DYNAMICS GP 18.7 and Year End Processes

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Year End

Here are three things that happen at year end. (Note – new registration keys are not required for this release) 

GP 18.7 Release (Oct 2024)– Upgrade from previous versions/also available as a service pack for clients on a recent version. 

Includes 1099 form and general product updates.  If you print more than 10 – 1099s you must file electronically.  Here are some choices: 

1099 Pro:  https://www.1099pro.com/prod1099pro.asp 

1099 Etc: https://1099-etc.com/ 

Greenshades:  https://go.greenshades.com/platform/tax-and-compliance/year-end-forms 

Tax 1099:  https://www.tax1099.com/integrations/1099-excel-template 

eSmart Payroll:  https://www.esmartpayroll.com/excel_form_1099misc.asp 

W2 Mate: https://www.realtaxtools.com/1099software/1099software.html 

Aatrix – www.aatrix.com 

GP Upgrade – For clients that are on earlier versions of GP 

A new script is available to create a smartlist to pull 1099 data (2024 requirements as of the release) 

GP Year End Process (Dec 2024) – Closing out GP for the Fiscal or Calendar Year 

Fixed Assets 

Subledgers 

General Ledger 

Payroll Tax Update – Cumulative (Oct 2024/Jan 2024/Feb 2024/Mar 2024) – will be released by states – some before year end, and others next year. 

Microsoft Dynamics GP – Upgrade – 18.7 (GP 2025): 

SYSTEM ENHANCEMENTS 

  • Default Vendor Class Roll Down: If you edit a vendor record and modify the vendor class ID, the default option when changing the vendor class ID on a vendor will be to not roll down changes.
  • Reprint EFT Payment Register: In the Purchasing Posting Journal Options Report selection, the EFT Payment Register has been added to reprint the report after posting a Payables batch.
  • Payroll 1099-R Mask SSN: There is now an option available on Print 1099-R window to mask the employee’s Social Security number. When you mark the checkbox and print a 1099, the Social Security number will print with the first 5 numbers as an X.
  • Payables – 1099 Masking IDs – There are no form changes for 1099s for 2024-year end.
  • Payables/Receivables – Display Customer and Vendor email address by document type specific to the vendor or customer.
  • Receivables – Link Sales Order Processing Print options – links the type of order you are viewing to what prints.
  • Sales Order Processing – Drill back capability – Zoom in on the document or the original sales transaction
  • Print Historical Age Trial Balance: The Print Historical Aged Trial Balance report will show the posted information when a voucher number or a payment number is posted with special characters.
  • Restrict Payables 1099 by Calendar year: There is a new zoom on the 1099 Details window or the 1099 Inquiry window to open the Edit 1099 transactions restricted by year. 
  • Payables Transaction Remit to Address Display: There is now an expansion selection in Payables Transaction Entry to view the Remit to Address details for the selected address ID.
  • New Templates! Multicurrency Blank form & more: updated the Print RM Statement functionality to enable emails with forms other than the Blank Form. Now, if you select any form type, the Email Options and the Email ribbon action will both be enabled.
  • Payroll Monthly Deduction & Benefit Maximum: You can now add a Monthly maximum field for Payroll deduction Setup. Or add a Monthly maximum for Payroll deduction entry at the employee level. 
  • Purchase Order entry delete line option: On Purchase Order Entry, there are different ways to delete a line that is on the PO. Now, the PO Delete Line action is also available in the PO entry drop down.
  • Reports – Navigation list – ability to mass email multiple reports.
  • Purchase Order Entry – delete line option: On Purchase Order Entry, there are different ways to delete a line that is on the PO. Now, the PO Delete Line action is also available in the PO entry drop down.

SYSTEM FIXES: 

Distribution 
  • You may notice performance issue when you open the Purchase Order Generator from the PO Navigation Home Page.
  • You may see the percent/amount field display incorrectly in Sales Line-Item Tax Detail Entry when posting a transaction
  • after the date change from the Date Effective Tax Rates window.
Financials 
  • Receipts from Cashbook have blank Tax date in TX30000 and may cause issues with VAT reporting.
  • You may notice with a long-Fixed Asset ID in some windows the display does not show the full Asset ID.
  • Print & Email cash Receipts did not populate customized fields in the message ID.
  • Credit Card Payments set up as Check Cards in Payables may miss Multicurrency information when posted to Bank
  • Reconciliation.
  • Drill back on Historical JEs in the Journal Entry Inquiry drill back to the wrong document, if Revenue Expense Deferral is
  • loaded.
System/Install/Upgrade 
  • Ability to mass email reports from the Navigation List.
  • If you have a SmartList Favorite Reminder using the Prior Period, it will not show in To Do / Reminder’s window on GP
  • Home Page.
  • With the 18.6 release and format workflow emails feature, trailing zeroes were trimmed from the amounts and
  • quantities in the email details.
Workflow 
  • You may receive an error message ‘This record has been deleted since you opened this window’ when you click
  • Workflow history button.
  • Modern Auth (MFA) – Multi Factor Authentication and GP
  • Email may fail when the TO and BCC are populated but CC is left blank with MSGraphEmailSendEmail error message
  • after 18.6 upgrade.
  • Email Address Based on Document Type pulls default emails from Customer or Vendor on transaction when opening E[1]mail detail on a transaction.
Developer 
  • Form level function Defaults ReadBoolean() of form syVisualStudioHelper renamed to Dex Defaults_ReadBoolean

Microsoft Dynamics GP 18.6.xx (GP 2024) – For Clients on an earlier version of GP prior to GP 18.6 

Financial Summary Inquiry Redisplay- Redisplay a financial summary inquiry instead of closing the window to refresh the data.   

A redisplay button is added to the Financial Summary Inquiry Window which will refresh the data to see updated posted information. 

 Reverse Fiscal Year-end close by Company- In previous versions, the Reverse Fiscal year feature required ALL users to be out of ALL Dynamics GP companies. Now all users must be out of the specific company you are performing the Reverse Fiscal Year End Close.   

All Payables 1099 print in LINES- Building on the GP 18.5 release, users will be able to print ALL the Payables 1099 forms with boxes/lines, great for screening and verifying 1099 information.    

Drop-Down List Selection for Batch Source on Navigation Lists– Further expanding on GP 18.5’s Navigation List filtering, a drop-down list for filtering on Batch Source has been added. 

Print/Email Cash Receipts- A Mass Customer Email setting window has been added to the GP 18.5 release of printing or emailing a copy of the customer’s payment in a Word template from the Customer Maintenance Card. Note this is only available from the All-Sales-Transaction Navigation List.   

Print Sales Order Processing Blank Picking Ticket Templates- In 18.6, users can print templates of SOP picking tickets per site as well as a summary document of all sites. 

Letter Writing Assistant Final Notice Collection Letter- Previous versions would not allow users to print a Final Collections letter and add invoice details. With the release of GP 18.6, users can modify any Collection Letter notices, add the Invoice details to the reports, and print the information for the customer. 

Completely Delete Document Attachments- Have greater control over documents users have attached to records in Dynamics GP by having the ability to completely remove attachments from Dynamics GP.   

Shared Mailbox with Multi-Factor Authentication (MFA)- Created directly from customer feedback, GP 18.6 allows users to set up the Sales and Purchasing series to use a shared mailbox for sending emails. 

You can enter the e-mail address you want documents e-mailed from that series (Sales or Purchasing) to both appear to be e-mailed from and have replies sent back to. 

Customer Statements Display Open Items- Customer statements display or remove Fully applied transactions. This will remove any payments, credits, or invoices that have been fully applied. 

Email/Reprint Vendor Remittance with Message Fields- The customized message field when creating a vendor remittance, will now be included when emailing or reprinting. 

Modern Authentication- Providing more options for security allowing for single-tenant key access. 

Year-end closing checklist 

  1. Complete the posting procedures and the closing procedures for other modules.

 Note 

This step is only required if General Ledger is integrated with other modules. 

  1. Post the final adjusting entries in General Ledger.
  2. Print an account list to verify the posting type of each account.
  3. Close the last period of the fiscal year.

 Note 

This step is optional. 

  1. Optional: Do file maintenance on the Financial series group of modules.
  2. Verify the settings in the General Ledger Setup window.
  3. Make a backup.
  4. Print a final Detailed Trial Balance report.
  5. Print the year-end financial statements.
  6. Set up a new fiscal year.
  7. Close the fiscal year.
  8. Close all the fiscal periods for all the series.

 Note 

This step is optional. 

  1. Adjust the budget figures for the new year, and then print the financial statements.
  2. Make a backup.

2024 Payroll Tax Table Update:  Year-End Changes – Target release 11/22 

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 year-end and electronic filing: Microsoft Dynamics GP: 1099 Changes to Expect – Get Ready for Year-End 2024 

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!! There are NO 1099 form changes for the 2024 year-end. 

Fixed Assets – luxury auto depreciation changes 

ACA 1095-C, only the instructions on the back page have been updated. All other information on the form remains the same. 

Payroll Tax Table updates are included in the October release of GP 18.7 but additional updates will be released. 

Payroll Year-End Update included in GP 18.7 and here are the processes that need to be followed: 

US year-end update – Dynamics GP | Microsoft Learn | Contact US

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