Analytical Accounting is now included in the GP2013 Starter Pack. So if you are on GP2013 or planning your upgrade to GP2013, you may want to consider its benefits if you are not already using it.
Analytical Accounting (AA) gives you the ability to analyze financial data by whatever criteria you require. This gives you greater reporting flexibility and the ability to analyze transactions in a more efficient manner. This allows for better decision making and deeper visibility into your transactions. This module can be very beneficial for those in the not for profit arena and is background to the Grant Management module.
You can go more in depth with transaction dimensions. Classify, report and analyze financial transactions based on your specific business needs with an unlimited number of user-defined transaction dimensions including Cost Center, Profit Center, Region and Hours as well as pre-defined system transaction dimensions such as Customer, Vendor, Item and Site.
You can flag specific Financial accounts as “analyzed” for a certain dimension, like Profit Center. Then, where those specific accounts in GP are used (any module – Payables, Inventory, Financial, etc.), the transaction can have the Profit Center value entered. We suggest making the dimensions required so that a user must enter a Profit Center value in order to post the transaction. If a Profit Center value is no longer needed, it can easily be marked as inactive and disappear from the list of values to be chosen for new transactions. There is even security to prevent certain GP users from selecting certain Dimension values.
If you have a different dimension, such as Hours, you can have some of the same financial accounts or completely different accounts flagged for the Hours dimension.
Multi-level reports are executed and displayed in Excel for easy manipulation, integration of non-accounting business data and enhanced presentation. You can decide how much detail you need to view through-out your entire report or section with an implode/explode function. Dimensions can also be added just like Financial Account segments in the rows, columns or trees of Management Reporter financial reports.
There are many other benefits to Analytical Accounting including Wizard-Driven Inquiries, Simplified Navigation, Valid Code Combinations and Grant Budget Validation.
Recent new features to Analytical Accounting as of GP2013 SP2, include allowing you to add AA codes to payments on Sales Orders when entering them in the Sales Transaction Entry window and the second new feature is with finance charges. You can now add AA codes to individual customers when assessing finance charges. If the GL account is linked to an accounting class, AA codes will be assigned to each individual customer. If the account is not linked, you will have the ability to assign codes later in the AA edit analysis window for each customer assessed a finance charge.
If you’d like to learn more about Analytical Accounting’s new features, watch this video by clicking here.