General Ledger II in Microsoft Dynamics GP 9.0 | Microsoft Training, MS Dynamics NAV, CRM, GP, AX, Business Central

The one day Microsoft Dynamics GP General Ledger II course explores the accounting cycle and the processes required to enter financial data into the system. As well, this course will show you how to perform additional functions such as intercompany transactions, using organizational structures, account level security, and year-end closing procedures.

A thorough understanding of these topics allows you to streamline monthly and year-end closing processes by learning how to automate routine activities such as reports. In addition, processes and functions that can increase efficiency and accuracy in the daily procedures will be explored. This course will also teach you how to maximize your reporting and analysis capabilities with inquiries and reports that can be customized to meet your specific business needs. You will learn tips for troubleshooting and maintaining data integrity.

Audience Profile

Customers who would like a more in-depth understanding of the Microsoft Dynamics GP system.

The class is targeted toward data entry clerks, administrators; office managers, CEOs, and consultants who need to understand the technical aspects of Microsoft Dynamics GP General Ledger and gain foundational knowledge of the application functionality.

Prerequisites

Before attending this course, students must have:

Financial Series I course or equivalent working experience with Microsoft Dynamics GP

At Course Completion

After completing this course, students will be able to:

Customize General Ledger posting settings.
Identify how data flows through the General Ledger Work, Open, and History Tables.
Maintain records easily and efficiently, utilizing a variety of functions.
Troubleshoot your General Ledger data.
Create and maintain budgets using Microsoft Excel - based Budgeting.
Configure and use Organizational Structures to apply account level security.
Setup Intercompany to automate intercom any transactions.
Use Inquiries, Reports, and SmartList to easily access and customize financial information to meet your company's needs.
Maximize easily customized reporting through Smartlist.
Perform the period-end and year-end closing procedures.

Course Outline

Module 1: General Ledger Setup Procedures

This chapter focuses on the setup procedures for the General Ledger module. We will examine how to customize account categories and the posting setup to streamline the data entry process. A big focus of this chapter is the use of fixed and variable allocation accounts and how clearing entries may be used to show details of the in and out entries involved in the allocation.

Lessons

General Ledger Setup
Account Categories
Posting Setup
Fixed Allocation Account Setup
Variable Allocation Accounts
Allocation Account Alternatives

Lab : Financial Posting Setup

Activate batch approval process
Enter and post journal entry batch

Lab : Fixed Allocation Account

Set up a Fixed Allocation Account
Enter and post transaction for allocation account
Perform inquiry to verify allocation

Lab : Variable Allocation Account

Set up a Variable Allocation Account
Enter and post transaction for allocation account
Perform inquiry to verify allocation

Lab : Allocation Account Alternative

Create fixed allocation account
Create posting account
Enter and post transaction
Enter Clearing Entry
Perform inquiry to verify entries

After completing this chapter, students will be able to:

Set up the basic information for General Ledger.
Customize Account Categories to meet the needs of your company.
Configure Posting Setup for General Ledger.
Set up and use Fixed Allocation accounts to distribute percentages of a single transaction among several distribution accounts.
Set up and use Variable Allocation accounts to distribute percentages of a single transaction among several distribution accounts based on the relative balances of other posting or unit accounts.
Use Clearing Entries in combination with variable allocation accounts to track the details of the allocation in General Ledger.

Module 2: General Ledger Data Flow

This chapter focuses on how data flows from the Work to Open to History tables as transactions are posted and year end procedures are performed. We will discuss the mechanisms used to identify the source and status for all documents in the system. How to retrieve information using the "zoom" feature instead of printing reports is covered in this section.

Lessons

Integration
General Ledger Document Status
Transaction Flow
Source Document Setup
Audit Trail Codes Setup
Tracing Transactions

Lab : Tracing Transactions

Enter and post accrual transaction
Use zoom to verify transaction reversal

After completing this chapter, students will be able to:

Understand how data flows from Work to Open to History tables.
Set up Source Document IDs.
Set up Audit Trail Codes.
Trace transactions using Zooms.

Module 3: General Ledger Advanced Functionality

In this chapter we will discuss the advanced functionality that is available in General Ledger. Multidimensional Analysis provides increased reporting and analysis capabilities without expanding your chart of accounts. Excel-Based Budgeting enables budgets to be created in Microsoft Dynamics GP or Microsoft Excel and then exported and imported between the two applications. Another focus of this section is Intercompany processing which allows transactions to be posted in one company that affect other companies in the organization. Finally, Organizational Structures and activating Account Level Security for users, user classes, and accounts is discussed in detail in this chapter.

Lessons

Multidimensional Analysis Overview
Setting up Analysis Groups and Codes
Assigning Analysis Groups to Accounts
Entering Transactions with Multidimensional Information
Performing Multidimensional Analysis Inquiry
Microsoft Excel-Based Budgeting Overview
Creating a Budget with the Budget Wizard
Exporting and Importing Budgets
Intercompany Processing Overview
Defining Intercompany Relationships
Entering General Ledger Intercompany Transactions
Post Intercompany Transactions in Destination Companies
View the Intercompany Transaction in Inquiry
Organizational Structures Overview
Define Components of the Organization
Define Organizational Relationships
Assign User Classes to the Organizational Structure
Assign Users to the Organizational Structure
Assign a Range of Accounts to the Organizational Structure
Assign an Individual Account to the Organizational Structure
Activate Account Security

Lab : Multidimensional Analysis

Create analysis group
Create analysis codes
Assign analysis group to accounts
Enter and post transaction using Multidimensional Analysis
Perform inquiry on analysis information

Lab : Create a Budget in Microsoft Excel

Create a budget using the Budget Wizard for Microsoft Excel

Lab : Modifying a Budget in Microsoft Excel and Importing back to Microsoft Dynamics GP

Update existing budget in Microsoft Excel
Import the budget into Microsoft Dynamics GP

Lab : Intercompany Posting Account Setup

Create intercompany posting accounts
Enter and post an intercompany transaction
Post intercompany transaction in destination company

Lab : Organizational Structure Setup

Set up a companys organizational structure
Set up the organization tree relationships
Assign users to the organizational structure
Assign Account Level Security
Test the Account Level Security

After completing this chapter, students will be able to:

Use Multidimensional Analysis to track additional information on account transactions.
Use Microsoft Dynamics GP Budget for Microsoft Excel to create budgets and import or export into Microsoft Dynamics GP.
Use Intercompany transactions to record transactions that involve two or more companies.
Set up and use Organizational Structures.

Module 4: Maintaining Records

This chapter examines the functionality available to maintain your General Ledger records. There is also a section that focuses on correcting posted entries as well as changing and deleting records. Time is also spent discussing how to remove General Ledger history and the types of history information stored in the system.

Lessons

Correcting Transactions
Posting to History
Changing and Deleting Posting and Unit Accounts
Changing and Deleting Allocation Accounts
Remove History

Lab : Posting to History

Verify setting for posting to history
Post adjusting entries

Lab : Correcting Entry (Date and Amount Errors)

Post journal entry
Post correcting entry
Use inquiry to verify entries are correct

After completing this chapter, students will be able to:

Correct posted entries.
Post transactions to History.
Change and delete records.
Remove General Ledger history.

Module 5: GL Inquiry and SmartList

This chapter focuses on the multiple methods for quick and easy information retrieval. The Inquiry and SmartList functions provide numerous ways to instantly view relevant summary and detail information about account activity and transactions. We will also look at exporting SmartList queries to Microsoft Excel or Microsoft Word.

Lessons

Inquiries
SmartList

Lab : Inquiry: Drilldown to Originating Transaction

Use Budget vs. Actual Inquiry window
Drill down to source document

Lab : SmartList: Simple Chart of Accounts

Create SmartList query
Save query to Favorites
Export query to Microsoft Excel

Lab : SmartList: A/R Reconciliation

Create SmartList query
Save query to Favorites

Lab : SmartList: Drilldown to Originating Transaction

Create restriction for default query
Drill down to original transaction

After completing this chapter, students will be able to:

Perform Summary and Detailed inquiries for current and historical accounts.
Perform inquiries on a specific journal entry.
Perform inquiries on budget information.
Use SmartList to perform queries on General Ledger data.

Module 6: General Ledger Reports

This chapter focuses on how to create report options which may be grouped together to print multiple reports within a series or combined to print reports containing data from multiple series to maximize reporting capabilities for your financial data. Reports can be very useful in locating discrepancies that need to be corrected. Time is spent discussing how to utilize the trial balance and cross reference reports to analyze general ledger data.

Lessons

Creating Report Options
Creating and Printing Report Groups
Creating and Printing Combined Groups
Cross Reference Reports
Trial Balance Reports

Lab : Cross Reference Report by Audit Trail Code

Enter and post journal entry
Create a Cross Reference Report by Audit Trail Code
Determine additional ways to get similar information

Lab : Trial Balance Report

Create a Detailed Trial Balance Report
Analyze report totals and reasons for incorrect totals

Lab : Using a Cross Reference Report to Analyze Information

Print a cross-reference report
Determine corrective action to complete reconciliation

After completing this chapter, students will be able to:

Create report options.
Create and print report groups.
Create and print combined report groups.
Print Cross-Reference reports.
Print a Trial Balance Report.

Module 7: Period-End Procedures

This chapter examines the process of closing an accounting period. The steps necessary to complete each phase of the closing process are discussed in detail. We will look at the reports and financial statements that should be printed before performing the closing process. Time is spent examining what actually takes place during the closing process and how to use the Mass Close window to close specific transaction types while others remain open for a period.

Lessons

Period-end Closing Checklist
Printing Financial Statements and Reports
Consolidating a Period
Closing the Fiscal Period

Lab : Period-end Closing

Verify all transactions have been posted for the period
Print financial statements
Print Detailed Trial Balance
Close the Fiscal Period

After completing this chapter, students will be able to:

Complete the processes that are performed at the end of an accounting period.
Consolidate periods and be aware of the effects of performing the consolidation process.
Use the Mass Close option to close specific transaction origin types for a period.

Module 8: General Ledger Year-End Closing Procedures

This chapter examines the process of closing the fiscal year. The steps necessary to complete each phase of the closing process are discussed in detail. We will look at the reports and financial statements that should be printed before performing the closing process. Time is spent examining what actually takes place during the closing process and the two approaches that an organization may use for this process. Steps are provided in the event that the year end closing is performed and an account has been assigned the wrong posting type and is closed incorrectly.

Lessons

Overview
Year-end Closing Checklist
Post Adjusting Entries
Verify Posting Type
Year-end Closing
Balance Sheet Accounts Set up as Profit and Loss Accounts

Lab : Year-end Closing

Perform year-end closing routines in all other modules
Verify all final adjustments have been posted
Print an Account List
Perform File Maintenance for the Financial Series
Print the General Ledger Summary Trial Balance report
Print Financial Statements
Set up a new fiscal year
Close the fiscal year
Print Detailed Trial Balance and Financial Statements
Close all Fiscal Periods

After completing this chapter, students will be able to:

Complete the steps necessary to close a year in General Ledger.
Set up a special period for posting adjusting entries.
Set up posting for the closing entry to Divisional Retained Earnings accounts.
Correct the situation where an account had the wrong posting type when the year end closing was performed.

Module 9: General Ledger Troubleshooting

This chapter will focus on techniques available for troubleshooting problems that may arise during posting or year-end processing. We will look at the automated fixes that are available on the Customer Source website and the Batch Recovery process for releasing "stuck" batches. A section of commonly asked questions about General Ledger transactions is included in this section.

Lessons

Posting Interruptions
Automated Fixes
Batch Recovery
Reconcile
One-sided Entries
Year-end Closing Interruption
Commonly Asked Questions

Lab : Reconcile Fiscal Periods

Modify fiscal year starting and ending dates
Reconcile fiscal years
Verify account balances

Lab : Reconcile Posting Numbers

Enable Posting Numbers
Reconcile posting numbers

After completing this chapter, students will be able to:

Properly recover data after a posting interruption.
Use the Automated Fixes on Customer Source to correct common problems.
Recover a batch that has become "stuck" in the system.
Reconcile General Ledger account information.
Create a "one-sided" entry to correct an error that occurred because of a posting interruption.

Module 10: Conclusion

In this chapter we will discuss the key points that have been covered throughout this course.

Lessons

Customize General Ledger posting settings
Identify Work, Open, and History tables
Use fixed and variable allocation accounts to distribute amounts to breakdown accounts during transaction entry
Post transactions to a historical year and automatically adjust the balance of the retained earnings account or the beginning balance brought forward for an account
Use the inquiry windows to view open, history, or net change activity for an account
Use SmartList to access accounting data and export to Microsoft Word or Microsoft Excel
Print cross reference reports to research transactions by various criteria
Prevent transactions from being posted to a specific accounting period by marking it as closed
Perform the year end closing process and retain the ability to post adjusting entries to the most recent historical year
Create budgets in Microsoft Dynamics GP, export or import from Microsoft Excel
Use Organizational structures to define the components of your organization and their relationship
Record intercompany transactions that occur in one company and will create transactions in another company's General Ledger

Module 11: Appendix: Smart Tags

This section contains information on Smart Tags or links between Microsoft Office documents and data in Microsoft Dynamics GP. The items that may be recognized and "tagged" in Microsoft Office XP are discussed in the section. The focus of this section is to highlight the benefits of Smart Tags and how you can use them in your business.

Lessons

How Smart Tags work
Smart Tag Benefits

After completing this chapter, students will be able to:

Understand how Smart Tags work.
Recognize the ways Smart Tags can make your business more productive.

Module 12: Appendix: Professional Service Tools Library

This chapter contains information on the Professional Services Tools Library and how it can provide help for users to consolidate and change critical data-quickly and accurately. Users can purchase tool individually, select any three tools or purchase the entire library.

Lessons

Financial Series Tools
Purchase Series Tools
Sales Series Tools
Payroll Series Tools
Inventory Tools
System tools
Tools Available Separately
Related Service Offerings

After completing this chapter, students will be able to:

Understand the tools that are available in the Professional Service Tools Library and how they can be used in your organization.

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