What you need to know about this years Dynamics GP Year End Update!

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Happy Year End!

Where has 2021 gone?  Didn’t we just finish 2020?  But here we are, and ACE is here to assist you with wrapping up the year and getting you set for 2022.

Microsoft has just released the 2021 Year-End Update for Dynamics GP.  This update will bring your Dynamics GP to version 18.4.1361.  ACE would like to start scheduling resources for any assistance you may need to apply this update before the year ends.  We are happy to help with all or part of your update requirements.  However, there are some technical things to consider.

Here’s what you may be asking:

Question: What’s included in this Year-End Update?

Answer:

1.       Accounts Payable Form Updates*

a) Payables 1099-NEC (3 part form)

b) 1099-MISC

c) 1099-DIV form Changes

d) Payables 1096 form changes

2.       Fixed Assets*

a) Luxury auto depreciation changes

3.       Payroll Form Updates*

a) 1099-R form changes

4.       All Prior Updates

Click here for What's new in Dynamics GP in October 2021 - Dynamics GP | Microsoft Docs to get full details

*If you aren’t required to file the new forms, are using another service to file on your behalf, or aren’t using Fixed Assets in GP, you don’t need to update by the end of 2021.  You can hold off until sometime in 2022; but definitely prior to when the next YE update is released.

Question: Is my version of Dynamics GP able to have this Year-End Update applied?

Answer:

For a direct update path, you must be on a version of GP covered under the Modern LifeCycle Policy issued by Microsoft.  For this year, you must already be on Dynamics GP version 18.3.

Question: Remind me…what’s the Modern Lifecycle Policy?

Answer:

The Modern Lifecycle Policy covers products and services that are serviced and supported continuously. Under this policy, the product or service remains in support if the following criteria are met:

  • Customers must stay current as per the servicing and system requirements published for the product or service.
  • Customers must be licensed to use the product or service.
  • Microsoft must currently offer support for the product or service.

Question: What exactly does that mean?

Answer:

Essentially, that means that the new update published each year will work for the prior year’s release only.  This year, you must already be on 18.3 to be able to easily update to 18.4.

Question: But, what if I’m still on an older version?

Answer:

This is known as the Fixed Lifecycle and only brings you to GP version 18.2.  You are still able to get the Year-End Update.  But it means that you’ll need to be brought up to the prior Year-End update (version 18.3) first before the new Year-End Update (18.4) can be installed.  This becomes more of an upgrade rather than an update because of the number of “hops” needed to get you current.  As a result, the effort to complete this is greater and system requirements are possibly different.  This will require ACE or your partner to complete a Statement of Work or Estimate.  Contact your ACE Account Manager or your partner to discuss further.

Question: Okay, looks like I’m good to go for the Update.  What are the next steps?

Answer:

If you are already an ACE client, contact me at [email protected] and we’ll get you scheduled and discuss the particulars of your GP environment.  If not, feel free to contact [email protected]  about becoming an ACE client or contact your partner to assist you.

Question: We use Dynamics GP Payroll.  What about the 2022 Tax Update?

Answer:

The targeted release of the 2022 Tax Update is December 17, 2021, with another release slated for January 21, 2022.

The tax update is inclusive of previous updates.

ACE will install this update after your last 2021 payroll but before your first 2022 payroll is processed.

                                                                                                                                                                                                                                                       

I hope this helps “un-muddy” the waters a little.  Reach out if you need further clarification.

Contact Laura Murphy, VP of Operations for ACE Microtechnology, your ACE Account Manager, or your partner to discuss your options and/or get placed on the Year-End Update schedule.

Happy New Year!!

 

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