What you need to know about the Dynamics GP 2021 Year-End Update

The 2021 Year-End Update for Dynamics GP has been released—shortly following rollout of the October 2021 updates to GP 18.4. The Year-End Update can be installed at any time to ensure your GP system is compliant with 2021 filing requirements for end-of-year financial procedures. This update is also inclusive of all previous updates to GP—and reminder that you’ll need to opt-in to at least one of the yearly upgrades to continue using GP in its extended lifecycle.

You can also follow along with Microsoft’s Dynamics GP community blog for a series laying out the updates to each module that will no doubt be useful for information about W-2 filing, form changes, Affordable Care Act (ACA) forms, and more.

And for a smooth year-end closing procedure, be sure to join our 2021 GP Year-End webinar, where CPA and Syvantis CEO Janelle Riley will cover everything that you’ll need to know to easily and accurately close out your financial processes for all Dynamics GP modules. You won’t want to miss it.

Here’s what to keep in mind ahead of installing the 2021 Year-End Update:

First and foremost, it’s recommended you get in touch with your Microsoft Partner with any and all questions you may have about completing year-end procedures.

Next, you can identify the release that you’re using by selecting “Help” in the top right corner of your GP window, and then selecting “About Dynamics GP”. You’ll also need to install updates on every workstation or computer that runs GP, so all users will need to exit the application until the update is complete. Upgrades are disruptive to normal work processes, so be sure to keep the timing in mind to limit downtime for your users. Note that 3rd party add-ons, integrations, and customizations are also important to test before a complete implementation.

Don’t forget to backup company databases, and ensure that there are working backups before applying any updates or patch files to your system. Your upgrade timeline should also factor in some cushion for test upgrades, rollout, implementation, and testing and training after the fact. 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.

Besides tax code compliance updates and requirements for 2021 filings, a few minor changes have been made to various tax forms like 1095-C ACA’s and Payables 1099-NEC (3-part form), Payables 1099-MISC, and Payables 1099-DIV. There aren’t any form changes for payroll and W-2, W-3, and W-4 statements.

For an overview of GP year-end payroll procedures, review Microsoft’s complete guide—updated to include the most current information and annual changes. There, you’ll find instructions on completing 2021 pay runs, verifying statements, setting up FY2022, installing next year’s payroll tax updates, and more.

We believe in being proactive partners to help you and your business have a successful year-end. If you need more insight on GP year-end closing procedures, view our webinar. We’ll walk you through the basics (and then some) so the process is a breeze.