Happy Hanukkah and Merry Christmas from your friends at Micro Force!
Especially at this time of the year, when we take a moment to reflect on the past 12 months, we recognize that we have had many blessings. Being able to service your business service needs this past year is one of these blessings!
In this newsletter, we have included content that can help you with your year-end routines for your Microsoft Dynamics GP business software system.
Of course, you never have to wait for future newsletters to learn about any of these topics. We are always only an email or phone call away to help you with anything you may need regarding your business software!
DYNAMICS GP PREP FOR YEAR END
As we approach the end of our calendar year, we have observed that this typically adds additional burdens onto your finance team. As you begin to think about the year end routines that we have to plan at this time of the year, users typically plan to address the following tasks:
1099 reporting
There is an new filing requirement for 2023. Please see below for the details.
Year-end routines in GP to prepare for the next calendar/fiscal year
Users cannot enter any data into 2024 if you have not setup a new fiscal period for it in that company
We have provided these instructions below, if you would like to be reminded how to prepare to process 2024 transactions in GP
Routines to close the current calendar/fiscal year
Most clients schedule time with our team to remind them what routines need to be run and how to do so
Our schedules get to be very busy to address these added tasks from now thru the end of January
Please reach out to us at support@micro-force.com, to schedule your service time, so that we can do our best to accommodate your requests
1099 NEW REPORTING REQUIREMENT
This past October 2023, the IRS announced that they lowered the e-filing threshold. 1099 forms must now be filed electronically for any company that have 10 or more returns in 2023.
This is a significant burden for most businesses, since previously a company had to have a minimum of 250 1099 returns before they had to file electronically. Microsoft Dynamics GP does not offer a feature to e-file 1099 forms, so you must find another option.
The IRS has a free service named IRIS (Information Returns Intake System), that permits users to upload their 1099 data to, in order to e-file on their own.
IRIS requires the data to be submitted in a specific format via an Excel worksheet. The IRIS site provides this Excel template to download. But it also requires you to get CFS software, obtain a FIRE TCC code and to create an IRS FIRE account.
There are also other online services that for a fee, can e-file your electronic file of 1099 forms. Efile4biz is one of these services.
We can help you extract this data from your Dynamics GP system to create the Excel files, that you can use for your e-filing.
Email our helpdesk team to request this service. Besides submitting your request to support@micro-force.com, all you need to do is to submit the Excel template or data layout that your service is asking you to submit.
We can create a routine on your system, typically in Smartlist, to permit you to get your data out into the requested format for e-filing your 1099’s this year.
HOW TO SETUP A NEW FISCAL YEAR IN GP
To set up a new fiscal year in Microsoft Dynamics GP, you can follow these steps:
Click on Microsoft Dynamics GP, located at the top left of your screen, on top of the Navigation Pane.
Select Tools
Select Setup
Select Company
Select Fiscal Periods
Then, the following window should appear.
Where it says Year, overwrite the year with 2024. This should set up your first and last day of the new year.
If not, then in the First Day field, type in the first day of the fiscal year and in the Last Day field, type in the last day of the fiscal year.
The value of "12" should display in your Number of Periods field. This can be changed if you work on 13, not 12 periods for your fiscal year.
Click "Calculate" and you will get a screen where you can adjust the period names and dates if necessary for your business. You can also modify the end dates manually for each period, if needed.
Click on "OK" to create the new fiscal period. For older versions of GP that are no longer supported by the Microsoft, you would have had to click "Save".
If you do not have this option on your menu, your user has not been granted access to perform this task. If this is the case, our helpdesk team can assist, if needed, by emailing us at support@micro-force.com.
We hope that you had a great 2023 and we're looking forward to another great year of working with you!