Microsoft has just given us some news on the U.S Payroll Year-End Update for Microsoft Dynamics GP. With a target release date of November 21, 2022, the download will include:
- Payables 1099-NEC (3 part form), 1099-MISC, 1099-DIV, 1099-INT, and 1096 form changes (Add 2-digit year to print on forms)
- 1099-MISC and 1099-DIV additional field level changes/alignments
- Fixed Assets – luxury auto depreciation changes
The Year-End/Tax Update is inclusive of all previous hot fixes, service packs, and GP – the only supported upgrade path to the current release is from the release 1 year back from current in accordance with the Modern lifecycle.
Even though your 2021 payrolls may not be completely processed, it’s still not too early to install the Year-End Update – giving you plenty of time to install it and get ready!
You can find more information about requirements, instructions, and where to download from, from this article from Microsoft.
Do you have everything in order for your year-end transactions? If you’re wondering where to start, need additional documentation, or have any questions at all, feel free to reach out to the Business Success Team!
Wishing you a smooth and successful year end!