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Tidestone Insights

The World of Microsoft Dynamics GP Payroll, W-2s, and 1099s

In the world of back office accounting, year-end brings a wealth of tasks and routines that need to be carefully executed.  We’ve been outlining some tips and tricks for year end in our recent blogs, and here we get a little more specific on processing W-2s and 1099’s in Microsoft Dynamics GP.

W-2s

If you process payroll in house, you have until January 31 to issue W-2s to your employees.  The good news is that you can review, edit, and reprint W-2s and the W-3 Transmittal forms as many times as you need to!  Here’s a summary of how to process W-2s in Dynamics GP:

Confirm W-2s Are Correct

To view the W-2 information for each employee, go to Tools > Microsoft Dynamics GP > Routines > Payroll, and then click Edit W-2s.

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Print the W-2 statements and the W-3 Transmittal forms:

  1. Dynamics GP > Routines > Payroll > Print W-2s.
  2. In the Print W-2 Forms window, specify the following settings:
    • Print W-2s for: Normal Year-End
    • Print: W-2 Forms
  3. Click Print.

 

To print the W-3 Transmittal Form:

  1. In Microsoft Dynamics GP: Tools > Microsoft Dynamics GP > Routines > Payroll > Print W-3s.
  2. In the Print W-2 Forms window, specify the following settings:
    • Print W-2s for: Normal Year-End
    • Print: W-3 Transmittal Form
  3. Click Print.

 

If You Need to Print the 1099-R forms and the 1096 Transmittal form:

What is a Form 1099-R?

Form 1099-R is used to show distribution from retirement accounts. This form can be used to report distributions from:

    • IRAs
    • Pensions
    • Annuities
    • SEPs
    • SIMPLE Plans
  1. In Microsoft Dynamics GP: Tools > Microsoft Dynamics GP > Routines > Payroll > Print 1099-Rs.
  2. In the Print 1099-R Forms window, click 1099-R Forms
  3. Click Print.

 

To print the 1096 Transmittal form:

  1. In Microsoft Dynamics GP > Tools > Microsoft Dynamics GP > Routines > Payroll > Print 1099-Rs.
  2. In the Print 1099-R Forms window, click 1096 Transmittal Form
  3. Click Print.

For those organizations who need to file the W-2’s electronically, you can also do that in Dynamics GP or using additional third party products such as Greenshades Software. See our webinar on Greenshades Software for more details. REGISTER HERE

 

Processing 1099’s

As a general rule, you must issue a Form 1099-MISC to each person to whom you have paid at least $600 in rents/services.

Confirm the 1099 information and edit as necessary by printing the 1099 edit list:

  1. Tools > Microsoft Dynamics GP > Routines > Purchasing > Print 1099.
  2. The printer icon in the upper right corner allows you to print the 1099 Edit List

To edit the 1099 information, use one of the following options. Option 2 is best for GP 2013 and Option 4 only relates to 2013.

  1. Cards > Purchasing >1099 Details
  2. Cards > Purchasing > Summary
  3. Transactions > Purchasing > Edit 1099
  4. Microsoft Dynamics GP > Utilities > Purchasing > Update 1099 Information

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If you make a mistake in this window, you can use the Reconcile utility, as it would undo the changes you’ve made manually here. 

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Print the 1099 statements

There are multiple types of 1099’s.  It’s important to know that you must print each separately and you can print them any time you want to.

To print the 1099 statements:  In Microsoft Dynamics GP: Tools > Microsoft Dynamics GP > Routines > Purchasing > Print 1099

 

If you would like more specific information on processing W-2’s and 1099’s, contact our Tidestone Solutions team today: info@tidestonesolutions.com or 207-761-2133!

 

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