There are many articles that can be found detailing year-end processes in GP, but what about your month-end processes? Dynamics GP uses a ‘soft’ close concept wherein periods are not required to be closed. Further, periods can be reopened if needed. However, performing a month-end is critical to ensuring you can move forward within your system without any fear of inaccuracies.
Prior to performing any special or unfamiliar processes, it is always recommended that users have a proper backup of the system. Your system administrator should ensure backups are regularly scheduled and available if needed.
It is recommended that the month-end process start with the POP and SOP modules. One can think of both of these modules as feeder modules to Payables, Receivables, Fixed Assets, Bank Reconciliation and the General Ledger. In these modules, you should ensure all batches are posted within Series Post. Ensure all Customer Orders, Vendor Receipts and everything in between are posted. Further, within Purchasing, one should print the Received Not Invoiced report via Reports > Analysis. This report should tie to your accrued purchases.
Once the above are reconciled, one should move onto the Payables and Receivables module. For each, users should ensure all documents are properly applied, especially if multiple currencies are in use, as this will affect realized gain and loss entries. Users can check for unapplied documents by navigating to Sales > Reports > Analysis > Unapplied Documents Report. Further, users should also run the Reconcile to GL option within Financials in order to ensure these subledgers and GL match. The same routine should be performed for the Inventory module.
Once all subsidiary modules are complete, uses should close out the Financial modules. First, users should complete bank reconciliation and reconcile the Bank to the GL via the associated Financial Routine. Users can then move onto closing the Fixed Assets module. Remember to ensure Payables are closed prior to processing anything in Fixed Assets given the Payables feeds the Fixed Assets module. Within Fixed Assets, users need to double check that all additions and retirements are posted. Depreciation will need to be run and all related GL processes complete.
Within the General Ledger itself, all accruals should be posted. Only recurring batches should be left in your Series Post after the necessary transactions have been posted. The General Ledger will always be the last module to close.
Once all of the above are closed, users should mark the period as closed within the Fiscal Period Setup window in GP.
All of the above should be repeated at the end of each period. Given these are repeated processes, users should consider adding them to a Checklist within GP.
One last item for users to remember when closing the month is that transactions for a new period can be posted without closing out the prior period.
Adam MacIntosh, Manager of Client Services with WebSan Solutions Inc., a Microsoft Dynamics Partner firm.
Lead – This is the qualifier for a sales opportunity. Perhaps someone you met at a trade show that might not be a qualified lead, but you want to keep in touch with them.
Opportunity – Once you qualify your leads, you would convert them to an opportunity. For example, a lead that you have spoken to whom has shown interest in your product.
Account – Once you have closed business with that person, you would 'win' the opportunity and convert the person / company to an account.
Adam MacIntosh is the Manager of Client Services with WebSan Solutions Inc, a Microsoft Dynamics Partner firm.
One of the powerful marketing tools on Microsoft Dynamics CRM is an Email Template which will allow your sales team to mass email groups of contacts.
To create Email Templated within CRM, navigate to the Settings Tab, then Templates under the Business section. Select the Email Template button.
Note: The Outlook Client & Web Client will both look slightly different. However, both have the same options, so users should be comfortable using both.
CRM will then ask the user for a Template Type. This will restrict the template to certain groupings of data from within CRM. For example, if one selects a Template Type of ‘Contact’, CRM will restrict the template data to CRM contacts.
At this point, users will be presented a standard email window. Fields denoted with a red asterisk are mandatory. In this window, one can manually type out an email, just like a regular email. To insert dynamic fields into the template, such as the contact’s name, select Insert / Update. This will insert a yellow highlighted field into the template, linked to the original Record Type (i.e. User, Contact, Account, etc). Users can even copy & paste images into this email.
Adam MacIntosh is the Manager of Client Services with WebSan Solutions Inc, a Microsoft Dynamics Partner firm.
Users should keep in mind that all banking transactions need to be processed through a Chequebook ID in order to display in that bank subledger & that one should NEVER post a general journal entry to a bank GL account. When we look at the Bank Transaction window, there is only a single Chequebook ID to allocate the transaction to. This is the account to which this transaction will apply. You will see in the lower portion of this window, you must explicitly state the other half of the GL portion of this entry. This should NOT be a bank GL account as a general journal entry to that bank GL will not affect that bank’s subledger.
A transfer of funds from one account to another should be completed through the Bank Transfer Entry window where possible. You will see on this window that there are two Chequebook IDs that must be identified. Thus, this transaction will affect two separate bank subledgers. One can only use this window wherein one of the account currencies is the functional currency (this is due to how GP treats the entries and is a restriction of the system). When you need to enter these types of transactions, you will have to enter TWO separate bank transactions. One will be an Increase Adjustment to the ‘to’ account, the other a Decrease Adjustment to the ‘from’ account while using a clearing account to flow the funds through.
I thought I would share a couple useful posts from our friends at Dynamics University
Who Posted this Journal Entry?
Encumbrance Management for Non-Profits
Printers get jammed! It happens ... sometimes even when you are printing a cheque. Fear not, there is a solution. If your GP environment does not allow Duplicate Cheque Numbers (as per the Chequebook Maintenance window), you can simply add (or subtract) a leading zero from the Next Cheque Number field & voila, its a new, UNIQUE cheque number for GP to use.
Often, clients will ask why a particular Cash Receipt is not displaying in the Bank Reconciliation when it comes time to close the month. Many times, users will forget that a Bank Deposit is required before the transactions will display in the Chequebook subledger. This is an important security step as the same person receiving funds should not be the same person depositing those funds into the bank. Further, cash receipts are often grouped together when deposited into the bank, thus, making one single large bank transaction instead of many small transactions which may need to be reconcile.
To complete a Bank Deposit, navigate to Transactions > Financial > Bank Deposit. In this window, you will find three Types: Deposit with Receipts, Deposit without Receipts, Clear Unused Receipts. We recommend all clients use only Deposits with Receipts as this forces users to perform Cash Receipts from a Customer in order to deposit funds into the Bank. Depositing without Receipts can cause differences between the General Ledger and the Chequebook subledger due to the fact that the Bank Deposit Entry window does not have General Ledger distributions associated with it. Clear Unused Receipts only applies to situations where a Cash Receipt should not be deposited in the Bank which can also lead to differences between the General Ledger and the Chequebook subledger.
Our clients will often have the need to attach supporting documentation to transactions within Dynamics GP. These might be for odd / correcting entries, entries required by auditors, or large dollar value entries. Further, it is good practice to attach supporting documentation for transactions if possible.
To attach supporting documentation to a transaction within GP, select the yellow paper icon beside the transaction number within the entry window for that transaction. This icon is also available within master data setup widows & essentially every other window within GP. Once within this window, select the paperclip icon at the bottom of the window (Note: Your system admin may have to enable this functionality to have this icon appear). This will open a new OLE Container window wherein one can select Edit > Insert New Object. From here, the process is as simple as selecting the file & clicking Attach within the note window.
WebSan has found this feature very helpful to our clients whenever they need to track down the supporting documentation for a transaction. As transactions move throughout there life-cycle in Dynamics GP, they will maintain the supporting documents attached to them, making audits a breeze.
Once a project is finished, user should close out that project within Dynamics GP. This helps to avoid errant postings to the project & ensures accurate reporting.
To close a project within Microsoft Dynamics GP, first set the status of your project to Completed within the Project Maintenance window. Then, navigate to Project > Transactions > Project Closing to access the Project Closing window. Within this window, select the Contract Number that the completed project belongs to. All the completed projects for that contract should then appear in the listing below. To close a project, check the box under the Close column & select Process.
Users should note that even though a project is set to status of Completed, there may be additional transactions that may need to be completed prior to closing the project. If additional transactions are required, the box under the C* column will be blank. To obtain a listing of the transactions yet to be completed for a 'Completed' project, select the blue arrow beside the Project number field within the Project Closing window. This will open the Project Closing More info window wherein users are presented with a check list of all the tasks required prior to closing the project.
There are times when users may have completed check list items, but they do not display within GP as completed. If this occurs, it is good practice to run the PA Reconcile Utility. This utility will search through the GP transaction tables to verify what activities have truly been completed. To access this window, select Project > Utilities > PA Reconcile. Select a data set to reconcile and then click Process. The utility is fairly quick depending on the volume of data within your Dynamics GP environment.
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