It's that time of the year again! It's time to close the books for 2015. We're here to answer common questions related to year-end closing procedures in Microsoft Dynamics GP.Read More
It's that time of year again! Time to generate and send out 1099s to your vendors. Luckily, Dynamics GP has this functionality built in. All you need to do when entering a new 1099 vendor is specify that they are a 1099 vendor in their vendor card. Then, at the end of the year, you can print 1099s for all vendors that you have set up. All of the calculations are done for you.
That is great, unless something causes these calculations to be incorrect. This can happen if a vendor is not set up as a 1099 vendor initially, and the setup is not corrected until after several payments have been sent. Because they were not set up as a 1099 vendor when the payments were generated, those payments are not in the 1099 calculation.
The great thing about 1099s in Dynamics GP is that editing 1099s is a simple process. However, manually calculating the correct 1099 amount for vendors that were set up incorrectly can be a challenge.Read More
It's the time of year for generating and sending out 1099s to vendors. Dynamics GP has this process built in. You mark a vendor as a 1099 vendor, and then at the end of the year you can print the 1099s. It does all the calculations for you. This is great, until something happens that causes this number to be incorrect in the report. The great thing is that editing 1099s in Dynamics GP is a simple process. Often what is more difficult is determining what the correct number should be.
Of course, when it comes to generating 1099s, the first thing you want to do is verify that all your 1099 vendors are designated as such in their Vendor Card. The easiest way to see which Vendors are currently 1099 vendors is to use a SmartList. There is a default SmartList that works great for this. In SmartList, go to Purchasing > Vendors and select the 1099 Vendors* List. This list will populate with any vendors that are marked as a 1099 vendor. From this list you can drill into the Vendor Card to make any changes. If you do not see a vendor in your list that should be a 1099 vendor, you will need to go into their Vendor Card and make them one.Read More
The instructions for Dynamics GP payroll year-end close tell you to print your 941's prior to year-end close. If you forget to print your 941, you will get all zeros on your 941 for 4th quarter.
Here is a very simple trick to print your 941 after you have closed the year: All you need to do is change your system date to the prior year.Read More