09 Dec 2015 Dynamics GP year-end payroll updates : Key Changes
With 2016 fast approaching, Microsoft recently released Microsoft Dynamics GP 2015 year-end updates. Here is a brief run through of need-to-know Dynamics GP year-end payroll changes.
Questions about GP year-end payroll requirements? Here’s what our customers ask »
As accounting teams get ready to close the calendar year out, Microsoft Dynamics GP customers will have to install year-end updates for the version of GP they are using. It is important to understand that the year-end update addresses important state and federal changes. These changes are needed by almost all Dynamics GP customers in order to complete their year-end closing.
Support for Dynamics GP 2010 ended in October so customers who are running GP version 2010 or older will have to upgrade to 2013 in order to receive new tax tables and year-end updates.
Additionally, the Dynamics GP year-end update is cumulative which means if you are on either GP 2013 or GP 2015, the year-end update will also install the R2 release of the product version you are on, bringing you to the most current releases of those versions.
Summary of 2015 Dynamics GP Year-end Payroll Update Changes:
- EFW2 changes (Electronic Filing)
- Product Quality Fixes around Payroll Year-end
- Affordable Care Act
- Now let’s take a look at some of the changes the year-end update applies in order to keep Dynamics GP customers compliant with the Affordable Care Act (ACA).
Affordable Care Act Changes
If you are going to track ACA in your GP system, it is mandatory that you install the year-end update to coincide with all the many changes around ACA. Here are six of the most important changes Dynamics GP customers will need to stay compliant.
- With the update Dynamics GP tracks the lowest cost premium and the date change of the premium. (Just like it does with the ACA codes – please speak to your partner for more details if needed.) You will want to put your Microsoft Dynamics GP user date back to 1/1/2015 and from the setup, roll down the monthly lost cost premium on your plans to the employees. This should then report correctly in box 15.
- You do not need to order/purchase the 1095-C and 1094-C forms. Dynamics GP will print the forms with lines and instruction pages. You will still however need to order your W-2 forms and Payables 1099 forms.
- Checkout the table changes that were made in the year-end update, some related to ACA. Click here
- Changes made to printing of dependents when you are not a self-insured plan.
- Microsoft will not create the electronic file if you are over 250 employees. There are ISV products that will, please review the detailed document below if you need this functionality. Please check with your Dynamics Partner.
- Employees that do not have wages may still get a 1095-C
Get the most current information about Dynamics GP year-end updates at the following links:
Dynamics GP 2013
Dynamics GP 2015
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