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Microsoft Dynamics GP Year-End Close 2015: Payables Management

December 2, 2015 10:49 am Published by

Over the last few weeks, we’ve been discussing the year-end close for Microsoft Dynamics GP. Today we turn our attention to closing the Payables Management module. The 2015 year-end update for Microsoft Dynamics GP includes changes to the following forms:

  • 1099-DIV
  • 1099-INT
  • 1099-MISC
  • 1096 Summary

So if you are going to be printing any of these forms, you will need to install the 2015 year-end update.

In the 1099 Details window (Cards > Purchasing > 1099 Details), the fields for the State/Payer’s State No. on the 1099 Miscellaneous type, and the State Identification No. on the 1099 Interest and 1099 Dividend types have been increased to 20 characters. Print the forms to verify how the fields are aligned on your forms, and make sure that you are not printing modified versions of the forms.

The 1099 Details window also has a new Foreign Account Tax Compliance Act (FACTA) filing requirement checkbox. If the checkbox is marked, the corresponding FACTA Filing Requirement checkboxes on the 1099-DIV, 1099-INT, and 1099-MISC form printouts will also be marked. The FACTA Filing Requirement checkboxes, of course, are new to each of those forms. A new column, TEN99FATCAFILEREQ, has been added to the PM00204 table.

The 1099 Setup window (Microsoft Dynamics GP > Tools > Setup > Purchasing > Payables > 1099 Setup) for the 1099-Interest tax type has had Box 15 updated to Box 17 for State Tax Withheld. Box 12 has been inserted with a blank description and minimum amount of $.01, and Box 13 has been inserted for “Bond Premium on tax exempt bond” with a minimum amount of $.01. A number of other changes have been made to the 1099-INT, 1099-MISC, and 1096 Summary forms.

For detailed information on closing Payables Management, including an overview, checklist, and detailed procedures, see Microsoft’s page on closing Payables Management.

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