Figure 1 - The RECONCILE FINANCIAL window in Dynamics GP
Last week, there was a large storm in Alberta that stretched from Edmonton down through Calgary and south, and east into Saskatchewan. The winds knocked down trees and branches, which ended up knocking out some power.
Microsoft recommends running the reconcile utilities after a power outage or server issue. Microsoft suggests that:
"companies use the Reconcile Financial Information window to reset account totals in the chart of accounts so they match the posted transaction amounts. Reconciling an open year ensures that amounts on the financial statements are the same as the totals printed on the Detailed Trial Balance. Reconciling recalculates account summary amounts for the open periods."
This information discusses how to run the reconcile on the Dynamics
1. Financial (Tools > Utilities > Financial > Reconcile). The options to reconcile in the General Ledger are fairly straightforward, as listed below.
a) Allocation Accounts - Mark this option to verify that all allocation accounts, distribution accounts, and account types are valid.
If you reconcile allocation accounts, the system verifies the validity of all allocation accounts, distribution and breakdown accounts, and account types. If the allocation accounts contain errors, the Reconcile Report is printed. The reconciliation process doesn't correct allocation account errors, you must enter those corrections manually.
b) Year – Select this option to review the transaction detail for each general ledger account and update the Summary totals for the selected year. You would run this reconcile if the information in the Summary Inquiry (Inquiry > Financial > Summary) or History Summary Inquiry (Inquiry > Financial > History Summary) is incorrect when compared to the transaction totals.
NOTE: Only reconcile your historical years if you keep account and transaction history
c) Batches – Choose this option to review the transactions that are assigned to a batch in general ledger and update the batch header information. Use this reconcile if your batch total is not correct, or if there are transactions that are not appearing in a batch.
If you reconcile batches and identifying records are added, the Reconcile Report is printed.
2. Choose Posting Numbers to open the Reconcile Posting Numbers window, where you can reconcile posting numbers so that no gaps in the posting number sequence exist.
The Posting Numbers buttons appears only if you have marked the Enable Posting Numbers in General Ledger option in the Company Setup Options window. Sequential posting numbers are a legal requirement in some European countries.
3. Choose Reconcile to reconcile account totals, batch information, or both.
Contact us at Dynamics MCT Consulting to get assistance on executing the Financial Reconcile or to get mor information on Dynamics products. Send an email to Support@dynamicsmct.com or call us at Toll Free: +1.780-555-6144.
Submitted by Judith Hirst CPA, CMA MCP
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