ERP Software Logo1

Microsoft Dynamics vendors provide comparisons and opinions to professionals in the ERP/Accounting software selection process

 
 

Intelligent Technologies, Inc.

Additional Accounting Features that Make Dynamics GP Shine


Email | Print

In my last blog, “Five Time Saving Features all Accounting Packages Should Have,” I discussed some features that really increase efficiency when working in an accounting package. Today I am going to discuss a few of the other features from the “B” team, of time saving features.

-Mass Modify: Allows you to quickly and easily create, modify, and (assuming the account has no transactions) delete accounts. This is a very handy tool. Often new departments are created, or spawn from the depths of hell, and then it is up to someone on the accounting staff to create an entire new series of accounts. By using the Mass Modify tool, Dynamics GP users can define the new department segment and then click a button to have the system automatically create the new range of accounts. The really nice thing is that while creating the accounts, it mimics the settings from the original range of accounts that was defined. Equally nice is the ability to quickly modify, or delete accounts over a range, without having to touch each individual account. But don’t worry, the tool will only allow us to delete accounts that have no transactions, so there should be no fear of wrecking your financial statements using this tool

-Reconcile to GL: We all reconcile our Account Receivable and Accounts Payable accounts to the General Ledger monthly, right? Well, at least we know we should be reconciling monthly. The Reconcile to GL feature was added to Dynamics GP in a previous version but still proves to be one of the more valuable tools when trying to track down reconciliation issues. When launched, we have the choice of selecting either AP or AR and deciding which sub-accounts we need (in the case we have several AR or AP accounts that we want to reconcile all at once). After defining the information, this tool will create an Excel spreadsheet that lists GL entries that are: matched to AR/AP entries, not matched to AR/AP entries, and/or "likely" matches to AR/AP entries. This helps the reconciling person drill down into the areas that may be causing the GL to AR/AP out of balance situation. Very handy during those monthly (or whenever we get around to it) reconciliations to the General Ledger.

-Post into 1 Historical Year: This is really nice. At year end there are often several late or correcting journal entries that need to be made. Some systems require you to leave the year open until all entries are posted, but with Dynamics GP we have the ability to post into one closed year. There may be some accountants out there freaking out at the prospect of posting into a closed year. But once again, do not worry, if that transaction has an effect on an Income Statement account, Dynamics GP will automatically update the accounts as necessary; including a closing entry to Retained Earnings. If the transaction happens to affect a Balance Sheet account, then the system will properly update the next year’s beginning balance. This allows our year-end close to no longer be held hostage while we are waiting for those correcting journal entries. We can close, then if needed post an entry into the closed year and let the system “re-close” the transaction to retained earnings, or beginning balances for the following year.

As you can see Dynamics GP offers many features and functions that will make life of the typical accountant much more efficient. If you have any questions or concerns about how you can move to Dynamics GP or if you have questions about your current installation of Dynamics GP and the time-saving features you may be overlooking, feel free to contact us at Intelligent Technologies, Inc.

-By Grady Burris - Sr. Consultant - Intelligent Technologies, Inc.

Comments are closed.