Exploring the 2024 Dynamics GP year-end update

Microsoft has released the 2024 year-end update for Dynamics GP. While the regulatory changes are minimal, the update addresses issues reported by users that didn’t make it into the October release. This update includes all previous updates for Dynamics GP, covering versions 18.4, 18.5, 18.6, and the most recent 18.7.

In this blog, we’ll walk through the key changes and enhancements introduced in the 2024 Year-End Update:

• Payables management 1099 form changes
• Payroll updates to ACA 1095-C
• Fixed assets luxury auto depreciation changes
• Other key items in the 2024 year-end update

It is important to note that Microsoft recently announced the official end of life for Dynamics GP, marking a critical transition for organizations relying on this trusted ERP system. Key deadlines have been set, including the end of product enhancements by September 30, 2029, and the end of security updates after April 30, 2031. With support winding down, businesses face urgent decisions about future ERP strategies to mitigate risks, ensure compliance, and leverage modern technologies. Planning now for a migration to a cloud-based ERP system can help organizations avoid disruptions and secure long-term success.

For the 2024 year-end, there are no changes to the 1099 forms themselves or the 1096 form (which summarizes your 1099s). However, Microsoft has made important updates to how the 1099 forms are printed in Dynamics GP. In October 2022, the 1099-NEC form was enhanced to print with lines and boxes on blank paper, eliminating the need for pre-printed forms and resolving alignment issues. This feature was highly praised, and Microsoft has expanded this functionality to cover additional 1099 forms in the 2024 update.

With this update, ALL Payables 1099 forms—including MISC, DIV, INT, and NEC—will now be printed with lines and boxes on blank paper. This means no more purchasing pre-printed forms or dealing with alignment problems. These enhancements streamline your year-end process and save time and money.

To print on blank paper with lines, in the 1099 print window, choose the option One Wide with Box. Below is an example of the Miscellaneous form:

1. Go to Purchasing >> Routines >> Print 1099
2. Enter the current year in the 1099 Year field
3. Under Form Type, select One Wide with Box
4. Add the remaining information in this window and select Print Forms File

It’s important to note that the IRS now requires electronic submission of 1099 forms, Dynamics GP does not support electronic filing for Payables 1099s. Microsoft has stated that it does not plan to introduce this feature in future releases. If you need help with finding a solution to electronically file your 1099 forms, Rand Group is here to assist with recommended solutions and guidance. Contact Rand Group today for assistance.

The only change to the ACA 1095-C form in the 2024 year-end update is an update to the instructions on the back page. All other information on the form remains the same. If your organization prints these forms from Dynamics GP, it’s recommended to install the update to ensure the instructions are current and compliant with IRS guidelines for year-end reporting.

The 2024 year-end update for Dynamics GP includes updates to the maximum depreciation deduction amounts for luxury vehicles, in line with IRS guidelines, for assets placed in service in the calendar year 2024. While there are no new functionalities affecting the Fixed Assets year-end closing process, it’s important to note that a Fixed Asset Year-End Closing report was introduced in previous versions. This optional report provides a comprehensive summary of assets affected by the year-end close process, including asset ID, description, cost basis, accumulated depreciation, and more.

We recommend closing all books in Fixed Assets after closing Payables Management (if assets are interfaced from Payables to Fixed Assets) but before closing the General Ledger year to ensure a smooth year-end process.

The 2024 year-end update for Dynamics GP also includes several fixes and enhancements across various modules to improve functionality and address customer-reported issues.

• Web services workflow fix: A patch has been released to address sporadic email approval timeouts when sending to multiple recipients and .NET Framework error messages after updates.
• Project accounting report fix: The “Arithmetic overflow error converting numeric to data type numeric” issue has been resolved for the Combined History SSRS report.
• Tax detail report fix: Resolved an issue where the Tax Detail report would print blank when using a customer restriction.
• Navigation list emailing change: Documents are now sent in groups of 30 to prevent crashes due to large volumes and to comply with O365 email limits. This may impact customizations or third-party integrations, so testing is recommended if used heavily.

Rand Group recommends applying the year-end update well in advance of year-end to allow ample time for planning, testing, and executing the upgrade. Staying proactive ensures your system is compliant and ready for a smooth year-end process.

If you have any questions about the year-end update, IRS changes, or how these updates may impact your processes, our Dynamics GP experts are here to help. Additionally, if your organization is considering migrating off Dynamics GP in preparation for its eventual sunset, contact Rand Group today to explore tailored solutions and strategies for your business.