To help you with your Acumatica 2023 year-end closing processes, SWK Technologies has compiled this list of various educational resources from the SWK team as well as the Acumatica Community forum. This collection includes general guidance on period-end items, EOY (end-of-year) tasks for specific modules, 1099 updates for the new tax year, and a walkthrough to close out and restart payroll in your cloud ERP.
Please contact our support team at acumaticasupport@swktech.com if you need additional help with managing year-end processes in Acumatica.
Mastering Year-End Closing in Acumatica
Watch SWK’s on-demand webinar, Mastering Year-End Closing in Acumatica, for a complete breakdown of critical procedures to follow through to close out your EOY tasks. The SWK consulting team will walk you through key activities for year and period-end closing in Acumatica, in both the General Ledger and any subledgers in your ERP, including within these modules:
- Accounts Payable
- Accounts Receivable
- Banking
- Inventory
- Fixed Assets
Click on the video below to watch the webinar.
Acumatica General Period-End & Year-End Closing Procedures
This written guide covers the general period-end procedures that can be configured for Acumatica to let you close out financial periods, including for year-end processes. Your cloud ERP allows you to modify settings and fields to better match your internal company policies for managing financial periods, enabling you to seamlessly create and close out ledgers at the push of a button by following these steps.
See the Period-End and Year-End Closing guide here.
Acumatica 1099-MISC & 1099-NEC Updates for Tax Year 2023
The Acumatica developer team have released updates every year with the latest tax information for 1099 filing, including 1099-MISC and 1099-NEC forms.
For more information on updated 1099 forms in Acumatica for tax year 2023, view this guidance from the Acumatica Support Team here.
Acumatica Users Who Use Pre-Printed 1099-MISC or 1099-NEC Forms
Forms 1099-MISC and 1099-NEC have been converted from an annual revision to continuous use. However, to resolve potential printing alignment issues, Acumatica recommends users update to these versions:
- 2022 R2 Update 3 (22.203.0043) or later
- 2022 R1 Update 14 (22.114.0029) or later
Acumatica Users Who E-File 1099-MISC or 1099-NEC Forms
The versions below have been updated for the tax year 2023:
- 2023 R2 Update 3 (23.203.0040) or later {released Nov 17, 2023}
- 2023 R1 Update 13 (23.113.0042) or later {released Nov 24, 2023}
- 2022 R2 Update 20 (22.220.0026) or later {released Nov 10, 2023}
- 2022 R1 Update 26 (22.126.0004) or later
D.C. & Pennsylvania Missing from CF/SF Program for 1099-MISC
There is a known issue where the District of Columbia (D.C.) and Pennsylvania are missing from the list of states in the CF/SF Program, which can impact e-filing for 1099-MISC forms. The following versions have corrected this issue for tax year 2023:
- 2023 R2 Update 3 (23.203.0040) or later {released Nov 17, 2023}
- 2023 R1 Update 13 (23.113.0042) or later {released Nov 24, 2023}
- 2022 R2 Update 20 (22.220.0026) or later {released Nov 10, 2023}
- 2022 R1 Update 26 (22.126.0004) or later
Acumatica Year-End Closing for Payroll
The Acumatica Support Team has published guidance for closing out and creating new pay periods at year-end, with a step-by-step walkthrough of what to do for each month. This detailed guide covers best practices for managing payroll tasks in Acumatica from Q4 2023 to Q1 2024.
You can view the full guide here.
Acumatica EOY Resources for Previous Years
SWK Technologies has previously compiled additional Acumatica year-end resources and posted each on the SWK blog. You can refer to the collected guidance from 2021 and 2022 below if you require insight into prior versions and updates:
Get More Acumatica End of Year Resources & Support from SWK
SWK Technologies is an award-wining Acumatica partner and value-added reseller (VAR), with multiple support and development experts at our disposal that will help you build the cloud technology stack that returns the best value for you. For more End of Year resources, education and guidance, reach out to us and get access to the knowledge you need to enable your team’s success.
Contact SWK today to learn more about our Acumatica support resources and experience, and discover how we can enhance the value of your Acumatica implementation.