As accountants one of the most daunting tasks each month is reconciling your sub ledgers to your general ledger. There are several things you as a controller or manager can do within your Dynamics GP ERP to help with this. Here is a few tips and tricks I have learned along the way.
Smartlists are a tool within Microsoft Dynamics GP and provide an easy way to create ad-hoc reports and queries into an accounting system data without knowing other reporting tools (IE: SQL Reporting Services; Crystal Reports.) Several reasons why a company may want to create and use Multi-Company SmartLists:
Dynamics GP and CRM are the two most common Dynamics products in the U.S. which are sold together and setup in the same environment. Yet, most of the time, the discussion on the integration between these two systems is scheduled for a later time or in later phases of the project. It all depends on the requirements of the project. In my experience, having the integrations discussion early on resolves a lot of matters in terms of new processes and license costs. Any integration planned between these two systems requires planning and discussion between the different departments that plan on using it.
Traditionally, ERP has been a large software package with a substantial server installation as well as a large client application. Along with the maintenance of the server components of ERP you would also have to maintain the client installations with regular updates and service packs. Even with MS Dynamics GP you have to maintain the client installations with service pack updates and new add-on installations, over years it has eased that process by way of auto application of the Service packs and using other MS systems like System Center. MS Dynamics GP is not a simple application. It has enterprise level functions to perform and needs to cater to different needs of various departments in an organization. Currently, we live in times where your applications auto update and the installation of apps on your mobile device can even be done by babies, so can this model of simple application management be replicated to Dynamics GP?
Do you feel like there is data that you could or should be analyzing? Is this data beyond your current chart of accounts (COA)? A great tool for tracking data that is beyond your COA is Microsoft Dynamics GP Analytical Accounting. This module within GP allows you to track your projects and funds by using Management Reporter, FRx, Smartlist and SQL Reporting Services.
How can a company tell if they need to add a segment to their COA or if Analytical Accounting will meet their needs?
We have all seen it. You walk into a conference room that looks as though it hasn’t been updated since the early 90s and then you look up and realize the person you are meeting with hasn’t been either. Why do people let themselves get so out of date? Do they think it works? Do they think there is no need to stay current?
More than likely, these are the same people that have not updated their ERP since the 90s.
Dynamics-GP provides the capability of performing allocations when posting transactions in the system. Out of the box Dynamics provides two methods of allocating, fixed and variable. For most organizations these two methods of allocations is sufficient. But what if your requirements are more complex?
Think about if you were a government contractor. You need to allocate costs for G&A, Fringe, and Overhead. This can be a very complex allocation process. Or maybe you have your own trickle down allocation process. This could be where you have an allocation within an allocation that then takes the costs allocated by labor hours with the result and finally, allocates it again based on products produced.
You probably chose your ERP system to unify business processes, streamline productivity, and create visibility across operations. You likely chose additional modules that manage specific business functions such as accounts receivable, credit card payments, inventory, and distribution.
What you may not know is that audit risk often occurs in each of these business areas and, as a result, in each of the modules in your ERP system (subsequently, each of these modules correlates with a step in the supply chain). The supply chain is one of the trickiest areas to navigate in the world of sales tax compliance, often involving sales tax, use tax, exemption certificates, and headaches. Creating a tax-efficient procurement process is the best way to protect your business in this often high-risk audit environment. But where do you start?
This blog is designed to help new MS Dynamics GP users become acquainted with the bank statement reconciliation process including checkbook and general ledger. Advanced GP users can also benefit from reading this blog and refreshing their skills with bank statement reconciliation process in MS Dynamics Great Plains.
Microsoft has released their Round 2 update for Dynamics GP 2013 and it is now available for download. This release follows Microsoft’s previous roadmap announcement and will bring several new previously teased features to the Dynamics GP 2013 platform.
One of the most talked about new features is the ability to perform database backups to Microsoft Azure. This new feature allows for organizations to perform offsite backups in disaster-recovery scenarios. Before, most Dynamics GP backups were stored on the same disk or computer as the SQL Server putting an organization’s files in danger if there is ever-physical damage to the server.
Sign up for our mailing list to get the latest updates and offers.