STOP THE MADNESS - HOW TO BALANCE TO THE GL

Transcription

1 STOP THE MADNESS - HOW TO BALANCE TO THE GL Amber J. Bell MEMBERSHIP HAS ITS BENEFITS

2 AMBER J. BELL Training Dynamo GPUG Member for 3 Years Favorite benefit: The Open Forum A little bit about me: Grew up in San Diego Moved to chilly New England 10 years ago Over 15 Years as a GP Consultant 2

3 CHECK BATCH RECOVERY AND MASTER POSTING Batch Recovery The seedy underbelly of batch posting Cause #1: Closed Fiscal Period Cause #2: Unbalanced Distributions Cause #3: Power issues Cause #4: Account settings Review Master Posting Use Batch Comments to communicate batch status info Require Batch Approval to prevent accidental posting 3

4 WHEN BATCH RECOVERY DOESN T WORK Call your partner Backup GP before doing any changes in SQL Follow Steps in KB Article : 4

5 PRINT KEY REPORTS GL Trial Balance Print in Summary and Detail Filter to your control accounts Payables, Receivables and Inventory: Historical Aged Trial Balance Print in Summary and Detail Use SQL Reporting Services Report if possible so that you can save to Excel or PDF Purchase Order Processing Print Received/Not Invoiced under: Purchasing>>Analysis 5

6 SAMPLE: HISTORICAL AP TRIAL BALANCE SETUP 6

7 SETUP ACCOUNT ROLLUPS Great way to deal with multiple Inventory, AR, or AP accounts Allows for Drill-down to balance by account Great way to deal with Track Discounts Available option 7

8 HOW TO COMPARE YOUR NUMBERS Compare the totals on your subledger reports vs. the GL Trial Balance, Management Reporter, GL Summary Inquiry, or Account Rollup Inquiries Did you balance with the ending balances of your old system? SAVE YOUR SPREADSHEET! That way you can prove that something changed 8

9 EVERYTHING BALANCES NOW WHAT? Close the Fiscal Periods - Don t take any chances! Restrict access to this window You can close the subledgers before you close GL 9

10 YOU FOUND A DIFFERENCE STAY CALM! Close the Fiscal Periods ANYWAYS Re-open later if you need to post corrections Check if you were off in a previous period Did you include ALL accounts that add up to the subledger total? Be sure to include Discount Accounts Most common issue: Journal Entry to a Control Account Double-check that ALL batches for the month are posted 10

11 USE THE RECONCILE UTILITY 11

12 SEARCHING FOR MULTIPLE CONTROL ACCOUNTS If you have several accounts make up the subledger total: Add User Defined Field on GL Account Maintenance window Use this field in your SmartList, Navigation List and report searches 12

13 SMARTLIST FOR WHO, WHAT, WHEN, WHERE Start with: Financial >> Account Transactions* SmartList Add the following columns: Originating Master ID Originating Master Name Originating Document Number Document Status Reference Description Save as a new Favorite: *GL Transactions With Trx Info 13

14 USING SMARTLIST TO TROUBLESHOOT Setup a SmartList based on Favorite: *GL Transactions With Trx Info Filter to AP or AR Account(s) Filter to Series (Is Not Equal To) Purchasing (for AP) Filter to Series (Is Not Equal To) Sales (for AR) 14

15 PREPARING YOUR DATA FOR A PIVOT TABLE Export from SmartList or use an Excel Report Format as a Table Insert a column for the difference between Debits and Credits 15

16 USING PIVOT TABLES TO GROUP TRANSACTIONS Group by Series Group by Document Status Account Number or Description Group by Master Name 16

17 HOW TO FIX Before you try to fix, check if someone else has corrected in another period Best option: Void and Re-enter transactions 2 nd Option: Enter Credit or Debit Memo to reverse transaction. Re-Enter correctly Try to Avoid: Entering as a Journal Entry (This does not update the subledger) 17

18 HOW TO PREVENT FUTURE ISSUES 18

19 UNCHECK ALLOW ACCOUNT ENTRY 19

20 REVIEW FINANCIAL MODULE SETUP Uncheck: Deletion of Saved Transactions 20

21 REVIEW POSTING SETTINGS Post Through vs. Post To Require Approval Prevent Transaction Level Posting 21

22 REVIEW DEFAULT POSTING ACCOUNTS Transaction If you only have 1 control account, set it in the Posting Accounts window Posting Accounts Setup Item Be careful if you are adding the control account on the Customer or Vendor Customer or Vendor Review Customer and Vendor Setup in SmartList 22

23 REVIEW VENDOR/CUSTOMER SETUP Update Customers/Vendors by Rolling Down Changes from Class 23

24 SEPARATE PAYMENT DISTRIBUTIONS 24

25 ACCRUED PURCHASES/RECEIVED NOT INVOICED Payables Setup: Warn If Vendor Has Existing Purchase Order Purchase Order Setup: Warn when Purchase Order Line Item is Not Fully Invoiced Turn-Off Allow Receiving without a Purchase Order Consider using a 2 nd Accrued Purchases Account for Landed Cost 25

26 SETUP INVENTORY REASON CODES Prevents common user mistakes Gives you control of Distributions 26

27 Contact 27