General Ledger Intermediate Tips & Tricks for Microsoft Dynamics GP

Jeff Smith, Socius’ Columbus Microsoft Dynamics GP Senior Consultant, and John DeHaven, a Cincinnati Microsoft Great Plains consultant for Socius, presented these intermediate tips for GL as part of their “Getting More out of Dynamics GP: 50 Tips in 50 Minutes” presentation at Aspire, Socius annual conference.

Duplicate a Journal Entry

Use the Correct Journal Entry info to create a reversing Journal Entry and a new copy.

Delete the reversing entry. Now you have a perfect copy that can be adjusted as necessary.

Details here.

Check Posting Types before Year End

It’s important to validate that Posting Type (Balance Sheet or Profit & Loss) is correct at year end.  A simple SmartList can show items in the wrong Posting Type.  Use the search feature to limit account numbers to Balance Sheet numbers and set Posting Type to Profit and Loss. This will show misclassified Balance Sheet Accounts.  Reverse to show misclassified P&L accounts.

Speed Bank transfers with a Macro

Bank transfers are often repetitive with only the date and amount changing (from operating to payroll, from money market to operating, etc.)  They offer a great starting point to learn about GP Macros.

Details here.

Get Consistent Account Descriptions

Don’t setup accounts first, setup Segments in Tools->Setup->Financial->Segment.

Creating accounts will then auto populate the description based on the Segment descriptions.  This gives consistent chart descriptions and a warning when a segment doesn’t exist.

Reconcile Bank Account Daily

With today’s internet access, there is no reason not to balance the bank account daily.  Daily balancing provides up to date cash position, float information and speeds month end processing since bank balancing is simply one more day.  Download your bank info from your bank’s website.  Start a bank reconciliation and reconcile it to zero.  DON’T push the reconcile button. Save the reconciliation and come back tomorrow.