A Costpoint Product Director Reflects On Year End

December 20, 2021

As we near the end of 2021 we have many things to reflect and look back upon. Many of us had our first outing since the pandemic started, we re-united with family, friends and co-workers. But my intention today is not to focus on looking back but on making sure we are ready for what’s coming.

For many Costpoint customers, this time of year into the beginning of next year means taking the steps necessary to ensure your business is ready to successfully process calendar year end. Deltek offers a wide range of resources to help customers prepare for and process calendar year end, these include: Knowledge Base (KB) articles, email communications, and quarterly Townhalls hosted by Product and Customer Success leaders. 

Successfully Closing the Books on 2021

Deltek is committed to ensuring our Costpoint customers have a successful year end so we want to highlight the updated release cadence changes made in 2019 and provide some reminders about actions your organization may need to make. Prior to these changes to the release cadence, customers would have to take calendar year end updates through multiple system and application jar changes. This process was not only time consuming but hard to keep current with. The new release cadence allows for major version updates, which include many new great features (7.1, 8.0 and 8.1), as well as monthly updates that provide bug fixes and regulatory updates. This means that Costpoint customers who process year end need to consume the monthly updates from December through roughly February.

For 2021, Costpoint on premise customers will need to consume 7.1.25 (December) or the 8.0.17 (December) monthly updates, which provide tax table updates, W-2 updates, as well as other important updates. 1099 changes will be provided through individual class files, so monthly upgrades are not necessary if only 1099 processing is required in your year-end process. Costpoint cloud customers will be upgraded to the appropriate version during their designated upgrade window which is communicated via email to the SaaS admin. If you have questions regarding these updates and what actions you may need to take, please reach out to Deltek Customer Care or utilize resources like the Costpoint Information Center (CIC).

The CIC includes a wide variety of information regarding calendar year end. We encourage Costpoint customers to reference the CIC as often as possible to ensure they are up to date on any changes to the upcoming monthly releases. There are also several knowledge base articles that provide additional information regarding supported versions, etc. The KB article numbers are: 102932, 103576, 77037.