Getting ready for Year-End 2023: Microsoft Dynamics GP and the Latest 1099 Form Enhancements
As the year draws to a close, your team may be in the midst of preparing for the 2023 year-end, so let’s dive straight into what has changed and what to expect for Microsoft Dynamics GP.
Significant Improvements in 1099 Form Printing
Continuing from the introduction of printing the 1099-NEC form with lines and boxes on blank paper last year, Microsoft Dynamics GP has further streamlined the process for 2023 to include all types of Payables 1099 forms. This means no more hassle with pre-printed forms or alignment issues!
Upcoming Requirement: 1099 Electronic Submission
With the IRS mandating electronic filing for 1099 forms from 2024, it’s crucial to stay ahead of the curve. Although Microsoft Dynamics GP did not integrate this feature directly, there are plenty of viable and affordable electronic filing options available, both by the IRS as well as those popular among Dynamics GP users:
- IRS’s Free E-filing Option: [IRS E-file Forms 1099]
- Recommended Solutions by Microsoft Partners:
Enhanced 1099 Reporting with ‘SQL View’ for SmartList
Responding to your requests, Microsoft has introduced a ‘SQL View’ for 1099 forms, allowing users to view and verify 1099 information in Smartlist. This addition is particularly useful for ensuring accuracy in your reports and streamlining the process of generating data for electronic filing. For instructions on using this feature, visit: KB 4014658 –How to create a smartlist designer report using a SQL View.
For the 1099 Script for “SQL VIEW”: (currently for the 2022 year forms – to be updated when the 2023 changes are available), visit the Dynamics 365 Community blog here.
As we wrap up this year, we hope these updates to Microsoft Dynamics GP will set you up for a smoother, more efficient year-end closing. And feel free to contact our Business Success Desk if you have any questions. Remember, being prepared is the key to a stress-free year-end!
This content has been adapted from a Microsoft Dynamics GP blog post to keep our customers informed about the latest developments.