Year-End can be a hectic time for all & it is fast approaching. In many instances, we are tired from or preparing for the holidays. Everyone is out of their routine & sometimes, performing tasks they only think about once a year. Here is a brief summary of performing year-end in any ERP system.
Prior to performing year-end tasks:
1 - Post all receivables, payables & financial transactions. Future dated transactions should be held off if possible until after the year has closed.
2 - Perform a stock count, send out customer statements & complete all reconciliations
3 - Make any adjusting entries needed.
4 - Print necessary reports to maintain in the companies permanent records for audit trail purposes
5 - Make a backup of company database before starting the year-end processes.
Ensure all users are out of the system when performing year-end processes. Additionally, users are often given the opportunity to purge obsolete records during the year-end processing. One should consult company policy & ensure local law reporting laws are followed prior to deleting any records. Once complete, it is good practice to close old fiscal periods from posting to prevent any accidental postings.
For more advanced FRx users, I thought I would cover some calculation formulas that are available for use in FRx. Much of FRx is fairly self explainable & easily learned with a little exploration. One topic I had a little trouble with when first learning the system was Calculation Formulas on Row Formats.
Simple adding & subtracting are fairly self-explanatory. Simple take the columns to add & place a plus sign between them. For example, B + C.
However, did you know FRx can perform complex calculations such as adding & multiplying all at once. The formula (A+((B+C/2)+(C*.8)/2))+(F TO H) is a valid entry.
IF/THEN/ELSE Statements are another handy tool. These allow one to build logic into the column. For example, the formula "IF B>1000 THEN B ELSE C*2" translates to:
If the amount in column B is greater than 1000, place the value from column B in the CALC column. If the value is not greater than 1000, multiply the value in column C by 2 & place the result in the CALC column.
FRx is the standard financial reporting tool utilized by most Microsoft Dynamics GP users for financial reporting. FRx links directly into the general ledger to allow the creation of endless types of reports. These report are then viewed in the FRx DrillDown Viewer. Users I have spoken to in the past have expressed that they are more comfortable viewing reports in Excel.
To take your FRx financial report & export to excel:
1 - Generate the report
2 - In the DrillDown Viewer, select File > Export > Worksheet File > Formatted Excel
3 - Save the report to its desired location
This quick & easy trick should save you time & energy in attempting to convert your reports.
I am constantly searching for ways to help my clients save money & improve performance. Often the answer includes automating a particular process. One of such process includes Emailing Customer Statements. For clients with a large number of customers, the savings can be extensive. Clients save on paper, ink, wear & tear on printers, envelopes, postage & most importantly, employee time.
Automating the customer statement process is very simple to setup. First, enter the Customer Maintenance window & click Options. Enter the email contact for the customer in the ‘To’ box in the bottom right corner of the screen & check the ‘Send Email Statements’ check box. Now, when creating customer statements, check the ‘Send Email Customer Statements’ under the Email Options heading.
The return on users’ time investment will be realized after the first statement run. So automate the process of sending customer statements & free up your time for more important tasks.
As a Microsoft Dynamics GP implementer, I run into a number of issues that the everyday user never sees. One such issue can occur when mass loading data, updating the system through the database (not recommended!) or just through normal business processes. Errors happen! Sometimes, the best intentions don’t go unpunished.
Why? When data is entered in GP, multiple tables are populated with the data, not just one. Everything is linked. That’s the beauty of an ERP system. But sometimes, wires cross & fixes are needed.
The Checklinks tool helps examine the links between related information, helping to restore any damaged data.
Even before problems arise, Checklinks can be used for general clean up. Be sure to make a backup of your data prior to using the functionality, just to be safe.
Lots of us make checklists for a variety of tasks from grocery shopping to complex projects. Microsoft Dynamics GP offers built in checklists in the Routines section of every module that can help walk users through a diverse range of topics.
Once you have accessed the appropriate Checklists window, ensure the frequency is appropriate for the checklist you are about to create. Click Add to create a link to a Microsoft Dynamics GP window. Name the checklist item & select the appropriate in the Command (Dynamics GP window). Once your list is complete, order the items appropriately by using the Up & Down buttons. Now every time a user performs this particular task, all they are required to do is click the checklist item in order & populate the fields with new data.
Checklists are particularily beneficial when turnover is an issue or roles require extensive training. Two tasks I recommend clients create checklists for are performing payroll & completing year-end. Mistakes made performing either of these functions can have wide-reaching effects. In my next blog, I will cover a few tasks that should be on your year-end checklist.