Transcript GPUG SIG - DBA 2010-09-23 (GP Alerts vs SQL DBA Alerts)

Troubleshooting the
Finance Module
Content Provided by:
Zubin Gidwani, Dynamic Budgets
Mike McDowell, Sta-Home Health & Hospice
GPUG® Summit 2011
November 8-11
Caesars Palace – Las Vegas, NV
Troubleshooting the
Finance Module
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Year End Preparation
Protecting your Budgets
System Cleanup
Tax Filing/Reporting
Vendor Creation & TIN Matching
Account Reconciliations
GPUG® Summit 2011
November 8-11
Caesars Palace – Las Vegas, NV
Troubleshooting the
Finance Module
• Year End Preparation
GPUG® Summit 2011
November 8-11
Caesars Palace – Las Vegas, NV
Year End Preparation
• Run File Maintenance Routines
(Check links if you have particular known issues…)
• Create Smartlists to verify all accounts in BS range are flagged as
BS, and that all accounts in P&L range are flagged P&L. If your
natural class objects (assume segment 1) for the BS end at 39999
Segment 1 < 40000 and Posting type not equal to Balance Sheet
Segment 1 > 39999 and Posting type not equal to Profit and Loss
• Create a smartlist reminder to proactively correct account
classifications throughout the year
GPUG® Summit 2011
November 8-11
Caesars Palace – Las Vegas, NV
Troubleshooting the
Finance Module
• Protecting your Budgets
GPUG® Summit 2011
November 8-11
Caesars Palace – Las Vegas, NV
Protecting your Budgets
GPUG® Summit 2011
November 8-11
Caesars Palace – Las Vegas, NV
Protecting your Budgets
GPUG® Summit 2011
November 8-11
Caesars Palace – Las Vegas, NV
If GP Locks up during Budget Creation
• Check to make sure a Save As window isn’t sitting in the
background, Go to Show Desktop and then click on the
GP Icon in the system tray
Don’t accidentally Delete your Budget
• Beware of the Power of the Budget Maintenance Window, this
should be restricted to Admins and Budget Admins ONLY!
• The Delete Button Deletes the entire Budget
>> How2 - Budget Maintenance Pop Quiz
GL Tips & Tricks @ Month End/Year End
• System Cleanup
Opportunities available during Year End routines:
• Financial - Delete unused GL segments
• Inventory - Remove discontinued Items
- Update Items’ Standard Cost
GL Tips & Tricks @ Month End/Year End
>> Microsoft Dynamics Great Plains Professional Services Tool Library
GL Tips & Tricks @ Month End/Year End
>> Corporate Renaissance Group's Changer
GL Tips & Tricks @ Month End/Year End
• Adjusting FRx reports
for the New Year
Adjusting FRx Reports @ Year Change
• How do you generate Balance Sheets
prior to closing the prior year?
(Audience Poll)
1. Inform your staff that Financials will be complete
once the auditors have left and we close the prior
year
2. Worksheet it
3. Adjust your Report Templates
Adjusting FRx Reports @ Year Change
• BS - Force 12/31 to be your beginning balance
FRx – Applying Effective Dates
• Create Year based versions of your column layouts
FRx – Applying & Define Effective Dates
Proposed Health Care Bill &
Expanded Reporting Changes for 1099s
1. Effective 2012?
2. Track payments not only for services
but also for tangible goods.
3. Requires that 1099s be issued not just to
individuals, but also to corporations.
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The provision, inserted by Democrats on the Senate Finance Committee to help
offset the cost of the bill, requires companies to report to the IRS payments of more
than $600 a year to any vendor.
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The intent is to capture $2 billion or more a year in taxes on income that currently
goes unreported by contractors and small businesses.
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The form is meant to make sure these workers pay taxes that the business would
withhold if they were regular employees. The new rule, set to take effect in 2012.
GL Tips & Tricks @ Month End/Year End
• Vendor Creation &
TIN Matching
Proposed Health Care Bill
Expanded Reporting Changes for 1099s
4. 1099 filing for Purchase Card transactions
(Corporate Credit Cards) will shift from end-user
organizations to the financial institutions
(except for federal, state and large local governments to report
all payments through any payment method)
• >> http://www.napcp.org/news/48517/IRS-releases-finalregulations-related-to-1099-reporting-changes-for-2011.htm
Potential Impact of Expanded
1099 Information Reporting
• Currently we are only issuing 1099s for about 15%
of our total paid vendors.
• Amongst 6 companies, we will be issuing
approximately 200+ 1099s.
• If we were to issue 1099s to all vendors paid $600
or greater, we would need to file 1300+ records.
1099 Vendor Best Practices
Vendor Maintenance:
• Perform Tin Matching as part of the New vendor creation
process
• “Offer” to withhold payment until correct information is
submitted and validated
• Near final bulk TIN match in December
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Double Check record validity
Validate EIN vs. SSN number format
Review for appropriate box types (rent, medical)
Reminder: Box 14 Gross Proceeds paid to an attorney is for legal
settlements only. Legal Services are recorded under Box 7 nonemployee compensation
1099 - Why TIN Match
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Requirement for Payer To Secure a TIN
Initial solicitation - for all payees, you must make the initial solicitation when the
payee opens an account or when the transaction occurs using Form W-9 to request
the taxpayer identification number.
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The CP2100 or CP2100A Notice
CP2100 and CP2100A notices are notices that inform a payer that he or she may be responsible
for backup withholding. This may be due to missing or potentially incorrect taxpayer identification
numbers identified during the processing of Form 1099 information returns. It is accompanied by a
listing of missing, incorrect, and/or not currently issued payee TIN. Large volume filers (250 or
more erroneous documents) receive the CP2100 notice, while all other filers receive the CP2100A
notice.
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Payers face potential fines of $50 per each 1099 filing with a missing or invalid TIN
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"B" Notice
If the IRS sends you a "B" notice indicating an incorrect payee TIN, you are required to backup
withhold28% from a payee no later than 30 days after receipt. Backup withholding until the payee
furnishes a TIN and certifies that it is correct.
1099 - IRS TIN Matching
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Various 3rd parties will submit on your behalf (~$135 for up to 100,000 records)
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Free through IRS e-services
– Program Summary
>> http://www.irs.gov/govt/tribes/article/0,,id=131207,00.html
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TIN Matching tutorial
>> https://la2.www4.irs.gov/PeopleBooks/CRMPROD/Training/3pdev/3ptin/tinbulk1.htm
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Required IRS e-services Registration Information
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Legal name (verified with IRS & SSA records)
Social Security Number (verified with SSA records)
Date of birth (verified with SSA records)
Telephone number , E-mail address
Adjusted Gross Income (AGI) from either your current year or prior year filed tax return
(verified from IRS records)
Home mailing address (verified from IRS records). If you have moved since you last
transacted with the IRS, please update your information when registering.
The only TIN Match solution built specifically for Dynamics GP…
OVERVIEW
The Validator1099 automates the process of validating TIN’s for
expedited and accurate 1099 processing.
Automatically perform a three way comparison between GP vendor data
and current government/IRS data.
Automatically identify whether or not vendors provided erroneous TIN’s,
false names, bad addresses or has relocated, changed names or
started-up under a new TIN.
Catch the issues early and minimize, if not eliminate, your risk in
reporting bad information to the government.
The only TIN Match solution built specifically for Dynamics GP…
BENEFITS
PRICING
Automated TIN Matching
Eliminate errors w/ 1099 reporting
Stop waiting months to know if the TIN’s filed
against were accurate
Stop wasting time manually tracking down
inaccurate or erroneous details
Stop paying fines to the government for incorrect
1099 data
Customers must subscribe to the US Government webbased TIN Match Service
Confidence that 1099’s are filed w/ accurate data
Includes the first year's enhancement and support plan,
renewals are based on 20% of current retail price.
Includes 1 hour of service for installation, configuration,
testing and training
GL Tips & Tricks @ Month End/Year End
• Account Reconciliations
GL Tips & Tricks @ Month End/Year End
• Account Reconciliations
• Common Challenges
• Manual Workarounds
• GP Native Capabilities
• Third party enhancements
Reconciling – The Old Way
Numbers don’t match. Now you have to manually
“tick & tie” your way out of this situation.
Reconciling in GP 2010…still the old way
Better, but what are the actual
problems with these
transactions?
Potentially matched?
Back to the “tick and tie
process.
Unfortunately, it doesn’t
seem to work correctly if
there are outstanding
transactions paid by Credit
Card.
Reconciling the new way…with The Closer
With the push of a
button offending
transactions are:
• found in seconds
• grouped by error code
• easily analyzed
• quickly fixed
Now the root cause
can be addressed!
Typical Errors
• Distribution Errors – Do not change control account for
distribution types of Pay, Cash etc.
• Date Issues – Do not change date on financial batch.
• Journal Entries – Do not do Journal entries to control
accounts. Only to correct distribution errors.
• Setup Issues – Make sure correct control accounts on
Customers, Vendors and Items. Make sure keep history
checked on item cards.
• Posting Issues – Watch for stuck transactions. Make
sure inventory batch “Post To GL” always checked.