In a webinar last week on Dynamics GP Payables Management Period-End Procedures Heather Maneiro stressed the importance of proper setup and the use of routines and checklists within Dynamics GP to ensure that period-ending processes are done in a correct and efficient manner. I will hit the main points but invite you to
- GP Setup
- Review your chart of accounts. Disallow account entry on any accounts that should only be posted to / from the sub-ledgers (such as your AP account). Also check your Posting Account setup accounts as this is the last place GP pulls accounts that it cannot find elsewhere.
- Set-Up Master accounts correctly. Using Vendor classes to default accounts and other important information can save in data entry and prevent mistakes. Make sure that you have the right “tax type” for 1099s chosen for each vendor. It is difficult and time consuming to correct information after-the-fact.
- Use of Routines and Checklists to outline and communicate proper period-end procedures
In her extensive experience working with customers Heather noted that the routines and checklist functionality within Dynamics GP are under-utilized. The routines provide a short cut to processes that need to be run and the checklists serve as step-by-step guides for users to follow. In the checklist example below for month end in Purchasing, tasks were added to the default checklist that only had “Reconcile to GL” on it before. You can add, modify or rearrange the steps according to your process. And by clicking on the step, the user is taken to the proper window in GP to complete the task. An additional benefit is that the time that each step is done and the user who did it is recorded so that anyone using this checklist can see status and who performed the previous steps.
There are features within Dynamics GP to help to ensure the accuracy and completion of the Payables Management period-end procedures. We encourage you to
By Deb Sletmoen, MCT and Dynamics GP expert at