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Tuesday, December 10, 2019

Microsoft Dynamics GP: 2019 Year-End Processes

Posted by Armanino Dynamics Team

Microsoft recently released the 2019 Dynamics GP year end update, and Armanino is here to help you navigate the end of the year with the greatest of ease and the least stress! Even if you are not on a December 31 fiscal year, there are a few year-end processes you’ll want to review:

  • Dynamics GP software update
  • Year-end update
  • Year-end closing routines

Let’s start with reviewing the latest software update. GP lives on!

Microsoft has moved Dynamics GP to the Modern Lifecycle model and has made the latest release (October 2019) of GP extra appealing because the top features are from customer requests. You asked, and Microsoft delivered. In addition to the top feature requests by end users, the latest release also includes financial enhancements, system enhancements, HR & Payroll enhancements, and workflow functionality. Some of the new enhancements are:

Microsoft Dynamics GP: 2019 Year-End Processes - screenshot of a journal entry
  • Display user field in Journal Entry Inquiry window
  • Smartlist new date options for Prior Month, Next Month, Prior Period and Next Period
  • New Long Description field for Payables Transaction Entry, holding up to 200 characters
  • Export/import workflows to file (and four new Administration workflows!)
  • Exclude zero quantity and/or zero value from HITB report
  • Exclude/include specific “Additional Taxes” in Build Payroll Checks window
  • Email and print individual customer statements from the Customer Maintenance window

You can find a list of GP October 2019 enhancements in our four-part blog and video series:

 Microsoft has certainly given us plenty of motivation to move to the latest release. We know upgrading GP can seem daunting, but our GP team can help you sail through the process. With Armanino’s methodology, upgrading your software can be swift, straightforward and pain-free. (To find out more, contact your Client Manager or email us at Help@armaninoLLP.com.)

Now let’s talk about that year-end update …

The year-end update is available for download from CustomerSource for Dynamics GP (the updated name for GP 2018/GP 2018 R2), Dynamics GP 2016, and Dynamics GP 2015. The year-end updates are all-inclusive and include all prior service packs, hot fixes, etc., as well as:

  • W-4 changes for 2020 (designed to increase accuracy of withholdings with additional filing statuses and simplify the W-4 process for employees)
  • Fixed Asset Luxury Auto Depreciation changes
  • New tax tables based on form 15-T (formerly known as the Circular E)

Microsoft no longer provides updates for Dynamics GP 2013 and earlier. Therefore, if you are on GP 2013 or older, you will not have the new W-4 fields and will not be able to accurately enter W-4 information for 2020 new hires or updates for existing employees wanting to be taxed under one of the new filing statuses. One more reason to consider upgrading…

Dynamics GP 2018 customers who install the year-end update will automatically receive the October 2019 release enhancements and move to the new Modern Lifecycle model. Talk about an end-of-year bonus!

**NOTE: Mainstream support for GP 2015 is scheduled to end on April 14, 2020. At that point, Microsoft will no longer publish tax and year-end updates.**

And don’t forget about those year-end routines …

Before running any year-end routines, you’ll want to ensure you have current backups of your GP databases. You’ll also want to ensure that all users are logged out of GP prior to kicking off any of the year-end routines. While the GL year-end close does not need to be run before entering 2020 data, modules such as Fixed Assets, Inventory, Payroll, Payables, and Receivables will need to be closed out for 2019 before entering 2020 data as a best practice.

Book your year-end assistance today!

Microsoft provides various resources, including checklists, as guidance for the various year-end close processes and routines within GP. With the end of the year in sight, planning for these year-end activities can be stressful.

Let Armanino help you at this busy time of year to navigate through those processes that may be less familiar. We’ll be happy to schedule a resource to work through the year-end routines with you or even complete them for you. Contact your Client Manager or email us at Help@armaninoLLP.com. Visit our website for more Dynamics GP information.

Happy end of year to all!

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