This year’s year-end update affects not just payroll users, so please don’t ignore it. Due to changes from the IRS regarding form 1099-MISC, people who print 1099s out of the system also need the year-end update.
For more details, please review the link to Microsoft’s blog regarding Payables Management Changes
The year-end update applies to both Dynamics GP (version 18+) and GP 2016. All prior versions must be upgraded. Please note that, before upgrading, you need to confirm that there are no compatibility issues with any 3rd party applications that you may have.
For payroll users, we have some good news. There are NO W-2, W-3 or W-4 and NO EFW2 form changes! However, there are larger Affordable Care Act form and instruction changes (ACA)!
Once you install the 2020 year-end update, you can now enter labels for Box 14 on all pay code pay types to report COVID/FFCRA (Families First Coronavirus Response Act) pay. We recommend checking out Microsoft’s blog for more guidance regarding reporting of the COVID-19 Pay.
The year-end update also includes some notable bug fixes, including:
- View Workflow History window not showing final approver name that is stored in the WF30100
- Inquiry purchasing by vendor and document windows by selecting “Document Number” – descending is not working
- Vendor inquiry window removes Country and replaces with Vendor ID
There are also some exciting new features, suggested by customers like you, such as:
- Addition of a DBA Name (doing business as) field on the Vendor Maintenance window for 1099 vendors, 1099-NEC, 1099-Misc
- Masking Social Security Numbers on HR reports
- Reconciliation of all years in General Ledger at once
- Copy and Paste functionality for purchasing transactions
- Limitation of Excel copy/paste decimal places to currency setup limits
- Disabling the system print dialog box when printing a word template
The bottom line is that you probably need to install the year-end update. For help, please do not hesitate to reach out to us at firstname.lastname@example.org.