1 / 33

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!.

enye
Download Presentation

50 Tips for Closing the Month Faster with Microsoft Dynamics

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related