Introducing the Dynamics GP October 2023 release
In October 2023, Microsoft released the latest version of Dynamics GP, Dynamics GP 18.6. In this blog, we compiled a list of updates and enhancements that GP users can expect in the latest release. Additionally, GP users can work with a Microsoft partner for assistance in identifying the enhancements most beneficial to their operations and help to apply the update or train end users.
Important 1099 form enhancements
Included in the October 2023 release of Dynamics GP is enhancements to the printing and management of 1099 forms. With version 18.6, all payables 1099 forms, including MISC, INT, DIV, and 1099-NEC, will all be printed with lines, meaning they can be printed on blank paper, eliminating the need for pre-purchased templates. This improvement allows for easier form reprints, vendor communication, and verification of 1099 information.
Additionally, the new form design aligns with the IRS’s 2022 Year-End changes by omitting the “For calendar year” field and printing the year from the “1099 Year” field instead. To maximize the benefits of these updates, users can select the “One Wide with Box” option in the Print 1099 window for a clear and structured layout.
Other important updates included in this release
Microsoft Dynamics GP 18.6 introduces a range of minor enhancements and refinements to improve various software functions. Key updates include:
- Reverse fiscal year-end close feature now allows users to review information on a company-by-company basis instead of requiring all data to be locked down at once
- Users with an Outlook integration can now create and use a shared mailbox, which enables multi-factor authentication (MFA) for heightened security
- Ability to format workflow emails with item decimals based on user feedback and suggestions
- Financial Summary Inquiry now includes a Redisplay button, enhancing usability and efficiency in financial data analysis
- Customer statements display only “open” items, providing clarity and improved communication with customers
- Blank-picking ticket templates for print sales order processing, eliminating the need for pre-designed templates and streamlining order fulfillment
- Writing assistant for final notice collection letters and HR expiring tests, supporting accurate and efficient communication with vendors and employees
- Print and email cash receipts, improving efficiency in financial transactions and communication with customers
- Project time and expense workflow nav lists, facilitating seamless tracking and management of project-related expenses and time entries
- Payroll year-end wage reports, simplifying the generation of comprehensive wage reports for compliance and analysis purposes
- Unit of Measure (U of M) schedule can be set from the PO requisition to the purchase order, streamlining the procurement process
These updates and enhancements in Dynamics GP version 18.6 aim to simplify workflows, streamline processes, and improve collaboration, empowering users to maximize their productivity and achieve business goals more efficiently.
Upgrade Dynamics GP to access these important updates
The October 2023 release of Dynamics GP includes a variety of small scale updates and enhancements including important 1099 form updates. Microsoft requires GP users to take at least one update per year in order to remain current. By implementing one upgrade per year, GP users will continue to receive access to new updates and support from Microsoft. A Microsoft Dynamics GP partner can help you upgrade Dynamics GP and ensure no disruptions to your system. If you don’t have a partner, a new Dynamics GP partner can help identify if the October 2023 update is important for your organization to install and help you apply the update.