Dynamics ERP Tips and Tricks

Daily Bank Reconciliations in Dynamics GP

The beginning of every month is an exceptionally busy time for accountants as they try to close the books for the month.  Many companies feel good when they close their books in a couple of weeks.  For other companies the process can take five weeks or more.  However, we have some companies that are performing their month-end close with Dynamics GP in 2 to 3 days.  Stephen Bragg, in this accounting best practices book Fast Close, provides a guide to shrink the process down to just one day.

One of the very time-consuming activities at month-end is reconciling bank accounts.  Traditionally, accounting professors taught their students that you would reconcile your bank accounts monthly after receiving your bank statement.   However, almost all companies now have online access to their bank accounts.  They no longer need to wait for a monthly paper statement.  Stephen Bragg recommends reconciling bank data on a daily basis.  Daily bank reconciliations are easy to do with Dynamics GP software.

Let’s take a look at the steps in Dynamics GP:

  1. Download your company’s bank transactions from the bank’s web site for the period since your last reconciliation.
  2. Start a bank reconciliation in Dynamics GP (Transactions >> Financial >> Reconcile Bank Statement).
    a. Checkbook ID – select the bank account to reconcile.
    b. Bank Statement Ending Balance – enter the ending bank balance for the previous day.
    c. Bank Statement Ending Date – enter the date of previous day.
    d. Cutoff Date – enter the current date.

3.  Click on the Transactions button to start the reconciliation.
4.  Check off the cleared items per your bank’s web site as you would during a typical bank reconciliation.
5.  Balance the statement to zero, but DO NOT CLICK THE RECONCILE BUTTON.

6.  When finished, click OK to return to the Reconcile Bank Statements window.  The reconcile information will be saved for tomorrow.
7.  Click Save on the Reconcile Bank Statements window to save the partial reconciliation.
8.  Repeat the above steps each day until the end of the month.
9.  At month end, verify your totals with the statement and then click the Reconcile button on the Select Bank Transactions screen.

Dynamics GP’s ability to save incomplete reconciliations makes it easy to follow this process and to be able to complete your month-end reconciliation in just minutes.   Performing a daily reconciliation provides an excellent control point allowing you to quickly identifying any cash related anomalies.  You will benefit from knowing your up-to-date cash position.

Output and Sort the Data You Need Quickly

For analysis of business performance, do you ever have to output financial information with SmartLists and then go through the same manual efforts in Excel to filter out (top 10 customers) or sort data (largest dollars to smallest dollars) each month? If this is you, please be aware that we can help you create SQL objects that do the heavy lifting so that can view the data with your tool of preference, such as an Excel Refreshable Report, a SQL Server Reporting Services report or even a slightly modified GP report.

Stop wasting time exporting and massaging data you know could be exported in a consumable format for you!

It’s client not customer…

Have you ever wanted to change the name of a column in a SmartList?  Instead of Customer Name you would like the export to show Client Name?  It is very easy to change the names of columns and order of columns as they appear on your SmartList.  Just open your SmartList and click on Columns.  Highlight the name you wish to change and start typing in the Display Name column   You can also use the re-order arrows to change the way your columns are displayed on the SmartList (no more Credits before Debits).

Who Entered this Transaction?

Sometimes you just need to know who enter a transaction.  Through hunting around, you have probably found that there is no standard window in Microsoft Dynamics GP that shows who entered the transaction.  However, most of the transaction tables in the GP database have a field for the user ID.  This field will show the last person to touch the record.  You can modify the GP reports to include this field on your reports.

There is also robust module for tracking changes within a company called Audit Trails.  This module can tell you who entered a transaction.  If someone makes a change to a master record, it can tell you who made the change, when, and what the field value was before the change.

Using SmartList Builder in Microsoft Dynamics GP 2010

Microsoft Dynamics GP SmartLists have always enabled users to organize and display data from the accounting system in a way that makes sense to them, and users then search those records according to specific criteria. SmartList Builder in Microsoft Dynamics GP 2010 takes the popular, easy-to-use SmartList tool and increases its power and range. Now you can query more data in more ways, because SmartList Builder gives you access to all the information that you capture, enabling you to create your own custom SmartLists. With SmartList Builder, the possibilities are great, here are some examples:

  • You can combine multiple tables to go beyond basic SmartList data
  • You can create calculated fields
  • You can use more than four search criteria in restrictions
  • You can summarize data, group, count and total
  • You can create your own go-to’s

Avoiding 1099 Errors and Correcting Amounts

The end of January is fast approaching and it’s time to get your 1099’s out.  As some of our clients review their vendors and payments at the end of the year, errors in the 1099 amounts can be discovered.  When a vendor is used to pay for both services and reimbursable expenses, we sometimes forget to adjust the 1099 Amount field to remove the reimbursable expenses.  In the example below, the 1099 Amount field should be changed to zero because the voucher is for reimbursable expenses.  If the amount is not changed before the voucher is posted, the 1099 amount will be too high.