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Weekly Dynamic: Control Account Management
Dynamics GP includes a little known feature named Control Account Management. It's part of the Purchasing module and its designed to let companies use a centralized AP account and then split their AP to divisional segments for financial reporting.
Imagine that you have multiple divisions and you want to centralize accounts payable for transactional efficiency but you need to show separate AP per division or business segment on your financial statements. This is what the tool is designed to do. As an overview, AP is managed centrally and then at month end, a routine is run that segregates the open AP by the divisional segment. A reversing journal entry is automatically created to remove items from the AP account and put them in the appropriate divisional AP…
It's "Payables Management" NOT "Invoices I need to pay"
One of the most frustration situations I come across is when I walk into an existing user of GP only to find they are using Payables Management (PM) as a fancy check writer rather than a tool to manage payables.
I often wish I had a portable soap box to stand on when I say "enter all of your every day and you'll reap all kinds of benefits!"
If you enter ALL…
Default Distributions in Payables?
Yesterday I talked about using default GL accounts with Vendors to make entering distributions easier in Payables. If you are not currently doing this, you are wasting time.How does it work?
Any vendor that gets coded to the same GL account number most of the time can store that GL number in the vendor card. Then when you enter a transaction in for that vendor, it’ll enter that GL number in the distribution on the PURCH line automatically! How can I set it up?
Simple pull up a vendor in the…
gptip42day - Print Previously Applied Documents on Remittance
When creating a payables check batch, you have the option to print Previously Applied Documents on the check remittance.
* click image to enlarge
Checking this box causes any payment or credit documents applied to…
gptip42day - Document Date Verify Tool
Have you ever posted a payables transaction with a document date in a future period that doesn't yet exist in Fiscal Periods setup? No doubt this has happened in almost every company that uses GP. This has been an…
gptip42day - 1099 True-Up
And speaking of 1099s, how do you verify that the correct 1099 amount is reported for your vendors? Here's how -
1. Using the canned '1099 Vendors' SmartList, add the '1099 Amount YTD' and 'Amount Paid YTD' columns and compare those two amounts. (Save the SmartList as '1099 True-Up' or something similar so you'll have it for next year.) If the amounts are different, you need to update the 1099 Amounts. The most…
gptip42day - Electronic 1099, W2 Filing
I'm not sure if this technically qualifies as a GP tip but as we're nearing calendar year-end, I think it's appropriate. One of my pet peeves with GP is that 1099 and W2 production and filing is not friendly at all. Especially frustrating is the fact that GP…
gptip42day - Why does my Next Check Number skip a beat?
This can be a vexing issue with no apparent cause. It also can lead to questioning the integrity of GP. Here are some primary reasons why GP can appear to be skipping a check number (or PO, or SO, etc. - any document number that automatically increments).
The value in the Next Check Number field…
Feature of the Day: Payables Select Checks Enhancements
Payables Select Checks Enhancements
Module: Payables Management
Why this feature is cool!
With Microsoft Dynamics GP 2010, you will find a number of new options to increase the flexibility and control when building your Payables Check batches! You can restrict payables invoices by a…
Payables Transactions not in GL
Picture this: the auditors are in, they asking for myriads of reports, and precisely one of the things they ask is something you cannot easily achieved from the slur of reports and SmartLists available from within Microsoft Dynamics GP. To make matters worst, the "go to" guy for queries and special requests is out of the office sick with the flu. Well worry no more! If you are asked to show all the payables transactions that were never recorded or posted to GL you can run the following query from SQL Server Management Studio (or Query…
What do I call the "Rookie Mistake"?
We’ve all been a new user to GP, whether it was last week or over a decade ago. Invariably we all get stuck in the Payables Entry Window or the Receivables Entry Window while trying to code the GL Distribution. If you are still getting hung here occasionally, today’s entry is for you!
To avoid distribution errors, make sure the entry window matches the distribution window. Let’s talk about Payables in this example, keeping in mind Receivables works the exactly same way.
On the Payables entry window, the amount…
1099 Minimum Amount
As per the IRS, the 1099 form must be issued to Vendors for amounts of $600 or greater. Somebody recently reported that the 1099s were not being produced for Vendors with amounts which were exactly $600.
By default, the minimum amount for 1099’s is set to be $600 (Microsoft Dynamics…
Weekly Dynamic:Track and Get W-9's For Vendors
In the U.S., a 1099 form is used to provide information to the IRS on non-corporate vendors that are paid more than $600. The biggest problem with this process is getting a Tax ID number from these vendors, usually this involves a W-9 form
. Often, companies don't get a Tax ID number when they setup the vendor and have to go back at year end and try to get one. Good luck making this happen in the real world.
The only way to make this…