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Analytical Accounting with Dynamics GP Helps Analyze Financial Data
Dynamics GP Analytical Accounting (AA) is another example of Microsoft’s commitment to help businesses increase productivity. AA empowers you with powerful functionality to analyze financial data with the specific criteria you require. Greater reporting flexibility allows you to analyze transactions in a more efficient manner. Analytical Accounting with Dynamics GP gives you better visibility of your operations. When you have access to the right data at the right time, you are empowered to make decisions with deeper visibility into your transactions. Analytical Accounting is especially beneficial for not-for-profit organizations and greatly enhances the Grant Management module.
Watch this video to learn more about Dynamics GP Analytical Accounting - this 8 minute video demos a simple setup for AA as well as some reporting options including SmartLists, AA Inquiry Queries and Management Reporter.
5 Benefits of Dynamics GP Analytical Accounting (AA)
1. Get Detailed Transaction Dimensions: Classify, report and analyze financial transactions based on your specific business needs with an unlimited number of user-defined transaction dimensions including Cost Center, Profit Center, Region and Hours as well as pre-defined system transaction dimensions such as Customer, Vendor, Item and Site.
2. Flag Specific Financial Accounts: Now you are able to mark a certain dimension, like Profit Center as “analyzed.” Then, where those specific accounts in GP are used (any module - Payables, Inventory, Financial, etc.), the transaction can have the Profit Center value entered. We suggest making the dimensions required so that a user must enter a Profit Center value to post the transaction. If a Profit Center value is no longer needed, it can easily be marked as inactive and disappear from the list of values to be chosen for new transactions. There is even security to prevent certain GP users from selecting certain Dimension values.
If you have a different dimension, such as Hours, you can have some of the same financial accounts or completely different accounts flagged for the Hours dimension.
3. Define Access by Dimension Code for Specific GL Accounts: Analytical Accounting provides an additional level of user permissions security with “Account Access" where you define access by each Dimension Code to only have access to specific GL Accounts.
4. Use Excel for Multi-level Reports: Use a familiar tool like Excel for easy manipulation, integration of non-accounting business data and enhanced presentation. You decide how much detail you need to view throughout your entire report or section with an implode/explode function. Dimensions may also be added just like Financial Account segments in the rows, columns, or trees of Management Reporter financial reports.
5. Add Codes to Finance Charges: Add Analytical Accounting codes to individual customers when assessing finance charges is another popular feature. If the GL account is linked to an accounting class, AA codes will be assigned to each individual customer. If the account is not linked, you will have the ability to assign codes later in the AA edit analysis window for each customer assessed a finance charge.
If you have a different dimension, such as Hours, you can have some of the same financial accounts or completely different accounts flagged for the Hours dimension.
3. Define Access by Dimension Code for Specific GL Accounts: Analytical Accounting provides an additional level of user permissions security with “Account Access" where you define access by each Dimension Code to only have access to specific GL Accounts.
4. Use Excel for Multi-level Reports: Use a familiar tool like Excel for easy manipulation, integration of non-accounting business data and enhanced presentation. You decide how much detail you need to view throughout your entire report or section with an implode/explode function. Dimensions may also be added just like Financial Account segments in the rows, columns, or trees of Management Reporter financial reports.
5. Add Codes to Finance Charges: Add Analytical Accounting codes to individual customers when assessing finance charges is another popular feature. If the GL account is linked to an accounting class, AA codes will be assigned to each individual customer. If the account is not linked, you will have the ability to assign codes later in the AA edit analysis window for each customer assessed a finance charge.
Additional Benefits: Several other benefits to Analytical Accounting include Wizard-Driven Inquiries, Simplified Navigation, Valid Code Combinations and Grant Budget Validation. You are also able to add AA codes to payments on Sales Orders when entering them in the Sales Transaction Entry window.
Analytical Accounting was added as a standard offering since the GP2013 Starter Pack release. If you are on GP2012 or older and planning to upgrade, you may want to consider the benefits of Analytical Accounting. If you are already using it, check in with your Dynamics GP consultant or ask our experts to make sure you are taking full advantage of AA’s robust functionality.
Contact us, email or call 585-286-9002 to learn more about Dynamics GP and Analytical Accounting’s functionality.
Software Solutions Group, Inc.
For over 20 years, we are a trusted Microsoft Dynamics CRM, Microsoft Dynamics GP, Microsoft Dynamics SL, Acumatica and Office 365 certified team of ERP consultants serving Buffalo, Rochester and Syracuse, NY and the Erie, PA surrounding areas. From health care to manufacturing, we have the industry experience and solutions to help deliver powerful ERP, Financial Management and CRM solutions to help you meet your business objectives.
Are you ready to improve efficiency, leverage firm talent, improve experiences, and grow? Contact us today! Visit our website, email or call 585-286-9002.
Another version of this blog was posted on February 18, 2014 by Amy Coddington with Software Solutions Group – Analytical Accounting for Dynamics GP
Photo courtesy of freedigitalphotos.net by Stuart Miles
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