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Hello GP Fans!
You have come to the right place to attain your Payables Year End information.
Please review the following information to ensure you have a smooth and seamless 2020 year-end in Payables Management. Enjoy!
Does the 2020 Year-End Update include any form changes for Payables Management?
Yes, there are changes for the 2020 Forms! You can review these changes in detail in our new Payables YE blog: Microsoft Dynamics GP Year-End Update 2020: Payables Management form changes including the NEW 1099-NEC!!.
Is there any new functionality that I should be aware of for Year-End?
There are a couple new features in the Year End Update. I have listed these below with links.
October 5 - Non-Employee Compensation (NEC) for 1099 form (rolled back to GP 2016 year-end)
October 6 - Add DBA Name field on Vendor Maintenance window for 1099 Vendors (rolled back to GP 2016 year-end)
October 7 - 1099-MISC Updates (rolled back to GP 2016 year-end)
Microsoft Dynamics GP (2020) New Feature Blog Series Schedule! - Microsoft Dynamics GP Community
Review this blog to view Payables FIXES included in the 2020 Year-End Update
When should the Year End Close for Payables Management be done?
What does the Year-End Close Process do and /or affect?
*If the Year to Date or Last Year amounts are incorrect in the Amount Since Last Close View: you can use the link below to download the Payables Management Recalc Scripts as well as additional information on the Amounts Since Last Close.
What steps should I take to close the year?
Key points to remember:
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. As such, it is 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.
Assistance for Payables Management Year End Close
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
KB 875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”.
Year-End Close Resources:
Be sure to refer to the GP 2020 Year-End Blog Schedule to review current and upcoming blog posts and other helpful resource links related to Year-End Closing for Dynamics GP.
I hope this is helpful and that you have a successful Year-End!! If you have any feedback or suggestions, please let us know.
Brandon Jarrett | Support Engineer | Microsoft Dynamics GP
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