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!