Hi Teri,
I always recommend installing the latest version of GP, including the YE update. With that said I do see where installing it may cause concern since this YE update is all inclusive (meaning it contain all updates up to R2).
Remember that the YE update is not the same as the 2015 Round 1 tax update. Many companies have to run the 1st 2015 payroll prior to completing the YE process in GP.
If you need to run a 2015 payroll before you close the year you can follow the steps below:
NOTE: Please make sure you have a good Pre and Post Backup of your databases.
NOTE: Once you complete the 2015 payroll you will have to revert the tax update back to the 2014 Round 5 tax update or you FICA and possibly other figures will be incorrect.
When you print the W-2s the report will check the tax tables to see if the employee has reached their maximum.
1. Install the 2015 Round 1 Tax Update.
2. Once the tax table update is installed go to Tools >> Setup >> System >> Payroll Tax and verify the following dates are the following:
Last Tax Update: 12/18/2014
Last Tax Code Update: 0/0/0000
3. Run the 2015 payroll.
4. Once the payroll is completed you will need to revert back to the last 2014 tax update.
a. Use the manual tax update option in the Payroll Tax Update window. (Microsoft Dynamics GP >> Maintenance >> U.S Payroll Updates >> Check for Tax Updates)
b. Select the Manual Radio button and click Next.
c. Path out to the location of the TX.cab file you downloaded. (This will be 2014 Round 5)
d. Click Process.
e. Verify the date are as follows in the Payroll Tax window:
Last Tax Update: 12/18/2014
Last Tax Code Update: 0/0/0000
4. You are ready to create the Year-end wage file by closing the year from the Payroll Year-end Closing window. (Microsoft Dynamics GP >> Tools >> Routines >> Payroll >> Year-end Close)
a. Select the Year you want to close (This should be 2014)
b. Click Process.
c. Verify W-2 information for the year is correct.
5. Print your W-2 forms.
6. Apply the current year tax update (2015 Round 1) so you can continue to process pay runs for 2015.
7. Go to Microsoft Dynamics GP >> Maintenance >> U.S Payroll Updates >> Check for Tax Updates
a. Use the automatic tax update in the Payroll Tax Update window.
b. Select the Automatic Radio button and follow the prompts.
Your 2014 information should be correct and your 2015 year should be ready to process further payroll transactions.
The new dates in the Payroll Tax window should now read as follows:
Last Tax Update: 12/15/2014
Last Tax Code Update: 0/0/0000
Your system should now be ready to process 2015 payroll transactions.
Hope this helps,
