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Processing Financial Transactions in Microsoft Dynamics GP (Great Plains) General Ledger

15 Nov

Processing Financial Transactions in Microsoft Dynamics GP (Great Plains) General Ledger

by mehreen hasan
in Dynamics GP Long Term Strategy, SMB Blog
Comments

You can process financial transactions to complete accounting tasks in Microsoft Dynamics GP (Great Plains) General Ledger.

 

In this article we cover:

  • Basic journal entries
  • Creating batches
  • Reversing (accrual) entries
  • Correcting entries
  • Copying/recurring journal entries

 

Let’s get started:

 

 

 

Basic Journal Entries

Using a batch is recommended as a best practice as it provides better recovery of the transaction should something happen during the posting process.

 

 

Creating Batches

A batch is a group of transactions identified by a unique name or number. (Batch ID only has to be unique by origin. The same ID could be used for a quick entry batch or an invoicing batch etc.)

 

  • Required fields are in bold.
  • Save

 

 

Reversing (Accrual) Entries

A reversing transaction reverses the distributions—debit and credit entries—of the current transaction. This may be needed if there are salaries that haven’t been paid or revenues that haven’t been billed.

 

 

Correcting Entries

This backs out a previous transaction and should only be used to back out general ledger transactions, not transactions from sub modules such as purchasing or sales. Back out and correcting creates two journals. One is a reversal, the other is a journal with all the account numbers in it so you can put the correcting amounts in it

 

 

 

Copying Journal Entries

A use for this feature is if you have a journal completed previously and you wish to make the exact same entry this month.

 

 

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

 

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