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50 Tips for Closing the Month Faster with Microsoft Dynamics

50 Tips for Closing the Month Faster with Microsoft Dynamics. Presenters: Carol Livingston Senior Consultant InterDyn – Remington Consulting Huber Cooney Application Consultant The Resource Group. Regional Chapters. Share!.

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50 Tips for Closing the Month Faster with Microsoft Dynamics

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  1. 50 Tips for Closing the Month Faster with Microsoft Dynamics Presenters: Carol Livingston Senior Consultant InterDyn – Remington Consulting Huber Cooney Application Consultant The Resource Group Regional Chapters

  2. Share! Feel free to Tweet,Blogor update Facebook live with things you learned in this session. Official Tag: #GPUG

  3. Keep Up • This session is very fast. • Write down the numbers of the tips that interest you. • Follow up later with detail slides at the end. • Relax and enjoy.

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

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

  6. 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

  7. Before You Start • Validate settings with The Validator GP • Ease balancing by disabling “Allow Account Entry for Control Accounts” • Add external sites and documents to the Shortcut Bar for easy access • Use Classes and Shortcuts to force access to closing instructions

  8. Throughout the Month • Balance the bank account daily for easy month end reconciliation • Bill throughout the month, not just at month end • Enter payables throughout the month • Reduce inventory count time with cycle counts

  9. Throughout the Month • Post continuously for up to date information • Run depreciation earlier to reduce the month end load • Separate posting for asset additions, retirements and depreciation for clarity • Update reserves and estimates earlier

  10. During the Close • Remember that accruals are your friendAutomate accruals and deferrals with: • Recurring batches • Reversing entries • Revenue/Expense deferrals • Allocation accounts • Correcting entries

  11. During the Close Enter transactions faster by: • Copying journal entries • Using Quick Journals • Using “Clear Recurring Batches” • Integrating journal entries

  12. During the Close • Finish the bank reconciliation • Balance AP sub-ledger with GL reconciliation • And the AR sub-ledger too • Or use The Closer • Use Control Account Management for centralized AP • ...and centralized AR

  13. During the Close • Use a Shortcuts folder to quickly access specific windows • Standardize and simplify everything • Leverage Tasks to manage the specifics • Use Reminders to manage to expectations • Apply Business Alerts to manage outliers • Use Outlook to show a close calendar

  14. During the Close • Use End of Period/End of Previous Period to Speed Up Reports • ...and SmartLists • Preview accounts with Account Rollup • ...and compare Actual to Budget

  15. During the Close • Leverage Excel for analysis with SmartList Export Solutions • ...and Excel Reports • ...and Analysis Cubes • Validate that all GL Transactions are posted • Control partial closing with Mass Close

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

  17. Resources Microsoft Dynamics GP 2010 Cookbook • Book and eBook options • Amazon, Barnes and NoblePackt Publishing

  18. 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

  19. DynamicAccounting.net Resources

  20. Follow Up Follow up PowerPoint deck has lots of detail and links for more information Follow up: mpolino@ibisinc.com www.DynamicAccounting.net Twitter.com/DynAcctNet Facebook.com/DynAcctNet

  21. Detail Slides Start Here! 50 Tips for Closing the Month Faster with Microsoft Dynamics GP Carol Livingston Senior Consultant InterDyn – Remington Consulting Huber Cooney Application Consultant The Resource Group

  22. Before You Start • It takes a decision • Sometimes it takes a declaration from above • Be Creative • Have Patience

  23. 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

  24. Before You Start • Validate settings with The Validator GPhttp://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

  25. 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

  26. 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

  27. During the Close • Remember that accruals are your friend Automate Accruals and Deferrals with: • Recurring batcheshttp://gp.rosebizincblogs.com/2009/02/revenue-expense-deferral-2.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

  28. 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

  29. 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

  30. 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

  31. 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

  32. 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

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

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