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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 SMB Suite
in Dynamics GP Long Term Strategy, SMB Blog
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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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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.