Microsoft Dynamics GP was created with small to mid-sized businesses in mind with scalability to continue growing as your business does. Many SMB (small to Mid-Sized Businesses) organizations are comprised of multiple entities, each with their own unique chart of accounts. Taking organizational growth into consideration, the developers at Microsoft have continuously added functionality to Dynamics GP to enhance daily procedures, and make your business more efficient.
In recent versions, Intercompany Processing has been readily available to users, included with purchase of the most basic package (The Starter Pack). Prior to Microsoft's licensing changes, modules had to be purchased individually, inevitably driving up the cost of software. At the time, many of our clients only purchased the necessary modules to get by. Flash forward to present day, and although our clients have remained current with software upgrades, this highly valuable feature is highly underutilized.
Intercompany Processing not only allows users the ability to eliminate tedious duplicate transaction entry, minimize clerical errors, but saves staff countless hours, enabling them to continue on to other important tasks.
What does Intercompany Processing Do?
Intercompany Processing allows users to easily exchange transactions between companies in your organization, complete with multicurrency capabilities to handle multinational trades. This feature provides unlimited flexibility in defining intercompany relationships by means of 'due to' and 'due from' accounts. Unlimited account distribution breakouts streamline the process of managing complex intercompany transactions. This capability is also extended to fixed and variable allocations.
Intercompany Processing gives you a high level of transaction control. Transactions between companies can be either single-use or recurring, allowing for periodic intercompany transaction processing. When intercompany transactions are posted, the 'due to/due from' transactions are automatically generated, saving time and keystrokes. Intercompany transactions posted to the destination company appear in the destination company's journal entry area for review before posting through to General Ledger.
With its comprehensive online inquiry system, Microsoft Business Solutions Financials allow you to trace transactions back to their origins in seconds, even across companies. Financials provides solid audit support by including with each transaction an originating audit trail code, journal entry number and company ID.
See it in Action
Hillary Horning is an ERP Account Executive for Pinnacle, An Advanced Imaging Solutions Company. Pinnacle is a certified Microsoft partner that provides businesses with progressive technology solutions to facilitate their business goals and development. For more information about Pinnacle or Microsoft Dynamics GP, contact us today.