Is it time to restructure your General Ledger? Our partner Corporate Renaissance Group has a great video called “Creating the Ultimate GL – Restructuring Your Dynamics GP Chart of Accounts”. This video offers best practices surrounding Chart of Accounts restructuring and shows you how easy it can be to leverage CRGroup Solutions for Dynamics GP and create the Ultimate GL.
Here are 6 reasons they see that cause companies to restructure their Dynamics GP GL Chart of Accounts:
1) Improve Both Financial and Management Reporting
One of the biggest reasons why we look at changing a GL structure is to help with reporting. Accurate and easy to understand reporting helps drive better management decisions.
2) Consistency Across Multiple Legal Entries
Often as businesses grow, they acquire other businesses and you may end up in a situation where one company has a GL structure that doesn’t mirror or match another company under the same umbrella.
3) Consolidation Issues with Intercompany Transactions
If we have multiple companies with similar GL structures this is going to help this consolidation and keep the company transactions flowing between the companies.
4) Assistance in Budgeting and Planning
Sometimes the sheer number of GL accounts within a structure may get difficult to effectively implement a budgeting solution. It may make it difficult to track actuals versus budget because you’ve got budget set on a certain set of accounts and actuals are coming in on a whole load of other ones and we can’t kind of compare the two to do any sort of meaningful variance analysis. Often in budgeting and planning solutions the structure of the GL also creates an organizational structure in the budgeting and planning solution and that’s another reason why clients often look at the need to restructure the accounts.
5) Reducing the Total Number of GL accounts
Especially since the mass modify tool available in Dynamics GP this is important. Companies sometimes think it’s easier to grow that list of chart of accounts than to restructure.
6) Integration Requirements
Sometimes a new business system or a certain type of integration is required and it requires a restructured GL. It might require a dedicated segment and it might require just a new set of accounts; and of course, new organization structures change.
Watch the video: http://youtu.be/rb9mj95jg4g
So once you know you need to restructure your GL Chart of Accounts what is the next step? CAL Business Solutions (www.calszone.com) and CRGroup (www.crgroup.com) can help.
Chart of Accounts restructuring toolkit available from CRGroup:
Re-Formatter – Allows you to extend or change # of segments in the GL structure if the accounts maximum has already been set.
Changer – Allows you to renumber GL accounts and also allows us to merge accounts together.
Analytical Accounting Segment Converter – Allows you to copy transactions history associated with a chart of account segments to transaction history associated with an analytical accounting segment.
Many of our clients are using these tools and love the results.
If you are interested in restructuring your Dynamics GP GL Chart of Accounts, contact CAL Business Solutions. email@example.com 860-485-0910×4.
By CAL Business Solutions.