with your permanent year-end audit records.

To view the Vendor Yearly Summary window, follow these steps:

1. On the Cards menu, point to Purchasing, and then click Summary.
2. In the Vendor ID field, type a vendor ID to view, and then click Yearly.

The calendar year details
The calendar year-end process in Microsoft Dynamics GP will clear the 1099 Amount Year to Date field and then transfer the amount to the 1099 Amount Last Year field for the Amounts Since Last Close view of the Vendor Yearly Summary window.

The fiscal year details
The fiscal year-end process in Microsoft Dynamics GP will clear the following fields:

• Amount Billed YTD
• Amount Paid YTD
• Average Days To Pay - Year
• Discount Available YTD
• Discount Lost YTD
• Discount Taken YTD
• Finance Charge YTD
• Number of Finance Charges YTD
• Number of Invoice YTD
• Number of Paid Invoice YTD
• Returns YTD
• Trade Discounts Taken YTD
• Withholding YTD
• Write Offs YTD

The amounts in these fields will also be updated in the Amounts Since Last Close view of the Vendor Yearly Summary window:

• Amount Billed LYR
• Amount Paid LYR
• Discount Available LYR
• Discount Lost LYR
• Discount Taken LYR
• Finance Charge LYR
• Number of Finance Charges LYR
• Number of Invoice LYR
• Returns LYR
• Trade Discounts Taken LYR
• Withholding LYR
• Write Offs LYR

Step 10: Close the fiscal periods

You can use the Fiscal Periods Setup window to close any fiscal periods that are still open for the year. This prevents users from accidentally posting transactions to the wrong period or year. Verify that you have posted all transactions for the period and the year for all modules before closing fiscal periods. If you must later post transactions to a fiscal period that you have already closed, you can return to the Fiscal Periods Setup window to reopen the period before you can post a transaction.


To close a fiscal period, follow these steps:

1. Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Company, and then click Fiscal Periods.
2. Click to select the Purchasing check box for the Period that you must close.

Step 11: Close the tax year

Note This procedure should only be completed after you have completed the year-end closing procedures for all sales and purchasing modules.

To close the tax year, follow these steps:

1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Company, and then click Tax Year-End Close.
2. Click to select the Close Year check box and the Print Report check box.
3. Click Process. When you are prompted to continue with the year-end close. Click Yes.
   Note We recommend that you keep a paper copy of the year-end report together with your permanent year-end audit records.

Step 12: Make a backup that is named "Post Year-End"

Create a backup, and then put the backup in safe, permanent storage. A backup gives you a permanent record of the company's financial position at the end of the year, and this backup can be restored later if it is required. A backup lets you recover data quickly if a power fluctuation or other problem occurs during the year-end closing procedure.

To create a backup in Microsoft Dynamics GP, follow these steps:

1. In Microsoft Dynamics GP, point to Maintenance on the Microsoft Dynamics GP menu, and then click Backup.
2. In the Company Name list, click your company name.
3. Change the path of the backup file if it is required, and then click OK.
   Note We recommend that you name this backup "Post Year-End" to differentiate it from your other backups.

Frequently asked questions

Q1: Are inactive vendor records cleared during year-end closing? If not, how can inactive vendor records be removed? 

A1: No, inactive vendor records are not automatically removed. To remove an inactive vendor record, the following conditions must be true:

• No current year 1099 amounts exist for the vendor
• The vendor has no documents in work or history.

To delete all inactive vendor records that fit these criteria, follow these steps:

1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Utilities, point to Purchasing, and then click Mass Vendor Delete.
2. In the Range list, click by Vendor Status.
3. In the From list, click Inactive.
4. In the To list, click Inactive.
5. Click Process.

Q2: What should I do if I must issue a check on January 1 for the next year, but I am not ready to close the current year yet?

A2: Print the checks, but do not post them until after you process your year-end closing. If you must post the checks immediately, change the Amount Paidfields in the Amounts Since Last Close view of the Vendor Yearly Summary window.


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