30 Nov Dynamics GP 2016 Year End Update Need-to-Knows
With CY 2016 coming to end in just a few short weeks, Microsoft recently released Microsoft Dynamics GP 2016 year-end updates. RoseASP installs year-end updates for all of our customers, but we want to share some of the need-to-knows about Dynamics GP year-end payroll, including updates.
As accounting teams get ready to close the calendar year out, Microsoft Dynamics GP customers will have to install year-end updates for their version of GP. The year-end closing processes Creates the Year End Wage file, which is used to populate 1099 , W2, W3, EFW2, 1095-C, and 1094-C forms.
The GP year-end update generally includes important state and federal changes that most Dynamics GP customers will need in order to process their year-end closing. All prior service packs, hotfixes, compliance, and year end updates are included in the most recent release.
Support for Dynamics GP 2010 ended last year, so customers who are running GP version 2010 or older will have to upgrade to a newer version to receive new tax tables and year-end updates. Updates this year include important changes regarding ACA forms and processing. More
RoseASP installs cumulative Dynamics GP year-end updates for all of our customers, ensuring that the year-end update is installed properly. For more info on year-end closing with GP, checkout this Microsoft Dynamics GP Standard Year End Closing Procedures guide.
Dynamics GP 2016 Year-end Payroll Changes Include:
- Affordable Care Act changes
- No W-2 or W-3 Form changes
- No EFW2 changes (Electronic Filing, now due 1/31)
- Product Quality Fixes around Payroll Year-End
- 1099-INT – form change (Box 12)
- Payables 1096 form change
- Fixed Asset Luxury Auto Depreciation changes (Path Act)
Pre-Install & Upgrade Tips
- Backup the Dynamics database and all company databases
- Export all modified reports and forms to package files (Microsoft Dynamics GP | Tools | Customize | Customization Maintenance)
- Backup the modified reports and forms .DIC files
(Refer to the Dynamics.set file for the path to the modified .DIC files)
- Configure a test environment to test the upgrade prior to installing in the live environment
Post-Install & Upgrade Tips
- Backup the Dynamics database and all company databases following the upgrade
- Export all modified reports and forms to package files following the upgrade (Microsoft Dynamics GP | Tools | Customize | Customization Maintenance)
Tips courtesy of Microsoft Dynamics Standard Year-End Close Procedures guide
Get the most current information about Dynamics GP year-end updates at the following links:
Dynamics GP 2013
Dynamics GP 2015
Dynamics GP 2016
Important Information for SOX and other Highly Regulated Customers:
It is important to note that the year-end release addresses many critical state and federal tax changes that most customers will need to close their calendar year in Dynamics GP. Customers with strict compliance requirements must ensure they have enough time and resources to Test and Validate this year-end update before installing in “production”. There is only a limited amount of time to test and deploy, so you may want to forego this update entirely. Please review the updates above to determine if any of the changes affect your Dynamics GP payroll. If any do, you will need to install the updates.
RoseASP provides SOX and HIPAA regulated clients with year-end update installation along with continuing support and security for highly regulated businesses. Learn more about our Hosting Services for Dynamics ERP and Compliance.