How to Use Payables and Receivables Reconcile Utility in Dynamics GP
Posted on: September 26, 2016 | By: Craig Thompson | Microsoft Dynamics GP
There are many scenarios that can occur in Microsoft Dynamics GP where numbers don’t quite add up. The Reconcile feature in GP can make sure that your summary information is accurate. The utility exists in most modules in Dynamics GP, but each area offers its own unique functionality. Running one of the reconcile utilities will update summary information in GP based on the details that are saved, so it is important to understand exactly what is being changed before running the process. This article will show you how to use the Payables and Receivables utility function.
The payables reconcile gives a user the option on which vendor accounts will be affected. A user can also choose to preview the differences and changes that GP finds by unmarking the “Reconcile” option at the bottom of the page and just choosing to “Print report.” Navigate to Microsoft Dynamics GP –> Tools –> Utilities –> Purchasing –> Reconcile. These are the different options available when running the Reconcile utility:
Summary – Use this option to update unapplied payment amounts, unpaid finance charges, current balance totals, and on-order amounts.
Fiscal year – Using the transaction details, this reconcile will recalculate the vendor balances and summary information for the selected fiscal year.
Calendar year – This option will update vendor summary information for the selected calendar year. With this option, you can also choose to update just 1099 amounts, everything except 1099 amounts, or all amounts.
Batches – This option will update the batch header and totals based on the unposted transactions saved in the system. This can be helpful if there are batches that are missing transactions.
Workflow Status – If you mark this option, the workflow status and priority are reconciled for active and inactive vendor records. This option is available if Workflow for SharePoint is activated and you have marked the Reconcile option. This feature is not available for the Microsoft Dynamics GP Web Client.
As seen with the Payables reconciliation, a user can choose a range of customers to process the reconciliation for. You can also choose to just print the Reconcile Report, which allows a user to preview the changes that the system finds before a user commits them. Navigate to Microsoft Dynamics GP –> Tools –> Utilities –> Sales –> Reconcile. These are the different options available when running the Reconcile utility:
Current Customer Information – This option updates the current customer balances based on the aging period definitions. Use this option to ensure that the amounts for each aging period are correct, and that the transactions are affecting the correct buckets.
Outstanding Document Amounts – Use this option when the “Applied Amount” or “Amount remaining” is incorrect for a transaction. This option balances the apply information with the current remaining amounts, and adjusts the figures as needed.
Batch Information – This option is used to verify the transactions assigned to a batch, and the totals associated with the batch header.
Fiscal Year – Verify and update summary information for the selected fiscal year. Transactions for the year selected and reviewed, and the Summary amounts are changed based on the new calculations.
Calendar Year – Verifies the summary information for the selected calendar year with the detail transaction information, for customers who are keeping calendar history and are included in the range. If the amounts don’t match, the period summary amounts are adjusted based on the posted detail transactions.
For more information on Microsoft Dynamics GP, contact Logan Consulting your Chicago based Microsoft partner and schedule a consultation or demo.