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Good afternoon. We have many customers asking if GP will be ready for the new required 1099-NEC forms that are replacing 1099-MISC box 7. One company is planning an upgrade just due to this requirement so we need to know that it is going to be there. Can you let us know when it will be in GP? We have 18.2 installed w/latest SP and still do not see this. Getting worried as we need to move most vendors to new form.
Thank you!!
Hello Althea,
Great question! We are doing updates to add the 1099-NEC form in the Fall update (Oct 2020). However, the final 1099 form updates (Misc/Div/Int) will be in the Year-end Update (Nov) as always. So they should plan to install the Year-end update in November, which hopefully clients do every year. You will see a blog post in the fall on this on our blog site.
Dynamics GP blog link: https://community.dynamics.com/gp/b/dynamicsgp
If any further questions, let me know. Thanks,
Cheryl Waswick
Microsoft Dynamics GP Support
Just want to check if there will also be scripts or a routine to move all current 1099-MISC box 7 to the new 1099-NEC box 1 (I believe it is box 1, but you get the idea). This is going to affect all of our customers as they all use PM module. Thanks!
The 2020 October update will release on Monday 10/5/2020 and will include the 1099-NEC form. Under the vendor card, you normally select the tax type for 'Miscellaneous' and 1099 box as 'Box 7'. You will now have an option for the tax type to be 'Non employee compensation' and can choose Box 1- non employee compensation.
Dynamics GP already has the functionality in it to update the Tax type/box # per transaction in the Transactions | Purchasing | Edit 1099 information window, or in mass using the 'Update 1099 information' utility (Tools | utilities | purchasing | update 1099 information), (so you don't need SQL scripts). Both options are shown in this blog:
https://community.dynamics.com/gp/b/dynamicsgp/archive/2017/01/26/1099-editing-made-easy-in-microsoft-dynamics-gp
Thanks
Cheryl W
Thanks, Cheryl!
Just a note that the 1099 utility will also change the settings on the Vendor card at the same time.
Cheryl,
One customer came up with the complaint they cannot print the 1099-NEC reports in GP after the YE-update was applied (18.3.1200).. I realized that the security task in GP ADMIN_PURCH_007* doesn't include the 2 new reports "1099 Laser Non Employee Compensation" & "1099 Non Employee Compensation".. Was there a security SQL script to run after the update to fix that ?
Beat,
The security roles are included in the txt included in this blog:
New Security Roles and Tasks missing after upgrading to Microsoft Dynamics GP Fall 2020 (18.3.1173 or later) - Microsoft Dynamics GP Community
Thank you Cheryl,
That's what I was looking for !
Have a great day.
All businesses must file a Form 1099-NEC form for nonemployee compensation if all four of these conditions are met,It is made to someone who is not your employee,It is made for services in the course of your trade or business,It was made to an individual, partnership, estate, or corporation,The payments made to the payee were at least $600 or more for the year FaceTime for PC.
GP 18.3.1200 was made available last month. There is also a January Hotfix planned for this coming Tuesday to correct a minor alignment issue. These updates contain the updated 1099-NEC.
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