Maintaining Chart of Accounts in Microsoft Dynamics GP (Great Plains) General Ledger

Maintaining Chart of Accounts in Microsoft Dynamics GP (Great Plains) General Ledger

Microsoft Dynamics GP (Great Plains) General Ledger can help provide your business with the financial insight needed to help your business make better decisions. You can use General Ledger to enter a chart of accounts and post beginning balances. You can export budgets from Microsoft Dynamics GP to Excel, modify them, or distribute worksheets to budget managers for review and input, then import the modified budgets back into Microsoft Dynamics GP.

In this blog, we will run through Maintaining Chart of Accounts in General Ledger.

 

 

Maintaining Chart of Accounts in General Ledger

 

a. Posting Accounts

 

Posting accounts are the financial accounts that track assets, liabilities, revenue, expenses, and equity. Transactions posted to these accounts appear on financial reports. Examples of posting accounts include Cash, Cost of Goods Sold, and Accounts Receivable.

Sort and find on various elements.

 

Allow Account Entry – this allows entry from Journal Entries.  You may want to uncheck this account for accounts tied to checkbooks, accounts receivable, and accounts payable, inventory, or other accounts you reconcile to from sub-modules.

 

Posting type

 

Controls year end close – Balance Sheet accounts balances roll forward; Profit and Loss close to retained earnings.

 

Typical balance

 

Default balance for account.

 

Level of Posting from Series

Post entries from Sub-Modules in Detail or Summary.

 

 

 

 

b. Allocation Accounts

 

Allocation accounts are used to distribute percentages of a single transaction among several accounts. Two different types of allocation accounts are available: fixed and variable.

 

Post transactions to an Allocation account and the amount will distribute according to the Variable or Fixed Allocation set-up.

 

c. Non-Financial Accounts

 

Non-financial quantities examples are employee headcount, square footage or the number of customers with past due accounts.

 

 

 

 

 

If you need additional assistance, then get in touch with our support team!

 

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Steve’s been with SMB Suite since 1998 and has been involved with nearly every aspects of the Company’s business as a strategist, professional services executive, cloud solutions architect, and senior consultant. In his current role, Steve is responsible for SMB Suite’s revenue and oversees the execution of ERP, CRM and BI projects for customers across a broad range of industries. Steve combines his expertise in MS Dynamics GP, CRM and other Microsoft products with a strong foundation in accounting and business to identify gaps and streamline customers’ processes. Prior to co-founding SMB Suite, Steve was previously Corporate Controller for MEHLE Behr and, prior to that, Audit Senior for Ernst & Young. Steve holds a Bachelor of Business Administration degree from the University of Texas at Arlington.

Jeremy is responsible for SMB Suite’s technology vision, strategy and implementation and is the architect of the Company’s Dynamics Cloud Platform. Highly adept in every facet of managed services, ERP systems and e-commerce platforms, Jeremy’s expertise spans the implementation and support of business and financial software solutions, as well as the customization and integration of SMB Suite’s cloud ERP technology stack. He holds numerous Microsoft and industry-related certifications, and was primarily responsible for designing the Company’s progressive business services platform in the early days of the Cloud. Prior to SMB Suite, Jeremy served as the financial analyst, systems administrator, and information systems liaison for a $2 billion financial services corporation.

Monty is responsible for SMB Suite’s day-to-day operation and, most importantly, its customers. As a leader, motivator and mentor, Monty creates loyal high performance teams willing to “walk through walls” to accomplish their goals. Prior to SMB Suite, Monty served as President of The Bradshaw Group (TBG), a global distributor, manufacturer, and repair facility for digital printers. In this role, he was the Company’s ambassador to its most important domestic, European and Latin American customers and TBG achieved a best-in-class Net Promoter Score of 74 for its superb customer satisfaction. Prior to TBG, Monty served as the General Manager of Sam’s Clubs three highest grossing U.S. stores and was named Regional Operator of the Year in 1999. Monty holds a BBA in Marketing from Texas Tech University and is an active member of Business Navigators. He has been active in Vistage International, Executives in Action, the Dallas/Fort Worth Retail Executives Association, as well as, A.P.I.C.S., the leading professional association for supply chain and operations management. Monty also volunteers with Hunger Busters and ManeGait, a therapeutic horsemanship organization.

David is a proven financial and information technology professional with expertise in providing business accounting software and computing solutions. He began his career by starting and managing a successful independent consulting practice for several years. He then launched the local systems consulting unit of Ernst & Young’s Entrepreneurial Services Group, leading the office into the hi-tech consulting arena. After successfully developing the unit for Ernst & Young, David founded NextCorp (which became SMB Suite in 2013) to serve the business software needs of clients throughout the US. David has made SMB Suite one of the best cloud ERP providers in the industry. In addition to being a successful entrepreneur and leader, he is a software and technology specialist, holding certifications in various Microsoft and other technologies.