By: George Rios – Senior Consultant

Dynamics GP is Microsoft’s mid-market ERP (Enterprise Resource Planning) solution that can be implemented in the cloud or on-premises. Dynamics GP is secure and scalable, and it encourages users to innovate and stay agile to compete in today’s market.

Over the years, Microsoft has released several new upgrades and versions of Dynamics GP to keep up with the digital transformation and support users’ unique needs. Bond Consulting Services (BCS) specializes in extending the experience and functionality of Dynamics GP with auxiliary apps and services to boost business success for our clients. To evaluate the solutions and better understand which version and capabilities of Dynamics GP will work best for your business, we compiled a list of important updates to highlight from Dynamics GP 2019 (18.2) through Dynamics GP 2020 (18.3).

Dynamics GP 2019 (18.2) Highlights:

1. Long description for payables transaction entries

There is a new option in Payables Setup for very long descriptions up to 200 characters. ​The long description displays on the following pages:

• • ​Transaction Entry​
  • Payables Transaction Entry Zoom​
  • PM Transaction Inquiry​

The long description prints on the following checks in Payables Check Entry (single invoice)​:

• • Check With Stub on Top​
  • Check With Stub on Bottom​
  • Check With Stub on Top and Bottom-Text​
  • Check With Stub on Top and Bottom-Graphical​
  • Check With Two Stub on Top​
  • User-Defined Check1​
  • User-Defined Check2​

The long description prints on the following document in Payables Transaction Entry:

• • PM Blank Document​

The long description does not post to the general ledger.​

2. Show user who posted for Journal Entry Inquiry

The Journal Entry Inquiry window now has a new field that shows the user who posted the entry.

The User Who Posted field shows for both open entries and historical entries.

3. Document Attach available in Bank Reconciliation

You can now attach documents in the following windows:

• • Bank Deposit Entry
  • Bank Transaction Entry
  • Bank Deposit Entry Zoom
  • Bank Transaction Entry Zoom

 

Dynamics GP 2020 (18.3) Highlights:

1. Additional user-defined fields in General Ledger Transaction Entry

Two new fields are added to the General Ledger Transaction Entry​ window and included in the Edit list and Posting journal so that users can describe transactions​.

You must configure labels in General Ledger Setup​. Users can then add information or comments regarding transactions​.

Tip:

Add the fields to SmartList & other reports​ if your organization finds them useful.

For more information, see Additional User-Defined Fields in General Ledger Transaction Entry.

2. 1099 Form Updates

The IRS releases a new 1099 NEC form for the 2020 tax year​ where Non-Employee Compensation (NEC) is moved from 1099 MISC to its own form​. This update of Dynamics GP adds Nonemployee Compensation as a 1099 tax type in the following windows:​

• • Vendor Card​
  • Update 1099 Information utility​

For more information, see Form 1099 NEC.

The 1099-MISC form has also been revised to meet the IRS regulatory changes for the 2020 tax year​

• • Non-Employee Compensation (NEC) moved to its own form​
  • Box 9: Crop insurance proceeds are reported​
  • Box 10: Gross proceeds to an attorney​
  • Box 12: Section 409A deferrals​
  • Box 14: Non-qualified deferred compensation income​
  • Boxes 15 and 17: State taxes withheld, and amount of income earned in the state, respectively​
  • Box 7: Replaced by the 1099 NEC form​
  • Box 16: State number is not a currency field and it is available at the header level of the 1099 details window​

For more information, see 1099 MISC Form Updates. 

3. Export/Import stock counts to Excel

Export and import data with Excel from the Stock Count and Stock Count Schedule windows, giving you more flexibility with this process​.

For more information, see Export/Import Stock Counts to Excel.

 

For the complete list of Dynamics GP 2015 through Dynamics GP 2020 Highlights, please download the What’s New in Dynamics GP BCS Whitepaper.

For more information on the powerful benefits of Dynamics GP, talk to our expert consultants today at sales@BondConsultingServices.com or schedule a free consultation!