Ideas, Tips & Tricks
How much of your time and your staff’s time is put aside to do month-end closes, every month. Have you every though about how much this laborious task costs your company in time and money over the course of the year? Many times it’s a combination of using or adding functionality, that you may already own or be entitled to, or that can easily be purchased as an add-on, along with the streamlining of processes that come along with this new functionality, that helps bring down the time and cost of this monthly headache.
Below are some ideas you may not know about, some which are built right into Dynamics GP, some are add-on’s you could purchase, and some are possible procedural changes you may want to consider.
For a more detailed explanation of any of these, or other ideas, feel free to reach out to our professionals at Micro Force – Velosio at firstname.lastname@example.org, and let us help you make month-end processing headaches a thing of the past.
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Tip #1 Balance the bank account daily for easy month end reconciliation
Consider using Electronic Bank Reconciliation, Nolan Adv. Bank Reconciliation
Tip #2 Look at changing monthly cutoffs or separating from month end
Commissions: do other than month end (i.e. 10th or 25th)
Royalty reporting – same as above
Customer Statements – send on 10th after close
Customer Invoicing – mid month vs. 1st or end of month
Sales Tax Reporting – process and calculating after close
Payroll – Mid month only or payroll cycle – post payroll expense vs. accruals
Tip #3 Post Continuously for up to date information
Dynamics GP’s native functionality allows posting transaction to the GL in real time. Yet
many companies still wait until month end to post all their journal entries. Posting
throughout the month allows a company to see the progress and make corrections or
adjustments throughout the month.
Tip #4 Run Depreciation Earlier, set to Next Month or Mid-Month
Tip #5 Enter transactions faster, by
Copying journal entries
Using Quick Journals (can’t put in batch or use Batch approval)
Using Clear Recurring Batches
Integrating Journal Entries (separate install)
Tip #6 Automate Accruals and Deferrals, with
Revenue/Expense deferrals (separate installation)
Allocation Accounts (fixed / variable)
Tip #7 Use Reconcile to GL Routines for balancing GL to Subledgers
AP Subledger with Reconcile to GL
AR Subledger with Reconcile to GL
Inventory Subledger with Reconcile to GL
Bank Rec Subledger with Reconcile to GL
Tip #8 Use a Shortcuts folder to quickly access specific windows
Tip #9 Use Reminders to manage to expectations
Tip #10 Use 'Mass Close' button at the bottom right of the Fiscal Periods window
You can selectively close individual transaction types for a period without closing the whole
module. This provides more granular control of period closing.
For more ideas and time and cost saving ideas, let our seasoned and knowledgeable staff help you get the most out of your system. With the resources of the Micro Force – Velosio team, we bring our clients a wealth of experience and expertise that no other Microsoft Partner can match. With offices and affiliates in over 50 cities across North America, and over 300 team members, we can provide unparalleled expertise in a diverse range of industries, unmatched by another other Microsoft partner. Call or email us today at (631) 421-1030 or email@example.com, and see how Micro Force –Velosio can help your business succeed.