1099 Processing Adjustments to posted amounts

At time of data entry (1099 vendors can have non 1099 amounts but non 1099 vendors can’t have 1099 amounts). If you change a vendor for 1099, this does not make any retroactive updates.

Printing Issues Before or after you close the year? - Either rd How to get one 1099 if the vendor is in multiple companies? – 3 Party GreenShades How do you print the 1096? In GP2013

Expense Deferrals and Scheduled Payments

How to Report

Credit Card Payments

Changes/Enhancements with GP2013 Edit payables information You have the ability to change the remit to address ID on an existing payables transaction, which allows you to edit the payables transaction rather than voiding and reentering for one incorrectly entered or changed address. You can also edit the 1099 setting for vendor records, allowing you to change an incorrect setting which automatically updates the invoices entered for the vendor.

Reprint remittance forms and check stubs You can reprint remittance forms and check stubs for posted check payments entered in the Payables Transaction Entry window and for computer checks. You must be keeping transaction history for any vendors that you will be re-creating these reports for. These re-created reports will contain all of the details from the original document as long as the original was printed, the payment isn't voided, or history isn't deleted. In those cases, the re-created report will not contain all of the original detail.

Information for voiding reconciled payments In Payables Management, a field has been added to the Void Historical Payables Transactions window and the Void Open Payables Transactions window that displays whether a payment has been reconciled in Bank Reconciliation. This field is informational, we do not recommend voiding payments that have been reconciled with your checkbook, but you are not prohibited from doing so.

Voiding check enhancements When you have credit memos or returns applied to an invoice, and want to void an payment that is applied to the same invoice, the credit memo or return is automatically unapplied from the invoice and can be reapplied as needed. Additionally, when credit card payments are applied to an invoice, a separate invoice is created for the credit card vendor. When a credit card payment is voided, the associated credit card vendor invoice is voided as well.

1096 statements You can use the Print 1099 window to print 1096 statements on 1096 forms.

1099 address ID You can select a 1099 address ID in the Vendor Maintenance window for each 1099 vendor. The vendor address information assigned to the 1099 address ID is used when you print 1099 statements.

1099 box numbers and fields added The following 1099 box numbers have been added to the 1099 tax types. Tax type

1099 box number

Description

Dividend

10

Exempt Interest Dividends

11

Specified Private Activity Bond Interest Dividends

14

State Tax Withheld

13

State Tax Withheld

Interest

Miscellaneous 18

State Income

In additional to the 1099 box numbers, the following 1099 fields have been added to the 1099 Details window and the 1099 Details Inquiry window. 1099 Details window and 1099 Details Inquiry window Tax type

1099 field

Dividend

Foreign Country or U.S. Possession State Code State Identification No.

Interest

Foreign Country or U.S. Possession Tax Exempt Bond CUSIP No. State Code State Identification No.

Miscellaneous

Payer Made Direct Sales of $5,000 or more etc. State/Payer's State No.

Combine or modify vendor IDs You can combine a vendor ID (the source vendor ID) with another existing vendor ID (the destination vendor ID) using the Vendor Combiner and Modifier window. The source vendor ID is removed from the system after the combine process is finished. Work, open and history records are combined into the destination vendor ID. You also can use the Vendor Combiner and Modifier window to change an existing vendor ID to a new vendor ID. You do not have to manually enter a new vendor ID and reenter all open invoices. When you modify vendor IDs, all work, open, and history records are updated. If you want to combine or modify a large number of vendor IDs, you can import data without having to manually enter the information. For example, if you are want to change 1000 current vendor IDs to 1000 new vendor IDs one at a time, you can save time by importing a two-column spreadsheet. (Added in Microsoft Dynamics GP 2013 Service Pack 2.)

Payments Best practices for using EFT for vendor payments. Suggestions for handling vendors that initiate the payment (the vendor withdraws funds from our bank acct rather than us sending them funds). ‘Manual Payments’ – if the invoice is already entered

‘Check on the Fly’ – if the invoice needs to be entered

Bank Transaction – bypasses AP

Best practices for paying critical vendors on time – Priority Codes or Class IDs.

How do you print a separate remittance for your records when printing a check run?

Problems with credits being applied during the select checks/check processing.

Having to change checkbook options to allow duplicate checks and override the check number to correct issues with check batches that were interrupted during the print/post process .

Once you hit ‘Print’ in the Print Checks window, even if you Cancel the print job, the system believes you printed the checks. You then have to go to the Post Checks window to reprint.

Reporting/SmartLists Suggestions The difference between the Historical ATB and the ATB with Options in AR and AP. The HATB is supposed to be used for historical dates, i.e. yesterday, a month ago, etc…The ATB with Options is for current, today information.

SmartList of Check information with gl distribution from the invoices it paid Get a SQL view from your IT folk or your var

3rd Parties Next Numeric Collection – to automatically assign next Customer/Vendor Id etc (vs. Jonathan’s poor man option) http://www.ethotech.com/?cid=5&pid=154&ct=Products&pt=Microsoft+Dynamics+GP+Enhancements

Smartfil – to allow look ups not just by id http://www.rocktonsoftware.com/products.aspx?p=5 Greenshades – 1099 Electronic Processing and Filing http://www.greenshades.com/solutions-tax-filing-center.php

Tools How do I use the Control Account Management feature in the Purchasing model? Dynamics GP includes a little known feature named Control Account Management. It's part of the Purchasing module and its designed to let companies use a centralized AP account and then split their AP to divisional segments for financial reporting. Imagine that you have multiple divisions and you want to centralize accounts payable for transactional efficiency but you need to show separate AP per division or business segment on your financial statements. This is what the tool is designed to do. As an overview, AP is managed centrally and then at month end, a routine is run that segregates the open AP by the divisional segment. A reversing journal entry is automatically created to remove items from the AP account and put them in the appropriate divisional AP accounts (the control accounts). With a reversing JE, the amounts then clear and return to AP for central processing after month end. Transaction -------------Debit AP Credit Divisional AP Credit Divisional AP Reversal ---------Debit Divisional AP Debit Divisional AP Credit AP The setup is found in Tools->Purchasing->Control Account Management and essentially specifies which segment will be used to split AP, what divisions correspond to which control accounts and the batch info for the journal entries. Once setup is done, the Activation box should be checked to turn everything on. The screen is very straightforward and looks like this:

At month end a routine is run from Tools->Routines->Purchasing->Control Account Management. Clicking the report button shows how the open AP will be distributed based on open transactions and the expense account segments used in the AP transaction. Clicking the drop down button on the header shows the default batch information and allows changes including changes to the reversing date. Document type totals and distribution type totals are also available on their own tabs.

The segment ID drill down shows the full detail including vendor and voucher information. Clicking the icon next to amount owing, hides zero balance AP Control Accounts. Saving the transaction allows generation of a summary and a detail report showing the specifics of the reassignment. Saved transactions can still be deleted.

Selecting Generate will generate the journal entry in the specified batch.

I can also see how this could be useful for entities maintaining multiple companies in one GP database via a segment in the chart of accounts. The Control Account Management functionality would allow separate AP reporting per company while simplifying day to day AP processing.

What is the Document Date Verify Tool and how is it used? In PSTL, you will see a tool named DOC DATE VERIFY under the Misc. Tools section. With this installed, when the user keys a document date in Payables Transaction Entry, Receivables Transaction Entry, Invoice Entry, PM Manual Payment Entry, SOP Entry, IV Transaction Entry or Cash Receipts Entry, a check will be performed against the Company Fiscal Period setup to ensure the date is valid. If the document date does not exist within the valid fiscal period setup, a message will pop up for the user that reads “A fiscal period for this date has not been set up.” If a date is keyed for a closed period, the message will read “You cannot post to a date within a closed period. Do you want to continue?” So the user will be alerted with a pop up message in both instances, but may elect to continue on past the message. This will help users to catch any incorrect document dates keyed due to typing errors. PM batch interruptions – particularly check batches. Usually something with a damaged record on one of the invoice that is being paid.

Payables Hist. Aged TB – problems reconciling to the control account in the GL; GL reconcile utility does not always work;

Damaged PM records that require data fixing. Invoice or payment has moved to HIST but has not been fully applied. Batch error that there is a duplicate key or any error that has to be with the PM Keys MSTR – if you don’t touch the batch and run Check Links on the Payables Transaction Logical File that will correct the PM keys and you can recover the batch.

Miscellaneous Is it possible to post an accounts payable invoice over multiple periods? We have an invoice for a quarterly charge (April through June). We’d like to break it out equally over the three months. How do you attach a pdf file to a payables transaction?

How do you void partially applied invoices in Dynamics GP? What’s the deal with the Apply Date in payables? How do you set up default distributions in Payables? Specifically, how do I store the GL acct number that I usually use for that vendor as a default?

Payables Year End Close Questions – the Amounts Since Last Close Summary View and how that relates to the Year End close; when to do year end close; do they have to do yr end close, etc… Correcting misapplied payments.

Navigating payables menu options.