It’s that time again to prepare for the year-end closing process for Dynamics SL. Below are the steps we recommend helping you have a smooth and successful close to your 2023 calendar year.
If you would like SIS to assist you with closing your Dynamics SL, we will be happy to help. Please contact the SIS Assist Team to schedule an install.
Important Need to Know:
Dynamics SL 2018 Year-End updates for 2023
Year-end updates include:
- Updated 1099 box assignment names in Dynamics SL screens & reports
- Electronic File Creation support for new IRIS export format
The following versions of SL are covered for the 2023 Year-end updates:
- Microsoft Dynamics SL 2018 (CU1 – CU10)
- For those running SL 2011 and 2015, please contact us for details to purchase the updates.
Important Update:
There is an issue with the SL 2018 CU1 & CU2 YE Update files. If you try to install it and none of the AP files have 2023 dates, then you need to use the attached and just extract the files to the Applications\AP folder.
This is ONLY for the SL 2018 CU1 & CU2 level systems, any other CU number should be fine.
Click to access YE 2023 file for SL 2018 CU1 & CU2 version.
Calendar Year 2024 is a Leap Year – Update the February Period in GL Setup
Because calendar year 2024 is a leap year, you’ll need to verify the February period is updated to reflect 2/29 as the last day of the month.
How to update the February period in GL Setup:
If you have a Fiscal Year-End (June 30th, September 30th, etc.), you are likely already in F/Y 2024. If you have a Calendar Year-End December 31st, you will soon be closing F/Y 2023 (if you haven’t already) and rolling into F/Y 2024.
For Calendar-Year databases, please do this AFTER you close F/Y 2023:
- Navigate to the Fiscal Info tab in the GL Setup screen in each of your Dynamics SL/Solomon databases.
- Confirm or update the month-end date for February to reflect 2/29
Tax Year 2023 Year-End Updates 1099-MISC, 1099-NEC, and 1096 IRS Changes:
- There are no changes for tax year 2023 for the 1099-MISC, 1099-NEC or 1096 printed forms.
- IF you plan to file electronically through the traditional FIRE system maintained by the IRS, there are no electronic format changes for Dynamics SL for tax year 2023 (as long as you have installed the tax year 2022 updates. For example, if you upgraded your Dynamics SL version since last year, you may need the tax year 2022 updates for the version you upgraded to.) Contact SIS for more information.
- IF you wish to use the new IRS filing system IRIS, (Informational Reporting Intake System), you will need updates. Contact SIS for more information.
- The IRS has lowered the e-file threshold. The IRS now requires anyone with 10 or more information returns to file electronically effective on or after January 1, 2024. You are required to furnish the payee statements by January 31 and file with the IRS by February 28 (March 31, if filing electronically). For filing date information, refer to: https://www.irs.gov/instructions/i1099mec
Dynamics SL 2018 CU11 is available and includes: 30+ hot fixes and the 2023 Year-End updates.
Please contact us to discuss your upgrade.
Payroll Tax Table Updates
The Payroll Tax tables updates available through the beginning of December are completed and should be available to download this week. Any states that are not included in this release that have updates are scheduled to be available at the beginning of January. Payroll Tax Updates
Customers Running Dynamics SL 2011 & 2015
Customers running Dynamics SL 2011 and 2015 can still receive Year-End updates. Plumbline will again provide the 2023 YE updates for customers, the cost to purchase is $3000.00 for the yearly subscription. Please CONTACT SIS to purchase.
Important Tips for You – 1099 Filings
We know that you are busy with 2023 YE and tax filing. As your Partner, we want to share with you a few helpful tips to make this process go a little smoother. Below are resources for information on filing 1099’s.
- IRS Publication 5717 – https://www.irs.gov/pub/irs-pdf/p5717.pdf – Information Returns Intake System (IRIS) Taxpayer Portal User Guide
- IRS FORM 8809 – https://www.irs.gov/pub/irs-pdf/f8809.pdf – Application for Extension of Time To File Information Returns
- IRS FORM 8508 – https://www.irs.gov/pub/irs-pdf/f8508.pdf – Application for a Waiver from Electronic Filing of Information Returns
- Sign up for QuickAlerts from the IRS. – https://service.govdelivery.com/accounts/USIRS/subscriber/new – These are informational alerts that update you when changes are made and when actions need to be taken related to upcoming deadlines.
More important 2024 Dates to Share
February 28: Deadline to file Forms 1094-C and 1095-C for 2023. These forms report health insurance coverage offered by employers to their employees. The Affordable Care Act requires employers to provide this information to the IRS and their employees. Failure to file on time may result in penalties and interest.
March 15: Deadline to file S corporation income tax returns (Form 1120S) and partnership returns (Form 1065) for 2023. These forms report the income and expenses of S corporations and partnerships. The tax rates for partnerships and S corporations are based on the individual partners’ tax brackets. Failure to file on time may result in penalties and interest.
September 15: Deadline to file third quarter estimated tax payments for 2024 and extended corporate and partnership returns for 2023. These payments and returns are subject to the same rules as the previous ones.
