Thanks for taking the time to read our year end update email. We hope that some of this information that we provide helps you with your year end processes.
Are you ready to perform your year end close?
Whether you are a calendar year end or a fiscal year end company there are certain tasks that need to be completed on a calendar year basis. Closing your receivables, and payables modules is important in order to get valid calendar year reporting. Applying your updates for Payroll is extremely important that they are completed in the correct order. Attached are the year end procedures for the most common modules for Dynamics GP.
For assistance or questions please contact KTL Solutions at 866-960-0001.
Payroll Year End Update
The payroll year end update is a code update that addresses some of the tax changes that are required for payroll. Here is a list of the changes for the year end payroll update.
Payroll form layout and application changes
A new code has been added to Box 12 on the W-2 and W-3 form. On the W-2 form, Box 12 now includes Code CC to be used to report the amount of wages and tips paid to qualified employees under the Hiring Incentives to Restore Employment (HIRE) Act. There are no layout changes to the W-2. For descriptions about each box on the W-2 statement, refer to the Microsoft Dynamics GP W-2 Data Source Guide.
The total amount of Code CC from the W-2 form for qualified employees is reported
in a new Box 12b on the W-3 form. The total of deferred compensation amounts which was previously reported in Box 12 is now reported in a new Box 12a. The layout of the W-3 form has been adjusted to make room for the new fields and align the information.
For the form 1099-R, distribution code W (distributions under Internal Revenue Code 404(k)) is allowed as a valid entry. There are no layout changes to the 1099-R.
W-2 electronic filing changes
Changes in the 2010 EFW2 file generated by Microsoft Dynamics GP include the
· A new field is added to the RO Employee Record for HIRE Act exempt wages and tips for positions 100-110. This amount is the exempt wages and tips paid to the qualified employee and reported on Box 12, Code CC on the W-2 form.
· A new field is added to the RU Total Record for HIRE Act exempt wages and tips for positions 130-144. This is the total amount of exempt wages and tips paid to all Employee Records (RO) since the last Employer Record (RE) as reported on Box 12b on the W-3 form.
Payables form and application changes
A new box has been added to the Payables 1099-Int form. Box 10 shows the CUSIP number(s) for tax-exempt bond(s) on which tax-exempt interest was paid to you and reported in Box 8. Microsoft Dynamics GP does not print a value in this box, but does allow space for it on hard-copy printouts. Boxes 8 and 9 have been moved higher on the form to make room for box 10. There are no layout changes to Payables forms 1099-Div, 1099-Misc.
Mainstream support for Microsoft Dynamics GP 9.0 will end January 11, 2011 per the Microsoft Support Lifecycle Policy. Customers who are current on a service plan can continue to access the following benefits through CustomerSource:
Previously released Upgrades, Updates, Service Packs, Fixes and Regulatory/Tax Updates
Self-Help Support through KnowledgeBase articles and online content
Unlimited Online Training
CustomerSource Community and Tools
KTL Gold Support
Are your general support costs for Microsoft Dynamics out of control? Would you like to budget your support costs better and not get billed for every call. KTL Solutions Gold Support plan helps you control your support costs and helps enhance your overall user experience. For more information about our Gold Support program for Microsoft Dynamics users call 866-960-0001.