Dynamics GP Year-End 2023 Guide for U.S.
The 2023 U.S. Year-End update for Microsoft Dynamics GP will be released later this month.
A list of changes in the update is below. Microsoft recommends customers install this update based on the required year-end changes and quality report fixes below:
- There will be no changes to Payroll for Secure Act 2.0. If this is a functionality you need in the product for automatically tracking of catch-up contributions for employees, please review Integrity Data Enhanced Retirement Plan for this additional functionality.
- The IRS is pushing for a business to file electronically, W-2, 1099, etc. Dynamics GP does not file Payables 1099's electronically. Review this blog to help you prepare for 2023 year-end and electronic filing: Microsoft Dynamics GP: 1099 Changes to Expect - Get Ready for Year-End 2023
- If you still print Payables 1099 forms in Microsoft Dynamics GP, with the October 18.6 release all Payables 1099 forms (DIV, INT, MISC and NEC) will print with lines. This is similar to what we did with the 1099-NEC form in the 18.5 release. You no longer need to purchase forms at year-end!
- Fixed Assets - luxury auto depreciation changes
- Form changes: Payables 1096 Summary & 1099-NEC
Throughout November and December, Microsoft will release a series of blogs to break down the individual aspects of your year-end close. The first blogs for the year have already been published. View Microsoft Dynamics GP Year-End close blogs here.
Requirements to e-File 1099s in 2023
The requirements for electronic filing 1099’s to the IRS have been updated this year, and anyone with more than ten 1099 vendors will need to submit their report electronically. Dynamics GP does not include this functionality built-in, but there are several options available to assist with this process.
Stoneridge Software has partnered with Greenshades Software and is ready to assist you in implementing the tools needed to electronically file through Greenshades’ tools.
Several external tools can assist you will electronic filing for 1099s, though they do not connect directly to GP. These tools would require you to extract your vendor information from GP and then load it into the specific software. Stoneridge is happy to assist with building a report or Smartlist that would collect the necessary data.
If you are working with us to complete your year-end update, there will be a question about the 1099 requirements, which will help us start that conversation with you. Alternatively, if you are a Stoneridge Client you can reach out to us at email@example.com.
Let Stoneridge Help You with Your Dynamics GP Year-End
Over 100 Dynamics GP clients schedule their year-end close with Stoneridge Software annually. We can help you make sense of all of the aspects of your close and help you complete it.
Please note this service is on a first-come, first-serve basis. The earlier you book, the more likely you will get your desired date and time.
Please reach out to us! We have a dedicated team of Dynamics GP experts ready to help you.