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Control Account Managment for Microsoft Dynamics GP

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Control Account Management in Microsoft Dynamics GP for Nonprofits

Microsoft offers a module for Dynamics GP specifically tailored to the needs of not for profit companies, very plainly titled “Not for Profit Accounting.” This module is formed from four major components: Control Account Management, Encumbrance Management, Interfund Management, and Grant Management. Rather than take a high-level view of all of that, let’s dive deep into one Control Account Management so you can get a good idea of how it may provide solutions to your company.

Control Account Management is all about redistribution. After you create control accounts, you can use Control Account Management to redistribute all your funds based on the segment ids you assign to those accounts. Control Account Management also generates reports and can show you a complete breakdown of your payables and receivables by those accounts. Since you can set these accounts up however you like, you have control over how fine-grained your financial reports become. On top of that, these reports can be generated on whatever frequency you want – monthly, quarterly, annually, you’re not constrained by programmatic constants.

The month-end reporting process should be familiar to any accountant, with maybe some additional freedoms here and there. You’ll create the report and generate the reversing journal entry to redistribute funds to the control accounts. The cool thing here is that Dynamics GP gives you complete control over the journal entry and the reversing journal entry date. Naturally, this will generate a batch that needs to be posted. Luckily, you can specify default info for the batch that will pre-populate every time you do this process, so if most of your information stays the same on a month-to-month basis, you won’t have to hassle with it at all.

Of course, there are broader advantages to the Control Account Management system as well. For instance, it provides functionality that can automatically distribute accounts payable to multiple control accounts, which can remove a huge monthly headache. Removing just one headache would be good enough; Control Account Management can remedy several for nonprofit organizations. That’s pretty good for just one part of a larger suite of solutions.

Contact us at T3 Information Systems to find out more about our accounting software for nonprofit organizations.  We are a Certified Microsoft Partner and serve nonprofit organizations throughout the Mid-Atlantic.  

By T3 Information Systems, A DC Microsoft Dynamics Partner

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