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Week 1: Did you know? Series of the Week

Week 1: Did you know? Series of the Week

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Weekly, the Dynamics GP team will be posting a ‘Did you know?’ series.  We’ll give tips, tricks, and general comments around features and functions that already exist in Microsoft Dynamics GP.  This week we will focus on financials.

Our challenge to you is…how much do you really know about Dynamics GP?

 

Does SmartList’s work with Analytical Accounting?

Yes.  You can use SmartLists to create customized inquiries to provide easier, faster access to information stored in Microsoft Dynamics GP .

  • Additional SmartList objects available are Analytical Accounting Transactions and Analytical Accounting Dimension Balances
  • Additional Excel reports available are Analytical Accounting Transactions and Analytical Accounting Dimension Balances

To pick the SmartList folders you want to include go to Tools >> Setup >> Company >> Analytical Accounting >> Options.  Click the SmartList Integration Butoon.

What features were added for Payables 1099 Enhancements in Dynamics GP 10.0?

Many companies need to issue 1099 forms to various vendors with the information categorized and printed in the appropriate boxes on the correct 1099 form.

  • Issue more than one 1099 statement to a single vendor
  • Print amounts in more than one box on a single 1099 statement
  • Set a 1099 statement box default per vendor
  • Edit the 1099 statement tax type per transaction
  • Edit the 1099 statement box per transaction
  • Modify the 1099 statement settings

 

What is the easiest way to reconcile from Account Receivable and Accounts Payable to General Ledger?

In Dynamics GP 10.0 we added a feature that significantly reduces the time spent reconciling sub-ledgers to the General Ledger (GL). The reconcile tool helps identify imbalances between the accounts payable and accounts receivable sub-ledgers and the general ledger.

  • Select Individual accounts in GL to reconcile
  • Enter a date range for reconciliation
  • Transactions are automatically matched
  • Discrepancies are identified
  • Results are displayed in a Microsoft Excel spreadsheet

The process will identify the following:

  • Matched Transactions that exist in both the sub-ledger and GL
  • UnMatched Transactions that exist in either the sub-ledger or GL, but not both.
  • Potentially Matched Transactions, but don’t meet all the matching criteria.
    • Example: A $100 transaction is posted in Receivables, but was deleted in GL. The mistake was caught and a transaction is manually entered into GL for the $100 transaction. The transaction amounts and GL posting date are the same, but they do not share an audit trail code, customer, or document number.

There are ISV products available that have reconcile functionality.  I do recommend you look at them and compare to fit specific business needs.

If I need a budget to cross through multiple fiscal years, how can I do that in Dynamics GP?

Organizations typically in the Not for Profit and Public Sector have funds to associate expenses against the monies received. Funds are tied to some type of project that can span years. When the life of the fund crosses over fiscal years and organizations need to be able to budget based on the life cycle of the fund.

  • Budgets can cross fiscal years or multiple years.
  • Budgets can be set up for time ranges (such as quarters) based on the start and end date entered.
  • Ties to PO Commitments and Encumbrance Management
  • Works with Excel-Based Budgeting

Happy Friday to Everyone!

Pam

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  • You mention that there's an added feature in Dynamics GP 10.0 that reduces the time spent reconciling sub-ledgers to the General Ledger (GL). Where can I find this tool in GP10?  Do I need an ISV?

    thank you

  • The "tool" to reconcile PM or RM to the GL is included in the GP 10 install, and is found under the Dynamics GP button | Tools | Routines | Financial | Reconcile to GL.  Once there, click F1 for some help on how to use the tool.  Good luck!

    AndyW

  • Can anyone provide assistance on this reconcile process?  I tried the A/P but the produced report doesn't list trx - just gives me beginning & ending balances.  If anyone has ideas, I'd greatly appreciate the help!

    Thx

  • I asked our support team for some guidance on your issue, and below is what they said. Let us know how it goes...

     AndyW

    "The distributions are pulled into the spreadsheet directly from the GL and PM distribution tables, so if no distributions are pulled into the spreadsheet, my guess is that the problem is just with the date range used when running the routine. If they don’t change the default dates, it’s likely that it’s running for just one day, and it could be a day on which no transactions were entered.

    However, if they have verified that transactions have been posted to both PM and GL during the date range used in the routine, and they still aren’t showing up in the spreadsheet, then technical support should take a closer look at the system to see what the issue is."

  • I ran the reconcile to GL utility and the AP/GL Opening balances provide by the Recon tool do not tie up with the balances I get when I run the GL Trial balance or AP hist. TB.

    any ideas why this would be happening?

  • Hi NG,

    The reasons could be numerous and likely too much for me to help you figure out here.  I'd suggest opening a support ticket with the GP team OR posting your question on our community forums and newsgroups to see if other users can assist.  

    The GP Team

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