Mekorma Upgrade Notice for Dynamics GP

Mekorma released this upgrade notice with their June Newsletter.  The bulletin is reprinted, below, in its original form.

*Important Upgrade Notice*

Mekorma has found that the latest Microsoft Windows .Net 4.7 Framework Update is causing an issue with the Mekorma MICR Software functionality. Even if you are not currently experiencing these issues, it is highly recommended that you upgrade your software now to avoid the issue before it occurs.
The two common behaviors you may encounter exhibiting this problem include:

• Security warning stating users are not authorized to print out of checkbooks.
• Warning: Unhandled object exception: The parameter is incorrect.

Note: Not all Windows programs lists that have these KB's installed name the .Net 4.7 Framework. Regardless, if any of the following KB's are installed, the guidelines below for upgrading due to .Net 4.7 incompatibility would still apply:

• KB3186497
• KB3186505
• KB3186539
• KB3186568

The current builds on our website resolve these issues and support Windows 10 and .NET Framework 4.7. Please go to our download page and install the build of Mekorma that matches the GP version you are currently on. If you are on an earlier version of GP 2013 prior to R2, please contact support@mekorma.com  for a special build. You will need to run the Mekorma table update after upgrading. Please ensure all Mekorma workstations are upgraded to the same build. If you have any questions, please contact support@mekorma.com or call 888-MEKORMA option 2.
We appreciate your patience and understanding and your support of Mekorma products.
Please contact us for more information on updating your Mekorma install or contact us about  how we can help you with a Dynamics implementation or upgrade.
Send an email to Support@dynamicsmct.com or call us at Toll Free:  +1.780-555-6144.
Submitted by Judith Hirst CPA, CMA MCP Senior Financial Analyst
www.dynamicsmct.com

What Does The Purchase Order Status Mean In Dynamics GP?

Figure 1 – Purchase Order window in Dynamics GP showing a PO Status of New

We all know that we can use the Purchase Order Entry window to enter purchase orders and to modify purchase orders with New, Released, and Change Order statuses. You also can delete or void purchase orders with a New status (purchase orders that have never been printed or sent to the vendor).

However, GP users often ask what the purchase order statuses mean, and they ask what the status does in the system.  Here is the explanation of all of the status notices on a purchase order.

The different types of purchase order statuses are as follows.

1. New

A purchase order is assigned a New status when it is saved for the first time, and before it has been released to the vendor. A new purchase order can exist without line items. If you change a new purchase order, the purchase order still has a New status. The inventory quantities are not adjusted when the new purchase order is entered. The inventory quantities are adjusted when the purchase order line status changes to a Released status.

2. Released

A Released status indicates that the purchase order has been sent to the vendor. A new purchase order is assigned a Released status if at least one purchase order line changes from a New status to a Released status. Or, a new purchase order is assigned a Released status if a receipt is posted. If a change order purchase order is printed, it changes the status to Released. Additionally, this change results in at least one released purchase order line. This change also results in no remaining change order purchase order lines.
When a purchase order has a Released status, the following amounts increase for any purchase order lines that change to a Released status:

• Inventory on Order Quantity
• Item/Vendor on Order Quantity
• Vendor on Order Currency

3. Received

A purchase order is assigned a Received status if there are no quantities remaining to receive, and if there are quantities that remain to be invoiced. A purchase order that has a Received status can have a combination of the following line items:

• Received
• Canceled
• Closed

4. Change Order

A Change Order status notifies users that the original order is no longer valid. If a purchase order that has a Released status is edited in a manner that affects the vendor, the purchase order is assigned a Change Order status, and the revision number increases. Use the revision number to make sure that you and the vendor refer to the same order. The revision number does not increase if you change a purchase order that already has a Change Order status.

5. Canceled

A Canceled status indicates that the purchase order will not be processed any more. A purchase order is assigned a Canceled status if all the line items have been canceled, and if no amounts have been received against the line items.

To change a Canceled status, change at least one of the canceled line items to a New status or to a Change Order status.
You can transfer a purchase order that has a Canceled status to history. To do this, use the Remove Completed Purchase Orders window. You can remove the purchase order by using the Remove Purchasing History window.

6. Closed

A purchase order is assigned the Closed status if all the line items have been closed, and if there are no remaining quantities to receive or to match to invoices. A purchase order that has a Closed status can also have canceled lines.

Contact us if your company has questions or issues with purchase orders.  The team at Dynamics MCT Consulting  provides a full range of Microsoft Dynamics services.  For more information on Dynamics GP or to ask questions about how we can help you with a Dynamics implementation, send an email to Support@dynamicsmct.com or call us at Toll Free:  +1.780-555-6144.

Submitted by Judith Hirst CPA, CMA MCP Senior Financial Analyst

www.dynamicsmct.com

How To Use The Purchasing All-in-One View in Dynamics GP 2015/2016

Figure 1 – Purchasing All-in-One View in GP 2015 R2

One of the new features in GP 2015/2016 is the ALL-IN-ONE VIEW. It is a nifty tool that can save a user a lot of look up time because all of the information is in one place.

The Purchasing All-in-One View window is  available for locating vendor records and displaying related purchasing documents in the same window.  That makes life easier!

When you open the Purchasing All-in-One View window from Purchasing >> Inquiry >> All-in-One View, or Home >>
Quick Links >> All-in-One View, the window opens without any data. You can specify the vendor and the details of the information to display in the window. Mark the checkbox in the upper right corner of the document to display only the related documents as in Figure 2 below.

Figure 2 – The blank Purchasing All-IN-ONE VIEW

For example, suppose a vendor calls asking about a specific payment. You can use the Purchasing All-in-One View window to select that vendor and then view all documents related to the payment, such as
the PO, receipt, invoice, credits, miscellaneous charges and finance charges, and payment to assist you in responding to your vendor ’s inquiries.

You can access the Purchasing All-in-One View window from the following windows and navigation lists:
• Your home page
• Vendor Maintenance
• Purchase Order Processing Document Inquiry
• Vendor Inquiry
• Payables Transaction Inquiry - Vendor
• Payables Transaction Inquiry – Document
• Purchase Order Processing Document Inquiry
• Purchase Order Processing Item Inquiry
• Navigation Lists and any views of these lists
 Vendors
 All Purchasing Transactions
 Payables Transactions
 Purchase Order Transactions

The icon for the Purchasing All-in-One View window is available only if a single record is selected in the navigation list. The data that’s displayed in the Purchasing All-in-One View window depends on your selection in the navigation list. For example, if you select only a vendor record in the navigation list, the vendor ID and name information are displayed in the Purchasing All-in-One View window. If you select a transaction in the navigation list, the vendor ID, name and
transaction information are displayed.

Use the Filter Icon to select additional information as in Figure 3 below. The clear filters icon will reset the filters back to the default selection.

Figure 3 – The Filter Icon is available on each column for Purchase Orders, Receipts, Invoices, Payments, and Returns.

Does your team need some one-on-one training on the tool.  Contact us.  The team at Dynamics MCT Consulting  provides a full range of Microsoft Dynamics services.  Please contact us for more information on capabilities or how we can help you with a Dynamics implementation.

Send an email to Support@dynamicsmct.com or call us at Toll Free:  +1.780-555-6144.

Submitted by Judith Hirst CPA, CMA MCP Senior Financial Analyst

www.dynamicsmct.com

Five Reasons To Keep The Vendor (Supplier) List Clean

Figure 1 – The push broom used to keep shop floors clean

Most organizations have a safety policy in place.  High on the list of safety is keeping the premises clean and tidy.  An extension of this "clean and tidy" practice should be to keep the vendor list clean in the ERP system.

Why? Here are five reasons to keep the vendor list clean.

1. The longer and messier that the vendor list is, the more likely coding errors will happen. 
2. This increases the chances of the wrong vendor being paid for an invoice assigned to them in error.
3. Now, there are two voids to process, one for the cheque payment, and one for the invoice.
4. If Vendors have not been used in the last two years, inactivate them to reduce the risk that invoices will inadvertently be assigned to them. (In Dynamics GP, for example, run a SmartList to show vendors that have not received payment for the last two years, and then inactivate them.)
5. Managing the vendor list and reviewing it quarterly or semiannually will help to minimize the occurrence of fraudulent vendors, that is, vendors who submit the same invoice under different names.  You will catch these errors  because  you are watching.

The team at Dynamics MCT Consulting has been implementing Microsoft Dynamics ERP Business Solutions for more than 15 years and provides a full range of Microsoft Dynamics services.  Please contact us for more information on capabilities or how we can help you with a Dynamics implementation.

Send an email to Support@dynamicsmct.com or call us at Toll Free:  +1.780-555-6144.

Submitted by Judith Hirst CPA, CMA MCP Senior Financial Analyst

www.dynamicsmct.com

Dynamics GP 2016 R2 - Accounts Payable Module Improvements

 

The Accounts Payable module has seen some great improvements in the handling of company credit card payments. Dealing with credit cards is often one of the more challenging aspects of working in accounts payable. The new functionality available in Dynamics GP for use with credit card payments will help with this.

A payables batch credit card payment option will allow the payment of cheque batches with a credit card. An invoice will be created for the credit card vendor and a remittance form will provide access to detailed data on the vendor invoices paid using the credit card. A link between the credit card invoice and the original vouchers is established making it easy to trace credit card payments in the system.

Other accounts payable improvements include:

- The prepayment of a purchase order can now consist of the total amount including taxes, freight, and misc. charges instead of being limited to the subtotal amount of the PO.

- The SafePay file now uses the actual vendor name printed on the cheque when the payment was made and not the default name from the vendor maintenance window which will ensure the correct data is relayed to the bank for payment presentation.

- Batch approval workflows now have default word templates for edit lists to be emailed to approvers and supply them with complete information about the transactions in the batch.

Submitted by Terence Graw CPA, CMA – Consultant

Year End Checklist for Dynamics GP–General Ledger

 

December 31 has come and gone, and now, if your year end is December 31, you need to start thinking about year end closing, and preparing financial statements.

As all accountants know, the year end process can be a big job and this makes it rather daunting. 

Microsoft has provided a year end closing checklist for Dynamics GP General Ledger and the supporting modules in their article - Article ID: 888003 - Last Review: November 19, 2015 - Revision: 27.0

The information in this document works with the following versions.

• Microsoft Dynamics GP 2015
• Microsoft Dynamics GP 2013
• Microsoft Dynamics GP 2010

Note that in the information below, the checklist comes first and then is supported by detailed explanations.   Note that while you can click on the links, the links may not be available or you may not have access to CustomerSource or PartnerSource.  Do not worry about that because, as mentioned earlier, the detail information is below the checklist.

Check this blog for other posts about  information about year end closing for individual modules.

 

Remember – the most important thing to do before you start the closing is to make a backup of the company.

 

Year-end closing checklist

1. Complete the posting procedures and the closing procedures for other modules.
   Note This step is only required if General Ledger is integrated with other modules.
2. Post the final adjusting entries in General Ledger.
3. Print an account list to verify the posting type of each account.
4. Close the last period of the fiscal year.
   Note This step is optional.
5. Optional: Perform file maintenance on the Financial series group of modules.
6. Verify the settings in the General Ledger Setup window.
7. Make a backup.
8. Print a final Detailed Trial Balance report.
9. Print the year-end financial statements.
10. Set up a new fiscal year.
11. Close the fiscal year.
12. Close all the fiscal periods for all the series.
    Note This step is optional.
13. Adjust the budget figures for the new year, and then print the financial statements.
14. Make a backup.

1. Complete the posting procedures and the closing procedures for other modules.
   Only follow this step if General Ledger is integrated with other modules. If General Ledger is not integrated with other modules, skip this step.

1. Post final transactions in all the modules except in General Ledger.
2. Complete the month-end procedure and the quarter-end procedure for all the modules except for General Ledger.
3. Complete the year-end closing procedures for each module in the following order:
   1. Inventory
      For more information, click the following article number to view the article in the Microsoft Knowledge Base:

872713  (https://support.microsoft.com/kb/872713/ ) Year-End Closing procedures in Inventory Control in Microsoft Dynamics GP

2. Receivables Management
   For more information, click the following article number to view the article in the Microsoft Knowledge Base:

857444  (https://support.microsoft.com/kb/857444/ ) Year-end closing procedures for Receivables Management in Microsoft Dynamics GP

3. Payables Management
   For more information, click the following article number to view the article in the Microsoft Knowledge Base:

875169  (https://support.microsoft.com/kb/875169/ ) Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP

4. Fixed Asset Management
   For more information, click the following article number to view the article in the Microsoft Knowledge Base:

865653  (https://support.microsoft.com/kb/865653/ ) The year-end closing procedures for the Fixed Asset Management module in Microsoft Dynamics GP

5. Analytical Accounting
   For Microsoft Dynamics GP 10.0 Service Pack 2 and greater, functionality was added to consolidate balances for dimensions in Analytical Accounting. Please review KB 960356 to make sure you have properly marked the dimensions that you want to be consolidated during the year-end process. Please note that there is no separate year-end process that needs to be run in the Analytical Accounting module. When the year-end close process is run for General Ledger, it will automatically consolidate the balances and move the transactions in Analytical Accounting for dimensions that were properly marked. We encourage you to ensure your AA data matches GL data by executing the scripts in KB 2910626 (https://support.microsoft.com/kb/2916026) before closing the GL year.
   For more information, click the following article number to view the article in the Microsoft Knowledge Base:

960356  (https://support.microsoft.com/kb/960356/ ) The year-end close procedures for Analytical Accounting in Microsoft Dynamics GP 10.0 Service Pack 2 and in later versions

2. Note Year-end procedures for Payroll are independent of the procedures in other modules. These procedures are always performed at the end of the calendar year. For more information, click the following article number to view the article in the Microsoft Knowledge Base:
3. 850663  (https://support.microsoft.com/kb/850663/ ) Year-end closing procedures for Microsoft Dynamics GP Payroll

4. Post the final adjusting entries in General Ledger.
   The adjusting entries include all the entries that correct errors that were made when transactions were recorded. The adjusting entries also include journal entries that are used to assign revenues or expenses to the period in which the revenues were earned or in which the expenses were incurred.
   If you must make any adjusting entries to allocate revenue, expenses, or depreciation to the year that you are closing, use the Transaction Entry window or the Quick Journal Entry window to make adjusting entries in General Ledger.
   If you have to track initial adjusting entries or post audit entries separate from other fiscal periods, auditing periods can be set up in General Ledger. This feature enables separate tracking of the adjusting entries that are made after the year is closed. For more information about how to create auditing periods, click the following article number to view the article in the Microsoft Knowledge Base:

871679  (https://support.microsoft.com/kb/871679/ ) How to set up an adjusting period in General Ledger in Microsoft Dynamics GP

Note If you are using closing periods and you reconcile, the transactions all move to the first period with the start date.

5. Print an account list to verify the posting type of each account.
   The posting type determines whether an account is closed to the retained earnings account or whether an account brings a balance forward to the next fiscal year. If the account balance will be brought forward at the end of the year, the posting type must be set to Balance Sheet. If the account balance will be closed to a retained earnings account at the end of the year, the posting type must be set to Profit and Loss. Use the Account Maintenance window if you must change the posting type for an account.
   Follow these steps to print an account list:

. On the Reports menu, point to Financial, and then click Account.

1. In the Reports list, select All Accounts, and then click New.
2. In the Option box, type all accounts.
3. Click to select the Inactive Accounts check box.
   Note The year-end close process is designed to delete inactive General Ledger accounts that have no current year activity. For more information, see Q17 in the Frequently Asked Questions section.
4. Click Destination to specify a report destination, and then click OK.
5. Click Print.
5. Close the last period of the fiscal year.
   This step is optional.
   You can use the Fiscal Periods Setup window to close all fiscal periods that are still open for the year. This prevents transactions from being posted to the wrong period or to the wrong year.
   Notes

• Make sure that you post all the transactions for the period and for the year for all modules before you close the fiscal periods. Later, if you have to post transactions to a fiscal period that you already closed, you must return to the Fiscal Periods Setup window to reopen the period.
• If you use Microsoft FRx, keep one period in the most recent historical year open to prevent the following error message:

FRX Print Engine Failed to Load the Company Calendar.

For more information, click the following article number to view the article in the Microsoft Knowledge Base:

874932  (https://support.microsoft.com/kb/874932/ ) "Failed to Load Company Calendar" checklist for FRx

7. Optional: Perform file maintenance on the Financial series group of modules.
   Run the check links procedure on the Financial series group of modules.
8. Verify the settings in the General Ledger Setup window.
   If you want to keep historical records, you must click to select the Accounts check box and the Transactions check box in the Maintain History area of the General Ledger Setup window. The account history lets you print financial statements and calculated budgets from historical information. The transaction history lets you print detailed historical trial balances. The transaction history also lets you view the transaction details. If these check boxes are selected, both the account history and the transaction history are updated during the year-end closing routine.
9. Make a backup.
   Make a backup of all company data, and then put the backup in safe permanent storage. The backup gives you a permanent record of the company's financial position at the end of the year. The backup can then be restored later if it is required.
10. Print a final Detailed Trial Balance report.
    Use the Trial Balance Report window to print a year-end Detailed Trial Balance report.
    Note We recommend that you post all transactions for the period and for the year for all modules before you print the Detailed Trial Balance report. If you post additional transactions later, we recommend that you print a new Detailed Trial Balance report.
11. Print the year-end financial statements.
    Print any year-end financial statements that are required. The most common financial statements include the following statements:
    • Balance Sheet
    • Profit and Loss Statement
    • Statement of Cash Flows
    • Statement of Retained Earnings
12. Set up a new fiscal year.
    Before you can perform the year-end closing routine, you must set up a new fiscal year by using the Fiscal Periods Setup window.
13. Close the fiscal year.
    To close the fiscal year, follow these steps:

0. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Financial, and then click Year-End Closing.
1. Specify an account in the Retained Earnings Account box.
   The account that you specify in the Retained Earnings Account box is the account to which the year's profit and loss accounts are closed. The default account is the account that you specified in the General Ledger Setup window.
   All current-year earnings or current-year losses are transferred to the account that you specify in the Retained Earnings Account box. If you want to distribute the retained earnings for the year to more than one account, you can specify an allocation account to distribute the retained earnings amount to the appropriate accounts. For example, you could set up an allocation account to divide the earnings between several departments in the business.
   Or, you could transfer the year's profit or loss to accounts that contain a specific account segment. This process is known as closing to a divisional retained earnings account. For more information, click the following article number to view the article in the Microsoft Knowledge Base:

850615  (https://support.microsoft.com/kb/850615/ ) How to use divisional retained earnings accounts in General Ledger in Microsoft Dynamics GP

See the "Frequently asked questions" section for more information about how to close to divisional retained earnings accounts.

2. Specify the number that you want to use as the first journal entry number for the next fiscal year in the Starting Journal Entry box.
   You can accept the default number. The default number is one more than the highest journal entry number that is posted for the current year. Or, you can specify a new number. The journal entry number that you specify is used as the journal entry number for the Year-End Closing report.
3. To start the routine, click Close Year.
   Important Click Close Year one time. If you click more than one time, you will close more than one year during the process. Also, if the progress window appears to stop at 50 percent, do not restart the routine. As long as the hard disk is processing, let the process continue.

If you are maintaining the account history, the year-end closing routine transfers all current-year information for each account in the chart of accounts to the account history. If you are maintaining the transaction history, the year-end closing routine also transfers all current-year information for each account in the chart of accounts to the transaction history. The process then prepares the accounting system for a new fiscal year. In addition to transferring current-year figures to the transaction history and to the account history, the year-end closing routine does the following:

• The year-end closing routine reconciles and summarizes the general ledger balances that accumulated throughout the year.
• The year-end closing routine removes accounts that are marked as inactive if the accounts match the criteria for deleting a posting account. Inactive accounts that have been set up as budget accounts can also be deleted if they have no activity for the year. These accounts can be deleted even if budget amounts from past years are associated with these accounts.
• The year-end closing routine moves all profit and loss account balances to the retained earnings account.
• The year-end closing routine summarizes balance sheet accounts and brings the balances forward as the beginning balances of the account in the new fiscal year.
• The year-end closing routine prints the Year-End Closing report.

When the year-end closing routine is complete, the Year-End Closing report is printed. This report lists the accounts that were closed and the transactions that were created to close those accounts. The Year-End Closing report is part of the audit trail. Save this report for the company's permanent records. The Year-End Closing report cannot be reprinted.
Note If you use Microsoft SQL Server, and if database maintenance is not automated, we recommend that you perform database maintenance after you close the year. For more information about recommended database maintenance procedures, click the following article number to view the article in the Microsoft Knowledge Base:

866439  (https://support.microsoft.com/kb/866439/ ) Recommended maintenance with SQL Server for Microsoft Dynamics GP databases

14. Close all the fiscal periods for all the series.
    This step is optional.
    After you complete the closing procedures for all the modules, use the Fiscal Periods Setup window to mark all the periods for all the series as closed. We recommend that you do this to prevent transactions from being posted from any module to any period that you closed. After a period is marked as closed, transactions cannot be posted to the period unless you reopen the period. Later, if you must post a transaction to a closed period, return to the Fiscal Periods Setup window to reopen the period.
15. Adjust the budget figures for the new year, and then print the financial statements.
    Adjust the budget figures by using one of the following windows:
    • Excel-Based Budgeting
    • Budget Maintenance
    • Single-Account Budget Maintenance

Print the "Profit and Loss" statement to verify that profit and loss accounts were closed to the retained earnings account. Print the balance sheet to verify that the balance sheet accounts indicate that the balances were brought forward.
If you are using Advanced Financial Analysis to print the financial statements, you must update the report layout to reflect the current fiscal year. To do this, follow these steps:

3. On the Reports menu, point to Financial, and then click Advanced Financial.
4. In the Reports list, select the financial statement, click Open, and then click Layout.
5. Double-click each column button to verify the Column Definition for the column. For example, double-click the C1 button or the C2 button.
6. If the column type is set to Period Range, to Year-to-Date, or to Variable Year-to-Date, select the current fiscal year in the Year list, and then click OK.
7. Repeat steps 13a through 13d for each column of each report.
15. Make a backup.
    Make a backup of all the company data, and then put the backup in safe permanent storage. The backup gives you a permanent record of the company's financial position at the start of the new year. This backup can be restored later if it is required.

 

For assistance with your year end close, please contact Dynamics MCT Consulting Ltd at Support@dynamicsmct.com.

 

Post submitted by:

Judith Hirst BA CPA, CMA MCP