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2022 is coming to an end, and that means situating yourself to properly close your financials and prepare your ERP for next year so there’s no hiccup in your processes when the clock strikes midnight on December 31. Make sure all your ducks are in a row now to avoid any last-minute scrambling and problems around the holidays.
The 2022 Year-End Update for Dynamics GP includes Release Wave 2, rolled out this October, along with the end of basic authentication. The update can be installed at any time for supported versions to ensure your GP system is compliant with 2022 year-end financial filing requirements and includes all past GP updates. Remember, you must opt-in to at least one of the yearly updates to continue using GP in its extended lifecycle.
The Microsoft Dynamics GP community blog creates a yearly series about all module updates to help you with W-2 filing, form changes, Affordable Care Act (ACA) forms, and more.
We also invite you to attend our Dynamics GP closing procedures webinar, free to all. Every year, CPA and Syvantis CEO Janelle Riley covers everything you’ll want to be aware of across all GP modules so you can correctly close out your financials for the year. Get answers to all your closing questions, like:
- What do I need to do to make sure I get my year closed properly?
- What procedures must be completed before new year transactions are entered, and which procedures can wait?
- What is the one thing that everyone should do before year-end close to make sure the balance sheet rolls forward properly?
Webinar: 2022 Dynamics GP Year-End Closing Procedures
Monday, November 28
10:00 AM (CT)
Speaker: Janelle Riley, CEO & CPA
Preparing for 2022 Year-End close: What do I do?
We recommend getting in touch with your Microsoft Partner to ask any questions – or even get a guided walk-through – for year-end closing. Don’t wait to schedule a time with the representatives on your team.
Next up, you need to know the version of GP that you are using. If you don’t know offhand, you can find that info in 2 places:
- Upon sign-in, the initial GP sign-in popup box includes the version:
Next up, you need to know the version of GP that you are using. If you don’t know offhand, you can find that info in 2 places:
- Upon sign-in, the initial GP sign-in popup box includes the version:
In preparation for the update, consider this a “to-do” checklist.
- Updates are disruptive to normal work processes because they need to be installed on each work station/computer where GP is used and because all users need to exit the application until the update is complete. So be sure to schedule your update when you have the least (or no) users needing the system.
- Back up company databases and ensure those backups are complete before applying any update or patch files.
- Test 3rd party add-ons, integrations, and customizations before completing the update.
- Allow a cushion time for testing and training for the upgrades.
Check out Microsoft’s GP upgrade checklist for more information on a recommended upgrade timeline and what to expect at each step in the upgrade process.
For an overview of GP year-end procedures, review Microsoft’s complete guide—updated to include the most current information and annual changes. There, you’ll find instructions on completing 2022 pay runs, verifying statements, setting up FY2023, installing next year’s payroll tax updates, and more.
We believe in transparency and accessibility of information, and as your Microsoft Partner, we want to make things easier for you, not harder. If you still have questions about year-end closing and want to make it as painless as possible, attend our webinar and schedule a call with our team→.
