Date post: | 13-Apr-2017 |
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OHRS, GP and Internal Controls Training
Agenda Internal Control RecommendationsGP (Great Pain) Best Practices Question Period/ Wrap Up
Internal control recommendations
Internal Control Recommendations Issue
Not all files being saved in consistent locations on network if at all
ImpactCould lead to risk of important filesInefficiency and time consuming to find
information Recommendation
Practice saving files in consistent locations Demo
Internal Control RecommendationsIssue
Doesn’t “appear” to be a sound policy in place for communicating renewed contracts to the finance team
ImpactLack of timely info for finance leads to inaccurate
financial reportingRecommendation
Need to communicate with other directors/managers a policy of how to keep finance informed with new and renewed contracts that may impact finance
Internal Control RecommendationsIssue
Not receiving VISA statements on time amongst possibly other items needed by Finance on a regular, quarterly or monthly basis
ImpactLack of timely info for finance leads to inaccurate
financial reportingRecommendation
Inform managers and directors that their cost centres could be charged penalty/interest fees if deadlines are not met
Internal Control RecommendationsIssue
Lack of adequate communication between departments in adding new accounts and cost centres
ImpactInconsistency between HRIS and GPLack of accurate financial info
RecommendationEveryone needs to be informed of current cost centres used
Keep updated with OHRS standards to ensure any new cost
centres are both LHIN and OHRS compliant for reporting purposes
Internal Control RecommendationsIssue
Petty cash does not appear to be adequately controlled as money is given in advance
ImpactRisk of employees or soon to be “former”
employees of taking advantage of the system (eg. Theft)
RecommendationEmployees must spend out of pocket first, then
come to finance with an adequate receipt to obtain reimbursement from petty cash fund
Microsoft dynamics GP – Best Practices
GP Best PracticesNotes in GP
Used to track additional information about vendors, customers, and even transactions in GP
Notes can be attached, edited, deleted and re-attached any number of times as needed
Record level Attached to data entry fields such as vendors or customers
Window Level Attached to overall windows in GP Can use it to inform employees of how to enter certain
transactions or setting up new accounts etc.Demo
GP Best PracticesHide & Show Icons
Allows you to customize your view of GP while you are working
Example option to view or
NOT view your distribution references for an entry
Demo
GP Best PracticesDate Field
You can enter dates graphically vs typing them into GP for ease of data entry
Demo
GP Best Practices Bank Transactions
Every organization is different as to how to use this module but this is generally best practice
Only use Increase/Decrease Adjustment in the Bank Transaction Entry screen to help keep books relatively clean
Any other INCREASES to the bank that are not reflected in Accounts Receivable are recorded via the Increase Adjustment
Any other DECREASES to the bank that are not reflected in Accounts Payable are recorded via the Decrease Adjustment
Demo
GP Best PracticesBank Transactions
NEVER NEVER ENTER BANK TRANSACTIONS AS A GL ENTRY – Bank Sub ledger vs. Control
account By entering Bank transactions
in GL it’s like you are hitting the bank Control a/c without affecting the sub ledger – an accounting NO NO
Important if you plan on using the electronic bank reconciliation feature in GP
Demo
GP Best PracticesLetter Wizard in
GP can create, edit and
delete lettersUsed to prepare
multiple letters at one time for a range of customers and/or vendors
Demo
GP Best PracticesBatch controls
Electronic batch approvals
Control totalsTransaction edit list
Demo
GP Best PracticesSaving Files in GP
Example Posting Reports –
consider electronic in future
Demo
GP Best PracticesSaving Files in GP
J: versus Z: Comma Delimited
or Tab Delimited to be compatible with Excel
Demo
GP Best PracticesSaving Files in GP
Append vs. Replace
Demo
GP Best PracticesDistribution References
Currently the reference field alone is not being picked up in GP reports
A point of contention with auditors currently
Need to look into customizing the GP GL report to pick up info from the Reference Field vs the Distribution Reference filed
However for now strongly recommend to use the Distribution Reference field to ensure and maintain a good audit trail/documentation of all transactions in GP
Demo
GP Best PracticesGeneral Ledger Smart List
ReportsCurrent issue of GL reports
not picking up the Reference field – instead it is picking up the Distribution Reference Field
Problem as staff are not using the Distribution Reference field for various reasons
Sample JE # 30226
Demo
GP Best PracticesGeneral Ledger
Smart List ReportsAlternative is to use
Smart List reports under Company
Financial Account Transactions
Demo
GP Best PracticesGeneral Ledger
Smart List Reports* - lists all itemsSEARCH Sample JE # 30226
for account 100-1-72110-35062
Demo
Question Period – Wrap up
Debrief/Learning InsightsInternal Control RecommendationsGP (Great Pain) Best Practices
Thank you!