Dynamics GP U.S. Year-End Update 2020 Released - Do you need to update?

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As we near year-end, it is time once again to start preparing for year-end close in Dynamics GP. Today, the Dynamics GP U.S. Year-End Update 2020 was released. This update is available for all supported versions of Dynamics GP and includes the October 2020 release, 18.3 for Dynamics GP, and the October release of Dynamics GP 2016.

Do you need the year-end update?

Much like previous years, any company running payroll in Dynamics GP will need to install this update before closing the year. There are necessary updates to W-2s, form and instruction changes on ACA, and formatting changes for 941 forms.

Any company that issues 1099 forms out of Dynamics GP needs to install this update as well. The 1099 process has changed because Microsoft has added a brand-new form called 1099-NEC. The new 1099-NEC forms are required for reporting payments of $600 or more to independent contractors, fees for attorneys or accountants, and commissions to non-employee salespeople. 1099-MISC still handles things like rent, royalties, attorney payments, and non-qualified deferred compensation.

For organizations that are still on a legacy Dynamics GP version (any version before Dynamics GP 2016) these updates are not available since legacy versions are no longer supported by Microsoft. To apply the year-end update, organizations that are using legacy versions will need to upgrade to at least Dynamics GP 2016 before year-end. Alternatively, 1099 forms can be issued manually or via a 3rd party application. If you need assistance upgrading Dynamics GP to a supported version or applying the year-end update, the Syvantis GP team is available to assist or provide year-end training. Contact us to get started.

When should year-end closing procedures be completed by?

Ideally, all closing documents should be completed as soon as possible after year-end. A good range is around five to seven days after the fiscal year ends. In terms of calendar dates, that will be around January 8th to January 12th.

Get ready for year-end close in Dynamics GP

Year end is just around the corner. Make sure your organization is properly prepared for a speedy closing process. For additional information related to year-end including step-by-step instructions for closing the year and month, check out the recording of our annual year-end webinar hosted by CEO of Syvantis, Janelle Riley. If you are looking for direction on ordering 1099 forms, check out our blog on ordering 1099 tax forms for Dynamics GP.

For all legacy version questions or support, please get in contact with us! We are happy to assist in any way possible to ensure your year-end procedures go well.

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