Microsoft Dynamics GP Fall 2020 Release New Features: 1099-MISC Updates

Microsoft Dynamics GPThis post is part of the Microsoft Dynamics GP Fall 2020 Release New Features series where I am going to echo the posts from the Dynamics GP Support and Services Blog, while adding some commentary, on the new features introduced in the Microsoft Dynamics GP Fall 2020 Release which is now available.

This post is on the 1099-MISC Updates Financial enhancement.

The 1099-MISC form has been revised to meet the IRS regulatory changes for the 2020 tax year. In the Vendor Card point to Options, point to Tax Type: Miscellaneous, point to 1099 Box, click the drop-down menu.
Box 9: Crop insurance proceeds are reported in.
Box 10: Gross proceeds to an attorney are reported in.
Box 12: Section 409A deferrals are reported.
Box 14: Nonqualified deferred compensation income is reported.
Boxes 15, and 17 report state taxes withheld, and amount of income earned in the state, respectively.
Box 7 was moved to the 1099 NEC form as a checkbox Payer made Direct Sales of $5,000 or more, etc.
Box 16 the state number is not a currency field and it is available at the header level of the 1099 details window. Therefore, the data entered in the header will be shown in the form.

1099 Details

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Microsoft Dynamics GP Fall 2020 Release New Features: Add DBA Name field on Vendor Maintenance window for 1099 Vendors

Microsoft Dynamics GPThis post is part of the Microsoft Dynamics GP Fall 2020 Release New Features series where I am going to echo the posts from the Dynamics GP Support and Services Blog, while adding some commentary, on the new features introduced in the Microsoft Dynamics GP Fall 2020 Release which is now available.

This post is on the Add DBA Name field on Vendor Maintenance window for 1099 Vendors Financial enhancement.

When a business is created in the United States or Canada, they have the option of using a DBA, or "Doing Business As" name, in addition to the legal entity name; the DBA name is the operating name of the business, or how the business is known to customers, or operating name, as opposed to the legal name of the business. Vendors that have a DBA name, in addition to the legal company name, and want to have the DBA name appear on the 1099 that is issued to them, can now do so.

Add DBA (Doing Business As) field to the Vendor maintenance window, reporting and 1099s. It is common for companies to have a legal name registered but do business under another name, the name customers see. The feature enables the user of both the legal name of a company and DBA. From the Purchasing home page under Cards, choose Vendor and click Options.

Go into Purchasing, point to Cards, click on Vendor, select the Vendor ID, click on Options, enter the DBA name in the field, click OK:

Vendor Maintenance Options

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Microsoft Dynamics GP Fall 2020 Release New Features: Non-Employee Compensation (NEC) for 1099 form

Microsoft Dynamics GPThis post is part of the Microsoft Dynamics GP Fall 2020 Release New Features series where I am going to echo the posts from the Dynamics GP Support and Services Blog, while adding some commentary, on the new features introduced in the Microsoft Dynamics GP Fall 2020 Release which is now available.

This post is on the Non-Employee Compensation (NEC) for 1099 form Financial enhancement.

The IRS is releasing a new 1099 NEC form for the 2020 tax year; Non-Employee Compensation, which had been included in the 1099 MISC form, has been moved to its own form.

In the Vendor Card in Options, you now have the option of selecting Non-employee Compensation as a 1099 tax type. The Utility "Update 1099 Information" also includes selecting Non-employee Compensation.

To access the Non-employee Compensation tax type, choose Purchasing select Cards and then choose Vendor, once you choose a vendor click Options. In the Tax Type drop down menu, select Non-employee Compensation.

To make a Mass Update go to the Purchasing, choose Utilities and select Update 1099 Information, make the selections in this window for Tax Type From and To.

Vendor Maintenance Options

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MDGP 2013 Feature of the Day: Printing 1096 Forms

Microsoft Dynamics GPMicrosoft are posting the Microsoft Dynamics GP 2013 Feature of the Day series on the Inside Microsoft Dynamics GP Blog.

The forty eighth feature they've announced is Printing 1096 Forms.

In Microsoft Dynamics GP2013, you can print the 1096 summary form in addition to printing the 1099 forms.

The 1096 information can be printed on a pre-printed form for the 1099 Miscellaneous, 1099 Dividend and 1099 Interest tax types.

There is also a 1096 SQL Reporting Services Report that is similar to the IRS report layout that you can use for informational purposes only.

In Print 1099, mark to print the 1096 after you’ve printed your 1099’s for the tax type. Microsoft Dynamics GP will print on the preprinted form and mark the correct box for each tax type;

1096

This new feature is targeted at the following roles:

    • Accounts Payable
    • Accountant
    • Bookkeeper