Microsoft Dynamics GP 2017 Updates

Dynamics GP 2017 Year End Changes will include the following –

  1. No W2 or W3 form changes this year
  2. There are EFW2 changes
  3. The year-end update will have some product quality fixes delivered
  4. Affordable Care Act (ACA) is still alive and well – the required form changes will be part of the year end update
  5. Depreciation changes mostly around luxury auto depreciation

GP 2013

Remember if you are on any version of Dynamics GP 2013, mainstream support will end on April 10, 2018, after which time you will no longer receive tax and year end updates, nor will you receive any further product updates to GP 2013. Time to upgrade.

All Versions

All year-end updates are scheduled to be released the week of November 20, 2017. To install the year end update, you will need to be on one of the following versions:

  • GP 2013 – Must be on version 12.0.2104 or later
  • GP 2015 – Must be on version 14.00.0983 or later
  • GP 2016 – Any version
  • GP 2018 – Any version

Microsoft does require you to install the year end update this year, as if you do not, your ACA forms will be wrong and your EFW2, electronic files will fail, along with fixed asset depreciation being incorrect.

If you do not use any of these areas, you may be able to skimp by without applying the update.

For more information contact us today!

1099 Report Processing – Microsoft Dynamics AX 2012 R3

In this blog post, we will walk you through some of the important steps related to 1099 report processing.

1099 Reporting

  • Businesses required to file with IRS and provide individual reports to recipients annually
  • End-of-year process for Accounts Payable department
    • Ensure vendors marked as 1099 vendors
    • Verify receipt of W-9s from 1099 vendors
    • Review vendor invoices and make adjustments
      • Verify 1099 amounts captured are accurate
      • 1099 amounts for services

1099 Setup

  • Legal entity form
    • Navigation path: Organization administration>Setup>Organization> Legal entities
    • Enter Federal Tax ID
  • 1099 reportable amounts
    • Navigation path: Accounts payable>Setup>Tax 1099>1099 fields
    • Update Minimum amount reportable per 1099 box
  • Vendor setup

1099 Vendor Setup

  • Vendor record
    • Report 1099 checkbox
      • Record paid vendor invoice amounts as 1099 reportable
    • W-9 received
    • Check for W-9
    • Federal tax ID
    • Tax ID type
      • Employee Identification number, Individual Taxpayer Identification, etc.
    • 1099 box
    • Name to use on the 1099
    • DBA

1099 amount during invoicing

  • Modify 1099 amount on vendor invoice line during invoice processing
    • AP Vendor invoice journal lines (non-PO invoice)
      • 1099 tab or Invoice tab
      • Entered as a negative amount

Dynamics AX 1099 vendor invoice

 

  • Modify 1099 amount on purchase order during invoice processing
    • Purchase order invoice line details
      • 1099 tab

Dynamics AX 1099 Purchase Order

 

Review 1099 amounts

  • Review vendor paid invoices
    • Review 1099 invoice amounts and make appropriate adjustments
    • Services not goods
    • Pass-through: Vendor previously reimbursed for expenses
  • Review and make adjustments by individual vendor
    • Vendor record>Vendor settlement for 1099s
    • Click Tax 1099 transactions to review individual paid invoice amounts and edit Settled 1099 amount or 1099 box
  • Review and make adjustments for all vendors
    • Navigation path: Accounts Payable>Periodic>Vendor settlement for 1099s
    • Enter date range in Criteria area
    • Enter vendor range in Criteria area
    • IRS reportable
    • Tax 1099 transactions for paid invoice detail
  • Verify Settled federal amount and 1099 box for each paid invoice

 

Update invoice transactions as 1099

  • Update paid invoices as 1099 reportable
    • Vendor record>Update 1099 on Vendor tab
    • Parameters:
      • From date / To date
      • Update all

 

Generate individual 1099 reports

  • Vendor settlements for 1099s
    • Navigation path: Accounts Payable>Periodic>Vendor settlements for 1099s
    • Enter date range in Criteria area
    • Enter vendor range in Criteria area
    • Click Print
  • Print parameters:
    • Type of Tax 1099 form
    • Reporting year
    • (Optional) State

 

1099 individual vendor report

Dynamics AX 1099 Individual Vendor Report

 

Create export file

  • Setup
    • 1099 transmitter form
      • Company contact info for filing electronically
    • 1099 software vendor form
      • Software vendor info and contact info for filing electronically
    • Generate file

 

1099 related reports

  • Tax 1099 summary report
    • 1099 reportable amounts and total grouped by vendor account
    • Navigation path: Accounts Payable>Reports>Tax 1099>Tax 1099 summary

Dynamics AX 1099 Summary Report

 

  • Tax 1099 detail report
    • 1099 reportable amounts including date, voucher and invoice columns, total and grouped by vendor account
    • Navigation path: Accounts Payable>Reports>Tax 1099>Tax 1099 detail

Dynamics AX 1099 Detail Report

 

  • Duplicate taxpayer identification report
    • Verify no taxpayers have duplicate identification numbers
    • Navigation path: Accounts Payable>Reports>Tax 1099>Tax 1099 duplicate taxpayer identification

Dynamics AX 1099 Duplicate Taxpayer Identification Report

 

Should you have any questions, please feel free to reach out to us.

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