Nobody wants the audit process to drag on and on with questions about corrections that were made due to coding errors. Unfortunately, coding errors do happen. They are easy enough to fix and the corrections make sense at the time, but you dread year-end when the auditors are asking for explanations and justifications for those “correcting entries”. These transactions may also be called “re-class” entries. You or someone on your team spends a ton of time tracing through the transactions and chasing down supporting documents. If this sounds like year-end (or maybe quarter or month end) in your organization, there is a new tool available that can eliminate this tedious and time consuming task.
“The Corrector” helps Dynamics GP users properly correct GL distribution mistakes made in the following modules:
- Accounts Payable
- Accounts Receivable
- Purchase Order
- Sales Order
Using Accounts Payable as an example, a new ‘CORRECT’ button is displayed on the bottom of the Payables Distribution Zoom window. Click Correct to open a new Correction Window. The voucher number being corrected defaults in along with current user name. The user can now enter ‘Who requested the Correction’ and what the ‘Reason for Correction’ is. Select the desired line item to be corrected and The Corrector automatically creates a partial journal entry that users simply complete. The changes are captured in a Correction History window; the original entry detail and the correcting entry appear on the General Ledger Detail Trial Balance report. Also, if you happen to be using Analytical Accounting (AA) or Multidimensional Analysis (MDA) functionality, The Corrector has you covered.
This sweet little tool provides a full audit trail between correcting entries and the original entries, eliminates the possibility of correcting an error multiple times and you won’t have any more questions about cryptic re-class journal entries to deal with. A reduction in annual audit fees could be in your future!
Download a brochure to view the Dynamics GP screenshots.
Download a Trial
Download a trial version of The Corrector and give it a try in the Dynamics GP sample company Fabrikam.Download Now
For more information about using The Corrector with your GP solution, email us at Encore.
Webinar - Dynamics GP | AP and AR Close
The closing processes for AP and AR are mirror images of each other. During this session, we will explain the process to close AP and AR monthly and share some tips and tricks.
9:00 am – 9:25 am PST
Webinar - Dynamics GP - AP and AR Close
9:00 am – 9:25 am PST