Microsoft Dynamics GP Year-End Release 2015: Payables Management

Hi Everyone!

As you gear up for year-end, I wanted to let you know about changes included in the 2015 Year-End Update for Payables Management.  I hope you find the below information helpful and informative.

Does the 2015 Year-End Update include any changes for Payables Management?

Yes, there are changes for the 1099-DIV, 1099-INT, 1099-MISC, and 1096 Summary forms included in the 2015 Year-End update.  If you print any of these forms, you will need to install the 2015 Year-End Update to get these changes.

What specific changes does the 2015 Year-End Update include for Payables Management? 

The following changes have been included in the 2015 Year-End Update:

• 1099 DETAILS WINDOW:  In the 1099 details window (under Cards | Purchasing | 1099 Details) the State/Payer's State No on the 1099 Miscellaneous type, and State Identification No. on the 1099 Interest and 1099 Dividend types has been increased to 20 characters.   This was required by some states that have a longer number (Wisconsin).  Make sure to print the forms to verify how the field is aligned on your form.  Also make sure you are not printing a modified version of the form.

• 1099 DETAILS WINDOW:  The Foreign Account Tax Compliance Act (FATCA) filing requirement checkbox is new and was added to the 1099 Details window (under Cards | Purchasing | 1099 Details).   If marked, this checkbox will mark the corresponding FATCA filing requirement checkbox on the 1099-DIV, 1099-INT and 1099-MISC form printouts.  (The new column for TEN99FATCAFILEREQ was added to the PM00204 table.)

• 1099-DIV:  The FATCA filing requirement checkbox was added to the 1099-DIV form printout. 

• 1099-INT:  The 1099 Setup window (under Microsoft Dynamics GP  | Tools | Setup | Purchasing | Payables | 1099-Setup) for the 1099-Interest tax type had Box 15 updated to Box 17 for State Tax Withheld.  Box 12 was inserted with a blank description and minimum amount of $.01.  Box 13 was also inserted for Bond Premium on tax exempt bond with a minimum amount of $.01.   These changes also flow through to the Edit 1099 Details window for the 1099-Interest tax type. 

• 1099-INT: On the 1099-INT form printout, Box 4 and 6 were shortened.  Box 8 and 9 have been shortened and moved up on the form.  Box 10 and 11 were resized.  The FATCA filing requirement checkbox was added.  Box 12 and 13 were added (in GP 2015 only).  Box 14, 15, 16 and 17 were renumbered. 

• 1099-MISC:   The Account Number box was shortened to make room for the new FATCA filing requirement checkbox.   If the user marks the checkbox on the 1099-Misc form, a warning message will be given that "Box 3 - Other income will be zeroed out, Do you want to continue?"  If the user elects to continue, the amount in Box 3 is set to zero.  If the FATCA filing requirement box is checked, the Other Income amount in Box 3 has to print a $0 amount.

• 1096 SUMMARY:   Layout changes were made to the 1096 Summary form.  At the bottom of the form, Box 1098-Q was added, and Box 1099-H was removed.  Boxes 1099-K, 1099-LTC, 1099-MISC and 1099-OID were repositioned.

Is there any new functionality in Microsoft Dynamics GP 2013 or Microsoft Dynamics GP 2015 that I should be aware of?

There were many enhancements made to Microsoft Dynamics GP 2013 RTM  (and later versions) to help you view and edit 1099 information, so be sure to take advantage of these new features including:

• Ability to edit 1099 information at transaction level
• Ability to easily change a vendor to be a 1099 vendor if they were not marked to be a 1099 vendor, or visa versa
• New Address ID on Vendor Maintenance window to be used on the 1099 forms
• New box numbers added for each 1099 tax type
• Ability to print the 1096 Summary form
• To get more information on the new features listed above, click HERE to view a video. 

 When should the Year End Close for Payables Management be done?

1. The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transaction in the next Calendar year.

2. The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the next Fiscal year.

What does the Year End Close Process do and /or affect?

1. The Calendar year end close process transfers the 1099 Amount from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window, found under (Cards – Purchasing – Summary – Yearly Button).

2. The Fiscal year end close process transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view, also found under (Cards – Purchasing – Summary – Yearly Button).

*If the Year to Date or Last Year amounts are incorrect in the Amount Since Last Close View contact support for scripts that can be ran to correct these amounts.

3. When these amounts are transferred this will also affect SmartList amounts that contain Year to Date or Last Year summary columns.

4. The Vendor Summary report will also be affected by the transfer of amounts from the Year to Date column to the Last Year column when closing the year.

What steps should I take to close the year?

1.      Post all transactions for the current year.

2.      Make sure that transactions for the new year are saved, not posted.

3.      After verifying those steps, make a backup of your company database.

4.      Follow the steps in KB 875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”.

Key points to remember:

• Follow the steps outlined in KB 875169 and always make a restorable backup before starting any year-end close procedure.

• Payables Management is not fully date sensitive. In the Vendor Yearly Summary window, the Summary Views for Calendar Year and Fiscal Year are date sensitive, so will be correct.  However, the Amounts Since Last Close view will move amounts from the Year to Date Column to the Last Year column at the point in time you ran the Year End close process for Payables Management.   So it is still recommended that you process your year-end closing routines at the actual year end, and before you post any transactions in the new year so this view is correct.

• Vendors should be marked as 1099-able before any transactions are posted for them so that 1099 information is updated automatically throughout the year.  In Microsoft Dynamics GP 2010, refer to KB 918536 to correct vendors that were not marked correctly.  However, there is new functionality in Microsoft Dynamics GP 2013 and later versions that you will want to utilize to make editing 1099 information (by vendor and/or by transaction) much easier.         

• Please note that both Payables Management and Receivables Management Year End KB article’s say to close the tax year. This will only need to be done once, after both Receivables and Payables are closed. (The reason that we list this on both KB Articles is because some users may not use both Payables Management and Receivables Management.)

•  I would recommend watching the Readiness videos for Microsoft Dynamics GP 2013 so you can utilize all the great new features for printing, editing and other maintenance for 1099 forms. 

Assistance for Payables Management Year End Close

Microsoft Dynamics GP Blog - http://blogs.msdn.com/b/dynamicsgp/
Microsoft Dynamics Community - https://community.dynamics.com/product/GP/default.aspx
Microsoft Dynamics Support - https://mbs.microsoft.com/support/newstart.aspx

If you are creating a case with the Technical Support Team, please refer to the routing below to ensure you are routed to the correct Professional for assistance.

Assistance with the Payables Management Year End Close
--Support Topic Selection: Financial - Payables Management
---Sub-topic Selection: Period / Year End Close

Year-End Close Resources:

•Refer to KB 875169: Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP

•Here is a link to the 'standard' Year-End Close Procedures that generally do not change from year to year.

Be sure to check back to the 2015 Year-End Blog Schedule page to review current and upcoming blog posts and other helpful resource links related to Year-End Closing for Dynamics GP.

Have a great Year-End!

Cheryl Waswick | Microsoft Dynamics GP Support  | Sr. Technical Support Engineer