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50 Tips for Closing Month End Faster

50 Tips for Closing Month End Faster. Authored by Mark Polino, CPA, MVP, GPUG All Star I.B.I.S. Inc. Regional Chapters. Keep Up. This session is very fast. This deck is posted on GPUG.com > Member Resources > Regional Chapters > Materials > Decks Relax and enjoy .

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50 Tips for Closing Month End Faster

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  1. 50 Tips for Closing Month End Faster Authored by Mark Polino, CPA, MVP, GPUG All Star I.B.I.S. Inc. Regional Chapters

  2. Keep Up • This session is very fast. • This deck is posted on GPUG.com > Member Resources > Regional Chapters > Materials > Decks • Relax and enjoy.

  3. Remember it’s a MONTHLY close, not a MONTH END close

  4. Before You Start • It takes a decision • Sometimes it takes a fiat from above • Be creative • Have patience

  5. Before You Start • Remember the basics • Over-communicate • Use a Closing Calendar and track against it • Provide instructions • Publish an Exception Hierarchy • Materiality Thresholds • Approval process and levels

  6. Before You Start • Validate settingshttp://www.reporting-central.com/validator.php • Ease balancing by disabling allow account entry for control accountshttp://msdynamicsgp.blogspot.com/2009/03/weekly-dynamic-improve-balancing-with.html • Add external sites and documents to the Shortcut Bar for easy access • Use classes and shortcuts to force access to closing instructionshttp://msdynamicsgp.blogspot.com/2011/09/weekly-review-force-shortcuts-on-users.html

  7. Throughout the Month • Balance the bank account daily for easy month end reconciliationhttp://msdynamicsgp.blogspot.com/2009/10/weekly-review-daily-bank.html • Bill throughout the month, not just at month end • Enter payables throughout the month • Reduce inventory count time with cycle countshttp://www.dynamicscare.com/blog/index.php/microsoft-dynamics-gp-inventory-and-cycle-counts

  8. Throughout the Month • Post continuously for up to date information • Run depreciation earlier to reduce the month end loadhttp://msdynamicsgp.blogspot.com/2009/11/weekly-review-fixed-assetgl-best.html • Separate posting for asset additions, retirements and depreciation for clarityhttp://msdynamicsgp.blogspot.com/2009/11/weekly-review-fixed-assetgl-best.html • Update reserves and estimates earlier

  9. During the Close • Remember that accruals are your friend. Automate accruals and deferrals with: • Recurring batcheshttp://msdynamicsgp.blogspot.com/2011/01/weekly-review-quick-and-dirty-deferrals.html • Reversing Entries • Revenue/Expense deferralshttp://msdynamicsgp.blogspot.com/2009/02/revenueexpense-deferral.html • Allocation Accountshttp://msdynamicsgp.blogspot.com/2010/03/weekly-review-variable-allocation.htmlhttp://msdynamicsgp.blogspot.com/2010/02/weekly-review-fixed-allocation-accounts.html • Correcting Entrieshttp://msdynamicsgp.blogspot.com/2009/07/weekly-review-extreme-makeover-je.html

  10. During the Close Enter transactions faster by: • Copying journal entriesClick the Copy button on a JE transaction and follow the prompts. • Using Quick Journalshttp://msdynamicsgp.blogspot.com/2009/11/quick-journal-in-dynamics-gp.html • Using Clear Recurring Batcheshttp://msdynamicsgp.blogspot.com/2010/08/weekly-dynamic-clear-recurring-batch.html • Integrating Journal Entrieshttp://msdynamicsgp.blogspot.com/2010/10/weekly-dynamic-integration-manager-and.html

  11. During the Close • Finish the Bank Reconciliationhttp://msdynamicsgp.blogspot.com/2009/10/weekly-review-daily-bank.html • Balance AP Subledger with GL Reconciliationhttp://www.dynamicscare.com/blog/index.php/dynamics-gp-10-reconcile-to-gl • And the AR Subledger Toohttp://www.dynamicscare.com/blog/index.php/dynamics-gp-10-reconcile-to-gl • Or use The Closerhttp://www.reporting-central.com/closer.php • Use Control Account Management for Centralized APhttp://msdynamicsgp.blogspot.com/2009/03/weekly-dynamic-control-account.html • ...and Centralized ARhttp://msdynamicsgp.blogspot.com/2010/05/weekly-dynamic-control-account.html

  12. During the Close • Over-communicate throughout • Standardize and simplify everything • Leverage tasks to manage the specificshttp://msdynamicsgp.blogspot.com/2009/12/weekly-review-tasks-on-home-page.html • Use reminders to manage to expectationshttp://msdynamicsgp.blogspot.com/2006/05/weekly-dynamic-custom-reminders-from.html • Apply business alerts to manage outliershttp://msdynamicsgp.blogspot.com/2010/06/configuring-business-alerts-to-report.html • Use Outlook to show a close calendar

  13. During the Close • Use End of Period/End of Previous Period to Speed Up Reports • ...and SmartLists • Preview accounts with Account Rolluphttp://msdynamicsgp.blogspot.com/2009/07/weekly-review-account-rollup.html • ...and compare Actual to Budgethttp://msdynamicsgp.blogspot.com/2010/07/weekly-review-dynamics-gp-budget-vs.html

  14. During the Close • Leverage Excel for analysis with SmartList Export Solutionshttp://msdynamicsgp.blogspot.com/2009/08/weekly-review-excel-ing-with-smartlists.html • ...and Excel Reportshttp://www.dynamicscare.com/blog/index.php/how-to-deploy-200-excel-reports-with-direct-data-connection-to-dynamics-gp-100 • ...and Analysis Cubeshttp://msdynamicsgp.blogspot.com/2010/10/exciting-additions-to-analysis-cubes.html • Validate that all GL Transactions are posted • Control partial closing with Mass Closehttp://msdynamicsgp.blogspot.com/2010/06/weekly-review-partial-month-end-closing.html

  15. After the Close • Review the "Untouchable" processes again • Review the close process and adjust

  16. Resources Microsoft Dynamics GP 2010 Cookbook • Written by Mark Polino • Book and eBook options • Amazon, Barnes and Noble Packt Publishing Closing Dynamics GP • Accolade Publications

  17. Resources Fast Close – A Guide to Closing the Books Quickly • By Steve Bragg • http://stevebragg.com/Pages_Books/Fast_Close.html Building Blocks of a Successful Financial Close Process • By Kevin Kelson • Journal of Accountancy, December 2011 • http://www.journalofaccountancy.com/Issues/2011/Dec/20114327.htm

  18. Questions?

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