Quick Journals

The last couple of #TipTuesday posts have been around some older “new” features – copy journal entry and backout/correct journal entry. Today I thought I would write a quick tip post around one of the lesser known options for creating journal entries in Dynamics GP: quick journals. Next week for my last #TipTuesday of the year, I’ll have a post about the other option which is clearing entries.

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Backout or Correct Journal Entry

Today’s #TipTuesday is the “cousin” of last week’s tip on the Copy Journal Entry feature, the Backout or Correct Journal Entry feature in Dynamics GP. This week’s tip was introduced in GP 8, so it too has been out for quite a while. I love this feature and I find many users are still manually reversing or correcting journal entries without utilizing this. The best part about this is the control – a user cannot backout the same entry twice and the original entry plus the new entries are forever linked with the history of any backout and correction. Doing these types of corrections manually means there is always room for error, always questions of “did this ever get corrected?”, etc.

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Retained Earnings account is inactive error

Today’s #TipTuesday post comes from a GPUG forum question that someone posted recently, answered by Victoria Yudin. It’s a good example of what I like to post as “tips” because it’s pretty small, but useful to know.

The question essentially was around getting an error about an inactive Retained Earnings account when trying to run the year end close routine in the General Ledger in Dynamics GP, and the poster questioning if it’s because “Close to Divisional Account Segments” was marked.

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Account Maintenance Options

Today’s #TipTuesday is a “back to the basics” tip. I wanted to cover off a few areas in G/L Account Maintenance that are often overlooked or that users are unaware of.

The first one, Allow Account Entry, is a favourite of mine because too often I’ve seen organizations with reconciliation issues that were caused by “rogue” journal entries posted directly to accounts that shouldn’t ever be posted directly to.

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Reverse Fiscal Year End Close

This #TipTuesday discusses the feature introduced in GP 2013 R2, the ability to reverse a Fiscal year-end close (i.e. re-open a closed fiscal year).

Generally speaking, there should be very few reasons why this is necessary in the first place, as you have the ability to post to the previous (most recent) closed year already, which I hope most people are aware of. However, there are a couple of situations where I can see this occurring:

  • Some event requiring restatement of a year prior to the most recent closed year. Other than adjusting opening retained earnings, you could re-open the year to post exactly where you want this entry done and then re-close.
  • Fixing issues where GL accounts were set up with the wrong posting type!

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Combine Budgets

This is my fourth post in the Did You Know series, tying into Pam’s series on Inside Dynamics GP. Today’s topic is the ability to combine budgets into a master budget. This is very useful for situations where it’s easier to manage smaller budget upload files, perhaps by department or cost centre, and after you’ve imported them into Dynamics GP, then you combine into one big budget for reporting in FRx, Management Reporter or your financial reporting tool of choice.
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