Do I have to install Dynamics GP year end updates?

Do I have to install Dynamics GP year end updates?

While many important tax changes have been made in the 2015 Dynamics GP year end updates, some GP users, including SOX compliant and highly regulated customers, might decide to forego the update.

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Installing Dynamics GP year-end updates

As accounting departments everywhere prepare for the calendar year-end, Microsoft recently released the 2015 Dynamics GP year-end updates.  However the year is growing short and highly regulated Dynamics GP customers are running out of time for proper testing and validation of the update.

Customers with SOX and other compliance regulations must have resources dedicated to applying the GP 2015 year-end updates in a test environment in order to validate the changes before installing them in production.

Testing and validating IT system changes is an important part of risk management best practices. Unfortunately, the time to test and deploy the update is running short and some highly regulated Dynamics GP customers may be better off skipping the update entirely.   Dynamics GP customers are eligible to skip this update if the following year-end update changes do not affect them:

Summary of Changes

  • EFW2 changes (Electronic Filing)
  • Product Quality Fixes around Payroll Year-end
  • Affordable Care Act, Click here for list of changes
  • 1099-DIV Form and application changes
  • 1099-INT Form and application changes
  • 1099-MISC Form and application changes
  • Payables 1096 Form change
  • Fixed Asset Luxury Auto Depreciation changes

The most significant of these changes is the formatting of 1099s.  Dynamics GP customers who process 1099s outside of GP might want to consider foregoing the year-end update all together.

That being said, the year-end release addresses some important state and federal changes that most customers will need before they are able to close their Dynamics GP calendar year. It is also important to note that the update is cumulative, so customers on Dynamics GP 2013 and GP 2015 will be automatically updated to the R2 Release of those year-versions.

What’s next..?

Check out these links to get the most current information about Dynamics GP year-end updates

Dynamics GP 2013

Dynamics GP 2015

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