Weekly Review: Correcting Entries that Did Not Start in the GL

Dynamics GP provides a great option for backing out and correcting entries in the GL. But what if the transaction didn't originate in the GL? What if it came from a subledger? Generally, you want to correct the entry back in the module where it was created. However, it is possible to use GP's Correct Journal Entry functionality to reverse and fix a JE that started in the subledger. You just have to turn the functionality on.
To activate the ability to correct GL entries that didn't originate in the GL:

• Select Tools|Setup|Financial|General Ledger
• Check the box next to Voiding/Correcting of Subsidiary Transactions

If this box is not checked, GP will display an error message when you try to correct an entry that originated in a subledger.

Originally posted by Mark Polino at 2/08/2010 09:00:00 AM

Year End Dynamics GP Video Cleanup

The Dynamic Sherpa 5 minute videos for Dynamics GP have been slowly migrating to their new homes on Blip.TV and YouTube for the past 2 months.
Traffic to the old Podomatic location has slowed to a trickle and the lack of per video stats from Podomatic is causing me frustration when reviewing the downloads. So, as part of my year end clean up I've pulled the videos from Podomatic to cleanup my stats. All the older videos are still available on YouTube with links on the video page. I can add them to Blip.TV if there is a demand for other formats.
Don't forget that once the pie, egg nog and bubbly wear off, it's year end and someone will expect you to do some work. When that happens we've got a Year End Overview video and 2 1099 videos to make it look like you were working over the holidays. Also there's our Excel Based Budgeting video for those of you late to the budget party and our Correcting Journal Entry videos for those late night screwed up JE's sure to come in early January.
We're here to try make it not just a Happy New Year, but a Happy Year End.

Weekly Review: Extreme Makeover, JE edition

Each week I'd like to cover a feature in GP. Some of them are new, others just underutilized. Ideally, I'd like to do this more than weekly but hey, I have a job.

Extreme Makeover, JE Edition

In version 8.0 Microsoft introduced Journal Entry corrections and copies. This is feature I'd been asking for for some time. I even came close to writing my own version several times. You now have the ability to undo a journal entry, easily, and with a complete audit trail.

In Transactions->Financial->General, select Correct. You now have an option to back out a Journal Entry or Back out a JE and create a correcting entry.

You will also need the JE number (you can look it up) and year of the entry you want to correct.

What happens behind the scenes when you backout an entry is that GP creates a duplicate, opposite JE with a new JE number to offset the one you want to correct. If all you need to do is undo an entry, simply post your correction and you're done.

If you also select a correcting entry, the first entry created is the backout entry. When you post or save the backout entry, a second entry is created. This second entry is your original entry as a new, unposted JE that you can make changes to.

Both the backout and the correction are normal JE's that can be save to a batch, changed, posted, made reversing, etc.

Some obvious uses:

• That batch of month end accruals was accidentally posted in next month. Simply pull up the JE, do a correction to back it out of next month, and change the date on the correcting entry to the correct month. Post it all an you are in business.
• The 150 line JE keyed incorrectly by an intern. Hopefully this was reviewed before posting, but if not, use this tool to backout the incorrect entry and make the intern fix the correcting entry (or re-key it, depending on how mad you are ;).

A related feature is to Copy a JE. Same process, just click copy instead of correct. This is great when you need to create a JE just like the one you did last month!
By default, Correction only works for transactions that originated in the General Ledger. However, the administrator can change this behavior.
Tools>Setup>Financial>General Ledger now has new check boxes to control this functionality. Check "Voiding/Correcting of Subsidiary Transactions" and "Back Out of Inter-company Transactions" to allow for corrections of transactions originating in a sub-ledger.
This a great feature, a critical feature, that the competition has had for a while. Now we've got it and I love it. But you have to be on v8.0 or better. This was one of the compelling features that pushed us to upgrade to 8.0. Detailed specifics can be found in GP Help. Happy Fixing!