The FUTA rate will decrease from 0.8% to 0.6% effective July 1st, 2011. The Wage Limit will remain at $7,000. The IRS will be publishing a special Form 940 for 2011 to show the two rates. Bookmark http://www.irs.gov/formspubs/index.html to find the form at year-end.
To change the rate in Dynamics GP, go to ToolsàSetupàPayrollàUnemployment Tax.
In the Tax Code field, select FED.
In the Tax Rate field, type 0.6
Save and exit the window.
Grouping tasks into similar groups is a basic organizational tool. For us bookkeepers, that means on any given day we will enter a pile of bills, record cash receipts, and generate sales invoices – each task requiring multiple entries with repetitive keystrokes and mouse-clicks. I find any little trick to make these transactions go more quickly is a welcome addition to my toolbox. Here are some of my favorite tips that increase efficiency:
1) In any date field in Dynamics GP, users have the option of clicking on the calendar and navigating to the desired date or using the keyboard to manually enter the date. If the desired date falls within the same month and year as your user date, you can just enter the DD portion of the MM/DD/YYYY format and the year and month will be completed by the system. For example, if your user date is 06/20/2011, and you are entering a transaction dated 06/10/2011, all you need to type in the date field is 10, tab out of the field, and voila! The date will read 06/10/2011.
2) Similar to tip #1, if the desired transaction date is within the same year as the current user date, all you need to type is the MMDD portion (skip the slashes!) and the YYYY will be completed by the system. For example, if the user date is 06/20/2011 and your desired transaction date is 02/25/2011, all you need to type is 0225 and the date will read 02/25/2011.
3) Ever notice long it takes to load up the Checkbook Register Inquiry window? Try this: Enter the date range first, THEN select the Checkbook ID.
4) Keyboard shortcuts! The less I have to move back-and-forth between keyboard and mouse, the faster every transaction gets entered.
a. Alt-R is the magic keystroke to open the Payables Transaction Entry window from the Payables Batch Entry window
b. Alt-S opens the Cash Receipts Entry from the Receivables Batch Entry window, then use Alt-Y to open the Apply Sales documents window.
One of the best resources for new tips and tricks is from other users. I highly recommend a GPUG (GP User Group) membership. GPUG’s community uses a variety of tools to share information, tips and tricks and best practices. If you want to get the most out of Dynamics GP, GPUG is a great place to learn how.
If you use SmartLists in Dynamics GP, you have most likely used the Excel button to export a SmartList to Excel. What you may not know is that there is another option called SmartList Export Solutions that is available for you to use.
Examples of things you can use Smartlist Export Solutions for are to automate totaling and formatting of SmartList data in an existing Excel Spreadsheet. And you can export SmartList Data to the same spreadsheet over and over again. You also gain additional functionality by being able to use macros that automate various tasks like clearing data from an existing spreadsheet, creating a new sheet within a workbook before adding data, adding up columns etc..
To Setup a Smartlist Export Solution
1) You’ll want to save a SmartList with the columns you want, as a Favorite
2) Export your Favorite SmartList to Excel
3) Save the Excel Spreadsheet to the location of your choosing and close out of Excel
4) View your Favorite SmartList in Dynamics GP
5) Select Smartlist>>Export Solutions from the Menu
a. Name: Enter a Name to identify the Spreadsheet that you will be exporting to
b. Document: Enter the Path or browse to where you previously exported and saved the SmartList in Number 3
c. Preparation and Completion Macro: If you added a macro to the Excel File enter those names here
d. Visible To: Enter who you would like to be able to use/see this solution
e. Application: Select Excel
f. Works for Favorites: Check the box next to the Favorite that this solution is associated to
g. Save and Close the Export Solutions window
Back at the SmartList window open your Favorite SmartList
1) Click the Excel Button
a. You will now have an additional choice of Export Solution (Quick Export is the usual way of exporting a SmartList)
b. Click Export Solution and your spreadsheet will open
i. If you created a before and/or an after macro these will run ahead of and/or after your is exported
It can be that simple, or you can design macros for different tasks like creating pivot tables etc.. This gives you quite a few more options when exporting SmartLists to Excel, especially when you do the same type of export month after month, and this should save you lots of time once the solution is in place. Happy Exporting!
You passed your last financial audit with high marks. Your internal accounting controls more than satisfy the auditors’ requirements and you have nothing to worry about, right? Maybe!
With businesses “doing more with less”, the accounting staff is required to take on more responsibilities. This reduction in staff does not accommodate the traditional separation of duties recommended for audit controls.
When we talk with prospects and customers, we find:
When we recommend to our clients a greater separation of duties, the response is that they don’t have the staff and the auditors approved the internal controls. After all, SAS300 states that “There is always some control risk because of the inherent limitations of any accounting and internal control systems.”
So how do you protect against fraud and accounting irregularities without hiring more staff and incurring large consulting expenditures? Here are examples of some things you can do to protect your company or organization.
· Review user security in your accounting system. Are the users allowed to remove history? Do members of the accounting department know the system administrator password that gives them access to every function in the system? Change the system password and restrict their rights only to their specific duties.
· Use an auditing tool that tracks changes to records. Most quality Enterprise Resource Planning (ERP) systems sell an inexpensive module that will track “before” and “after” changes. When a vendor address changes, the information can be tracked and reviewed at any time. Track changes to vendor EFT bank account information.
· Insist that all accounting functions operate in the accounting system. Use the bank reconciliation tool to reconcile to the bank, use the financial statement generator to print financial statements directly from the general ledger, track fixed assets within the ERP system and not in Excel.
· Assign bank reconciliation duties to someone who is not handling cash or printing checks. In a small accounting department, one of the best ways to prevent against fraud is to review the bank statement.
· Assign posting (update of the accounting records) to a different staff person. Reviewing the results of a computer check run or cash receipts batch can be completed in a matter of minutes by a separate staff person. And correcting the general ledger accounts prior to posting saves time when completing the month end reconciliation.
These are just a few examples of ways to maintain the integrity of your financial systems. And as auditors become more accounting system savvy, you continue to meet and, hopefully, exceed expectations.
For more information on how you can implement further accounting controls, please call us at 207.761.2133 or email info@gilchristscott.com.
So often we get into a rut in our daily work lives, using the tools and technology that we’ve become accustomed to in completing our day-to-day work. Why don’t we consider using the best tool for the job instead of the default tool? Many of us stick with what we know because we’re all working in lean organizations and we perceive it takes too much time and effort to try something different. We’ve shown our clients that this perception is just not true and they are reaping the benefits of having more time, not less.
Reporting is a prime example. In accounting and information systems, there are multiple ways to get data out of the system. It’s overwhelming and unfortunately, many ERP Software system users in the accounting department are printing reports and re-entering the data in Excel for their final output because that’s what they know. There’s no time spent learning something new. For many it’s their default reporting tool.
Examples of the primary reporting tools in Microsoft Dynamics GP are:
· Report Writer
· SQL Reporting Services (SSRS)
· Excel Reports
· Smartlist and Smartlist Builder
· Crystal Reports
Most organizations do not have the resources to become experts in all the tools, but the IT and Management team should select and embrace a few. Variety provides options, and options empower users. Less reliance on IT and external resources means cost savings across the board.
How do you know which tools are right for your organization? Ask the experts. A small amount of time with your GP Partner to assess your needs and recommend the tool set that will meet the users and organization’s needs, will provide big payoffs.
New England Tech Air, Scarborough Maine, is a prime example of a company that’s diligent about having a lean accounting staff. They can’t afford to spend hours on getting access to data. Last year, at year-end, Angela Hussey, Accounting Manager, needed to complete the mandatory year-end 401K census. Angela’s default tool was to use Dynamics GP Report Writer or to look up the data using GP Inquiries. Both of these options were leading to several days of work. She didn’t have that much time and knew there must be a better way.
It took a half hour to assess the requirements confirm that Dynamics GP Smartlist Builder was the right tool. A half-hour later Angela had the report she needed. “They saved me 8 or 10 hours; at least one whole day and a ream and a half of paper,” she explained. “I am fairly busy most of time so this helped a lot. I have to do this once every year, and before now, there was no easy way to get to it.” A small amount time to determine the right tool avoided numerous hours of staff time. Just as importantly, it brought confidence and understanding of a new tool.
Angela went on to explain, “What we do is not always a cut and dry use of the system; we do some quirky things. Gilchrist Scott knows us well, so they’ve been able to modify some screens and reports for us, which makes it more user-friendly for us in general. It even helps with little things to save time, like not having to hit so many buttons on a payroll screen.”
When you say to yourself “there must be a better way”, you’re probably using the wrong tool for the job. Stop, and reconsider your options. It will save you time and improve your toolbox. Give us a call at 207.761.2133 to help you find the right tool for your time-consuming tasks.
You can reduce the number of keystrokes made during an entry by using the macro functionality within Dynamics GP.
A macro is a recording of each keystroke and click you make during a process that can later be played. During the play of the macro, each keystroke is recreated just as it was recorded.
Below I’ve outlined the steps for recording a Bank Transfer macro. Many companies manually enter several bank transfers in their daily process. The macro will record the clicks and keystrokes up to a certain point, and will then allow the user to enter any additional information prior to posting.
To begin go to Microsoft Dynamics GP>Tools>Macro>Record
Once you’ve selected ‘Record’, you will be prompted to name the macro and set the location. You may find it helpful to have a ‘Macro’ folder on your server available to GP users. The file extension should be .mac.
The next step is to go through the process of entering your Bank Transfer. As the date will change and the amounts may change, you will want to stop just short of clicking on the ‘Post’ button as shown below:
Stop the macro by going to Microsoft Dynamics GP>Tools>Macro>Stop Record:
To play the macro go to Microsoft Dynamics GP>Tools>Macro>Play…then select the macro from the saved file location. As another time-saver the macro can be saved as a shortcut or Quicklink on your home page.
Someone once described TEAM as Together Everyone Achieves More.
This is a concept that will be tested and, most likely embraced, by the group of professionals coming together for the first ever NE Dynamics GP User Group being held at ecomaine on 2/23. In this time of cost cutting, do-more-with-less, everyone should consider collaboration as a way to learn, grow, and create efficiencies that traditionally were accomplished through expensive training programs and consulting engagements.
Great minds are coming together for the Dynamics GP User Group to talk about the new Microsoft Dynamics GP 2010 (Dynamics GP V11), Tips and Tricks, Roundtable discussion, and to create an agenda for future meetings that will result in achievements not found in traditional learning. Welcome to the new world of collaboration where we connect and work with others and benefit from the team approach!
In Dynamics GP you have the ability to customize the sorting options within lookup windows. This functionality is available across all core modules.
To setup an Advanced Lookup (more…)
