I’ve heard lots of discussion on what setup should be automatically propagated for myGPcloud as we want Dynamics useable as quickly as possible. Some setup is required to start using the system but a lot of it is the same from company to company.
I like automatically having the basic setup that is always necessary completed (I.E. functional and reporting currency, although if you need another currency be sure to choose the MC checkbox so you can select the currency you want when you get into Dynamics). I see some defaults such as checkbook ID, check format, basic payable and receivables setup etc. is done so that speeds up this process.
As you start using the system I would go through the default settings and change them if you’d like. I’m guessing most of these settings will be ok but you should decide for your business if my assumption is correct.
Here goes my setting up Dynamics GP for the first time. Looks like three events are in line first.
- Chart of accounts
- Fiscal periods
Chart of Accounts
This aspect of setting up GP is always a pain. Not that it’s hard to get the accounts into GP but it usually takes weeks (or months) for the meticulous CPA mind to finalize a C of A. I’m glad there’s a default chart preloaded in the system. The documentation shows how to blow that out of there if you already have a chart decided upon. I’d use Integration Manager to import your new chart.
I’m ok with using the generic default chart as a starting point but would add you can expand the chart by using the mass modify tool at Cards>>financial>>mass modify. This tool allows you to add different combinations of accounts based on the existing accounts.
(Skip if you don’t want to read a boring explanation)
For example, if you have 4000-000-000, 4001-000-000, 4002-000-000 as your set of accounts you can add 4000-001-000, 4001-001-000, and 4002-001-000 in one step. For three accounts it’s not that big of a deal but if you want to add location 001 or department 012 to all P & L accounts it’s an easy way to expand your chart.
Here’s a picture of how you would do this:
(Start reading again if you skipped the above)
One other note is the predefined myGPcloud financial reports use the default chart of accounts. If you want your own chart you will have to create your own financial reports using management reporter (MR). I’ve spent the past little while creating these reports and have come to like MR. Only a few cuss words were said in the process. (OK, maybe more than a few).
This is a silly process in GP. I’m sure this adds some insane options like if you want 366 periods in a year. But come on now. Who in there right mind needs that.
However, you get to select the fiscal period setup according to your needs. Type in the fiscal year and choose tab. It will default to the date field which you would want to make sure is the first day of your fiscal year. Verify the number of periods you want (most often 12). Then push calculate. Your fiscal periods will be created. I’ve seen users change the starting dates for individual periods which you can do if you like. You will need to do this process again at year end or you can create lots of years now and close all the periods so no one posts incorrectly to those periods.
Deciding on predefined multicurrency setup has been kind of a pain. Most users starting at this point with myGPcloud will use a US functional currency. But on the off chance there are some Crazy Canucks wanting this system right off we have the option to use MC in the initial setup phase.
You need a functional currency assigned really before anything else. If you don’t choose the MC option in the original provisioning process Z-US$ is set as the default functional currency.
This allows myGPcloud to continue setup for checkbooks, RM, PM etc. You can go in and add multicurrency access as pointed out in the step one documentation.
I noticed the company address is not populated by default in the company creation process. I would go to Microsoft Dynamics GP>>tools>>setup>>company>>company and fill this in. Some of your forms use this address. Since the beginning of GP time the address ID usually is something like PRIMARY. Why break the trend.
Day one is complete. You’ll find most of this setup is done for you but you should go through and verify it’s how you desire.
I’ll probably go onto step 2 right now as I did the above in way less than a days worth of work. Or maybe I should tell my boss I already did a days worth of work. It might work as long as she doesn’t read this blog.