One of our clients wanted a simple way to generate a report to determine if they had accounted for all necessary accruals for recently closed accounting periods through their accounts payable system. A popular test in accounting is the search for unrecorded liabilities, normally done by an outside auditor to ensure that all liabilities are accrued into the proper period. Company controllers can perform this task using Dynamics GP SmartList so as to alleviate current and future headaches.
For example, assume that it is October 27thand a company is in the process of closing accounts payable for September. An invoice is received that is dated for September but will have a posting date for October. Micro Force created a SmartList that included both the document date and posting date so that invoices with a date for a previously closed month, posted after that month has been closed would be exported into Excel. The client could then sort the data in Excel and identify these transactions and subtotal them by account. From here they could create a general ledger entry by account, as necessary, of those items that needed to be accrued into the prior period.
Problem solved! This is an easy way to use Microsoft Dynamics GP to effectively search for unrecorded liabilities.
by Micro Force – Long Islands Premier Microsoft Dynamics GP Partner
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[...] been closed. So if you want to be your independent auditor’s best friend, check out the latest post from Micro Force at ERPSoftwareBlog.com and learn how SmartList in Dynamics GP can help to turn your potential nightmares into sweet [...]