This is the first of many blog articles designed to help you sail smoothly through the year-end process. Form changes have always been a hot topic, so we’re kicking things off with this article to give you the latest updates on this year’s form changes.

Staying informed about these changes will ensure you’re fully prepared, avoiding any last-minute surprises and making your year-end process as seamless as possible.

We hope this blog helps you get ready for the 2024 year-end and answers all your questions about the upcoming form changes. Enjoy the read and let’s make this year-end the best one yet!

What changes can I expect for 1099 forms for the 2024 year?

  • The 1099 forms itself did not change this year, nor the 1096 form. (summary of your 1099’s)
  • Did you know that you can now print ALL the 1099 forms WITH LINES?!!  No need to buy preprinted 1099 forms any longer.  This is all included in the 18.6 release or later.

Microsoft Dynamics GP October 2023 – ALL Payables 1099 forms print with LINES and BOXES!!

  • As with years past, it is imperative you file electronically.  The Taxpayer First Act mandates electronic filing of IRS forms including W-2s, 1099 and 1095-C ACA forms.
    Dynamics GP does not file Payables 1099’s electronically.
    Review this blog to help you prepare for year-end and electronic filing!

Microsoft Dynamics GP: 1099 Changes to expect -Get ready for Year-end!!

NOTE: For the 1099-NEC form, if you print the form in Dynamics GP without lines, meaning you are putting pre-printed forms in the printer and choosing form Type Single feed, the default Dynamics GP 1099-NEC form only prints the 2-digit year vs a 4-digit year.  The regulatory form change was published late this year and not included in the year end update.  Some customers use last year’s forms too so would want it to print a 2-digit year.  If you want a 4-digit year to print on the forms, you can download the modified 1099-NEC report that includes a 4 digit year to print on the form.
Use Step 3 from this article to import in the report and make sure to set security to this modified report before printing.
Re-create the Reports.dic file – Dynamics GP | Microsoft Learn

IMPORTANT NOTE: If you have any alignment issues, please make sure that you do not have Security set to a modified form!

What should I be aware of for ‘new features’ this year in Dynamics GP?

1.Similar to last year the user needs to enter the 1099 YEAR in the Print 1099 window in Dynamics GP as highlighted below.  The system will then print the specified year on all the printed forms (1099-INT, 1099-DIV, 1099-MISC and 1099-NEC).

Dynamics GP Year-End Payables Management Form in 2024

2. Direct feedback from 1099 session @ GPUG Summit 2023 in October, it would be nice if when you create a 1099-MISC vendor the box does NOT default to Box 8 Substitute Payments.   Your wish is my command master!  Once you install the 2023 year-end update or later, it will now default to Box 3 – Other Income.

Dynamics GP Year-End Payables Management

Make sure to check out Microsoft’s Payable Management Form changes full FAQ’s

Be sure to refer to the 2024 Year-End Blog Schedule to review current and upcoming blog posts and other helpful resource links related to Year-End Closing for Dynamics GP.

CAL is here to assist our Dynamics GP customers with their year-end update/closing so please don’t hesitate to contact CAL Support at Support@calszone.com to schedule a time with one of our consultants so your year-end goes smoothly. 

 

By CAL Business Solutions, Connecticut Microsoft Dynamics GP / 365 BC & Acumatica Partner, www.calszone.com

Read the original post at: https://community.dynamics.com/blogs/post/?postid=d10f76ba-4ba0-ef11-8a69-7c1e5259f813