2022 Dynamics GP Year End Update Released!
Year end is upon us! Microsoft has released the year end update for Dynamics GP a smidge early this year! And, like every year, ACE is prepared to assist you if you need help installing it.
This update will bring your Dynamics GP to version 18.5.1556. 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:
Q. What’s included in this Year-End Update?
1. Accounts Payable Form Updates*
There have been some changes to the 1099-NEC, 1099-MISC, 1099-DIV, and 1099-INT for 2022. This means that the forms for 2021 will not work for 2022.
2. Fixed Assets*
Luxury auto depreciation changes
3. Payroll Form Updates*
ACA 1095-C form changes
4. All Prior Updates
*If you aren’t required to file the new forms or 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 2022. But the Modern Lifecycle does encourage that you maintain your Dynamics GP with the latest release. Therefore, you can hold off until sometime in 2023; but definitely should install the update prior to when the next YE update is released.
Q. Is my version of Dynamics GP able to have this Year-End Update applied?
A. 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 18.4.1361.
Q. Remind me…what’s the Modern Lifecycle Policy?
A. 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.
Q. What exactly does that mean?
A. 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 18.4 to be able to easily update to 18.5.
Q. But, what if I’m still on an older version?
A. If you are on Dynamics GP 18.02.1100 or older, you are on what 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 release (version 18.4) first before the new Year-End Update (18.5) can be installed. This becomes more of an upgrade rather than an update because of the number of “hops” needed to bring you current. This may be further complicated by any third-party products, integrations, and/or customizations you may use. As a result, the effort to complete this is greater and system requirements are likely different. This will require ACE or your partner to create an estimate. Contact your ACE Account Manager or your partner to discuss further.
Q. Okay, looks like I’m good to go for the Update but would like assistance. What are the next steps?
A. If you are already an ACE client, contact us at [email protected] We will reach out to discuss the particulars of your GP environment, address any concerns, and get your update scheduled.
If you’re not an ACE client, please contact [email protected] about becoming an ACE client or contact your partner to assist you.
Q. We use Dynamics GP Payroll. What about the 2023 Tax Update?
A. The targeted release of the 2023 Tax Update is mid to late December, with another release slated for mid-January 2023.
ACE will install this update after your last 2022 payroll but before your first 2023 payroll is processed.
Important: If you use any of the following HR/PR features, there have been some changes (unrelated to this update) that you need to be aware of:
- Payroll Extensions - (Deduction in Arrears, Payroll Integration to Payables and Overtime Rate Manager)
- Advanced Payroll
- Advanced Human Resource
- PTO Manager
Please contact your ACE Micro Account Manager or your partner to discuss how these changes may impact you. You may also reach out to [email protected].
There are other small enhancements to Dynamics GP included in this update besides the regulatory updates listed above. Here is a link to everything that is included in this release:
Please feel free to me contact ACE Micro, LLC at [email protected] if you need further clarification.
Happy New Year!!