The June 2023 update of Dynamics GP has been released

Microsoft has recently released the mid-year update for Dynamics GP. Dynamics GP receives three updates a year typically in June, October, and December. This mid-year update brings a range of important fixes to address known issues and tax updates. In this blog post, we will delve into the details of the June release, highlighting tax changes, payroll updates, issues resolved in this release, and the future of the platform.

The June release of the mid-year update for Microsoft Dynamics GP addresses a range of updates to address known issues. If you are currently experiencing any of the issues mentioned below or desire the fixes provided, we highly recommend implementing the June update to benefit from these resolutions:

• Payroll Reports: Previously, there was an inconsistency between the setup of Payroll MASK SSN and the actual printing of social security numbers on certain forms. This issue has been rectified, ensuring accurate representation of social security numbers on reports.
• Payroll SmartList Search: Users experienced difficulties when attempting to filter search results by the Federal Filing Status field. This update corrects the functionality of Payroll SmartList Search, enabling seamless and accurate filtering based on the Federal Filing Status.
• Year-End Wage File: Deleted dependents were appearing in the year-end wage file due to stranded data in the ACA tables. This update eliminates the presence of deleted dependents in the year-end wage file, ensuring accurate and reliable reporting.
• Inventory Purchase Receipts: Previously, the SSRS Inventory Purchase Receipts displayed “#Error” in the Quantity Received column when summarized. The issue has been resolved, and the correct quantity received will now be accurately displayed in the report.
• Payables EFT and Check Numbers: Users encountered issues when setting up Payables EFT with “Use Check Numbers” and sorting checks by name in the Print Payments window. Only the first check in the batch would receive a check number, while others remained without a check number. This update resolves the issue, ensuring consistent check numbering for all payments.
• Year-End Close: During the year-end close process, the Unit account balance was not getting cleared in the AAG30002 table. This issue has been addressed, and the Unit account balance will now be accurately cleared during year-end close.
• Encumbrance Management: An issue was identified in the PO Entry window where a loop occurred, resulting in missing account information for line items. This update resolves the loop and ensures the correct account is associated with each line item in the PO Entry window when Encumbrance Management is installed.

These are just a few examples of the many issues that have been resolved in this update. If you are experiencing any of these issues or desire the fixes provided, we recommend implementing the June update to benefit from the resolutions. Additionally, in order to stay current on Dynamics GP, companies are required to apply at least one update a year.

The mid-year update includes crucial tax changes specifically tailored for Canadian Payroll in Manitoba and Quebec. With these updates, you can ensure compliance with the latest regulations and seamlessly process payroll deductions. The incorporation of the T4127, Payroll Deductions Formulas effective July 1, 2023, enables accurate and up-to-date calculations for payroll deductions in these regions. Stay ahead of the curve with these essential tax updates.

In addition to the mid-year release, Microsoft has released the next round of payroll tax updates. This update marks the fifth tax update of the year and focuses on the states of Arkansas and North Dakota. The Round 5 update includes important withholding changes for both states. For Arkansas, the Standard Deduction Amount has been increased to $2,270 from $2,200. Additionally, the Personal Exemption remains at $29.00. These adjustments ensure accurate and up-to-date calculations for payroll withholdings, enabling businesses to comply with the latest tax regulations in Arkansas.

Microsoft has recently announced that they will discontinue the sale of Dynamics GP to new customers by 2026. With this announcement, Microsoft has stated they will continue to honor the lifecycle roadmap for Dynamics GP that shows support for the product until 2028. However, even though Microsoft has promised support for Dynamics GP until 2028 it is clear that Microsoft R&D dollars are being shifted from Dynamics GP to the Dynamics 365 family of cloud-based products and most of the updates to Dynamics GP will be related to hotfixes and tax and regulatory updates rather than new features and functionality. This announcement has prompted GP users to consider their options for the future.

Migrating to a new ERP system, such as Dynamics 365 Business Central, Dynamics 365 Finance & Operations, or NetSuite offers several advantages. These modern, cloud-based solutions provide robust functionality and a clear roadmap with future investments, new features, and updates. Rand Group has a proven methodology for migrating from Dynamics GP to modern ERPs such as Dynamics 365 of NetSuite. Our team of software experts will help your organization understand and embrace the technology changes and ensure a smooth transition from one ERP to another.

The June 2023 release of the Microsoft Dynamics GP mid-year update brings essential enhancements, tax changes, payroll updates, and crucial issue resolutions. By implementing this update, you can unlock the full potential of Dynamics GP and ensure compliance with the latest regulations. By upgrading Dynamics GP with Rand Group as your support partner, you can capitalize on these improvements and take your business to new heights of efficiency and productivity. Stay ahead of the curve and empower your organization with the latest advancements in Dynamics GP. Contact Rand Group today to embark on your upgrade journey and unlock the full potential of your system.