In this article, we will be comparing various ways to process customer payments in Business Central. There are multiple ways to record payments, including Cash Receipt Journals, Register Customer Payments and Deposits. We’ll describe each of these methods and explain why you might choose one method over another.
Written by Billie Grigg, Senior Dynamics GP Consultant
I’m going to introduce you to one of my favorite Dynamics GP tools, the Reconcile to GL tool. This powerful tool can save you lots of time and headaches when it comes to reconciling your A/R, A/P or cash sub-ledger to your General Ledger. The Reconcile to GL tool will show you which transactions are unmatched, potentially matched and matched.
The Reconcile to GL tool is found by going to Financial>Routines>Financial>Reconcile to GL. The first time you use this tool you will have to add it to your GL account(s) that you are reconciling to, the date range, the module, and the output file location.
In this example, I’m reconciling my accounts payable from 3/1/2017-3/31/2017 using my AP GL account 000-2100-00. I have selected the Payable Management module and have selected where I want my output file to go.
Figure 1
Once we have filled out the information shown in the screenshot above, we can now hit
Process in the upper left-hand corner. Once we select Process, three things will happen:
Figure 2
Output File
The Output file is divided into three sections: Unmatached, Potentially Matched and Matched. For reconciliation purposes, you will want to focus on the unmatched and potentially matched transactions.
Unmatched Transactions are transactions that are in the GL but not in purchasing or vice versa. The potentially matched transactions often contain transactions that match, but because of items like discounts that weren’t coded to the Discount GL properly, the matched transactions mean that everything matches between the ledger and sub-ledgers.
The output file contains hyperlinks in blue font that allow you to drill back into GP. In the example below, you can see that we could drill back to a vendor, a vendor document, a journal entry or a GL Account.
Troubleshooting tips:
Whether you just went paperless, or have been relying on the cloud for years to support your business, you understand that with multiple systems comes redundant re-keying. You also know that with every duplicate manual entry, your company faces a greater potential for human error to erode the accuracy of your most critical data.
As experts in accounting and the cloud, we understand the pains of duplicate work and how it can wreak havoc in your reports, client relations, and audits. In response to this common problem, the Massey team designed mConnect.
ABOUT mCONNECT
The mConnect solution unites two best-in-class cloud platforms, ConnectWise and Sage Intacct, by creating a seamless pathway for behind-the-scenes automated integration. With mConnect, data can travel back and forth between ConnectWise and Sage Intacct quickly and effortlessly, which means your company saves time, reduces frustration, conserves resources, and ensures accuracy.
Some additional benefits of mConnect include:
mConnect’s customizable options allow for less manual entries and redundant filtering and synchronized or automatic data transfers. This means your team can do more, worry less and get the critical answers they need when they need them.
At this year’s IT Nation, happening November 8-10 in Orlando, FL, members from our team will be there to talk with other sponsors, presenters and attendees about mConnect’s features that showcase and uplift the two best-in-class cloud solutions.
Get the most you can from your cloud solutions in a way that will uplift your teams and make the best use of their time.
Let’s meet up at IT Nation, so we can show you everything that mConnect can do for you! Massey Consulting will be at Booth 704. Don’t miss out on our wonderful prizes- we will be giving away goodies each day, including 2 Amazon Echoes on Wednesday and Thursday!
How Much Sales Tax Risk Do You Carry?
Sales tax. It is one of those tasks that can drive your accounting department or bookkeeper crazy. It is also one of those unavoidable statutory requirements. Undoubtedly you have developed a process that works, but do you know how that process will hold up in an audit? Most companies cannot afford to screw up sales tax. The average audit penalty of $34,000 means the consequences of making mistakes are dire.
In a time where states are short on revenue and looking at uncollected sales tax to help make up that gap, sales tax practices are increasingly under the microscope. Now is as good a time as any to examine your sales tax process and determine just how much risk you carry. Here are a few things to consider:
Are you manually managing sales tax in Microsoft Dynamics or Intacct?
Perhaps you look up sales tax rates by ZIP code or download rate tables to implement into your ERP. This can be time consuming and error prone. ZIP codes were created for the postal service and do not always line up with taxing jurisdictions. Relying on ZIP codes to determine tax rates can mean over or undercharging your clients.
Does the taxability of your products vary by jurisdiction?
Products that are taxable in one state may not be in another. For example, some Indiana localities have adopted a local food and beverage tax when a food or beverage is sold, served or prepared for consumption. In neighboring Ohio, most food items are non-taxable unless they are consumed on the premises where they are purchased.
Are you doing business in multiple states?
Instead of thinking of sales and use tax obligations in terms of where your business is located, think about where you do business and the activities you engage in within those states. Why? Rules vary from state to state when it comes to what creates sales tax nexus. For example, certain trade show activities can trigger sales tax liability in Illinois, Texas, Nevada, Florida and California.
Reduce your risk:
Sales tax can be tricky, especially when manually keeping up with rate, rule and boundary changes in multiple jurisdictions. Reduce your risk of a negative audit by taking time to examine your sales tax process and develop a consistent, defined work flow. Then, look for ways to increase sales tax calculation accuracy. Automating the sales tax calculation and decision process can save time, money and effort. Avalara sales tax automation solutions integrate with Microsoft Dynamics and Intacct, along with most e-Commerce shopping carts and POS systems to help you achieve compliance and accuracy for all your transactional tax needs.
For more information on how to reduce your risk, join us for an upcoming webinar:
The Hidden Dangers in Your Rate Tables
1PM ET, Wednesday, April 23, 2014
Register Here