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Analytical Accounting - Is it worth it?

  • 1.  Analytical Accounting - Is it worth it?

    Posted 10-10-2018 12:08 PM
    ​Hello everyone,

    I have been tasked with implementing Analytical Accounting for my company and I am not in IT/MIS, so I am looking for some guidance/reassurance that I am not wasting my time. The implementation seems somewhat complicated so I want to make sure it will be useful before I embark on this adventure.

    We are looking to use Analytical Accounting to track projects such as capital improvements, software upgrades, new product line, etc. We have multiple vendors working on each project so we are trying to stray away from using plain Excel spreadsheets to look at the expenses incurred. Is this too basic of a function to go through the trouble of carrying this out or will it provide a good breakdown and visualize each project and their related expenses?

    Some additional information: With these projects, we currently put every expense into a "holding" account and then capitalize the entire project when it is finished, so we wont need to set up all the corresponding GL codes in AA (I believe this is part of the implementation).

    I appreciate your feedback and advice in advance, thanks!

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    Adam Wakeford
    Staff Accountant
    Qosina Corp
    Ronkonkoma NY
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  • 2.  RE: Analytical Accounting - Is it worth it?

    TOP CONTRIBUTOR
    Posted 10-10-2018 12:47 PM
    ​Hi @Adam Wakeford

    We use Analytical Accounting to track money received and spent on specific fundraising campaigns. Aside from the additional work of AA for budgeting and reporting purposes, it runs pretty smooth for us. We use a segment of our GL code to track expenses on projects that include multiple vendors and main account codes. We are a NFP that does not do manufacturing or billing and for us AA made sense. Depending on the complexity of what you are tracking you may want to look into Project Accounting.

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    Shari Bruno
    Accounting Operations Manager
    Bible League International
    Crete, IL
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  • 3.  RE: Analytical Accounting - Is it worth it?

    Posted 10-10-2018 01:10 PM
    ​Shari,

    Thank you for your insight. We are looking to track very basic information for these projects: vendor, date, invoice #, and amount. I will take a look at what Project Accounting has to offer, thanks!


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    Adam Wakeford
    Staff Accountant
    Qosina Corp
    Ronkonkoma NY
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  • 4.  RE: Analytical Accounting - Is it worth it?

    TOP CONTRIBUTOR
    Posted 10-11-2018 09:46 AM
    @Adam Wakeford - you might consider using MDA (Multi-Dimensional ​Analysis). I would highly recommend reading the following post from our esteemed colleague Shawn Dorward that speaks directly to this:

    GP #LifeHacks 101: Use dimensions WITHOUT Analytical Accounting! MDA to the rescue! | GP Life Hacks
    GP Life Hacks remove preview
    GP #LifeHacks 101: Use dimensions WITHOUT Analytical Accounting! MDA to the rescue! | GP Life Hacks
    AA (Analytical Accounting) provides the ability to add additional details to transactions without adding new segments to your chart of accounts. It does a lot of other 'fun' stuff, but before you dive into the deep end... consider an alternative... consider Multidimensional Analysis (MDA for the acronym fans out there).
    View this on GP Life Hacks >


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    Barbara Gavron
    Atlantic Beach / Jacksonville FL
    904-536-0129
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  • 5.  RE: Analytical Accounting - Is it worth it?

    SILVER CONTRIBUTOR
    Posted 10-12-2018 11:47 AM
    Here is a video that I made for using MDA.      It is a basic tool if you want simple solution to for AFE etc.

    GP MDA BI360
    YouTube remove preview
    GP MDA BI360
    Video to Show Dynamics GP MDA and BI360
    View this on YouTube >



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    James Hummer
    Consultant
    Solver
    Los Angeles CA
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  • 6.  RE: Analytical Accounting - Is it worth it?

    TOP CONTRIBUTOR
    Posted 10-11-2018 09:52 AM

    Another option that you may want to consider investigating is  Encore's Project Tracking w/Advanced Analytics.  Project Tracking w/Advanced Analytics is a powerful; easy to learn; easy to use add-on solution for Dynamics GP and is a great fit for an organization looking to track and report on project expenses and/or revenue.   It is a great fit for many types of businesses as the setups are user-definable.  You decide what information is important to track and report on and from there the setup is quick and easy.  Most customers are up and running in about 3 days.   



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    Kim Peterson
    218-862-5002
    Kim@DynamicsConnections.com
    #KimPetersonGP
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  • 7.  RE: Analytical Accounting - Is it worth it?

    GOLD CONTRIBUTOR
    Posted 10-11-2018 11:30 AM
    We opted not to use AA specifically because additional input was needed in the Purchasing module.  I would definitely look into the other options noted.

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    Tracy Yaklyvich, MBA
    Controller
    American Society of Health-System Pharmacists
    Bethesda MD
    tyaklyvich@ashp.org
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  • 8.  RE: Analytical Accounting - Is it worth it?

    SILVER CONTRIBUTOR
    Posted 10-12-2018 12:37 AM
    Hi Adam,

    We are using Analytical Accounting to have our departmental profit and loss account. Our main chart of accounts is structured in normal accounting convention and usually we have control account at GL level.

    Using Analytical accounting, we put costs and revenues of every department separately and by the end of month/ quarter we run dimensional query wizards and then extract information as per our own company KPI's.

    For us it is worth of use of it.

    Kind Regards.

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    Irfan Rasheed
    Staff ERP Executive
    Avanceon limited
    Lahore
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  • 9.  RE: Analytical Accounting - Is it worth it?

    Posted 10-12-2018 01:41 AM
    ​Project Accounting might be your better solution.

    I have no issues with AA but the setup can be tedious. It is great to use with SmartConnect and Management Reporter.

    I have also created SSRS Profit and Loss statements for AA.

    Lots of options out there.

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    Shannon Mullins
    Kraft Enterprise Systems
    Brentwood TN
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  • 10.  RE: Analytical Accounting - Is it worth it?

    TOP CONTRIBUTOR
    Posted 10-15-2018 02:03 AM
    ​The key things about AA are:
    1. Make sure you set it up correctly
    2. It does add a window to the transaction entry window
    3. For users who want to use the Excel paste option in GL and who want to enter AA information, you'll need to add a fifth column which uses an Alias for the trx dimension codes
    4. It works great for reporting, especially things like pivot tables. I have my own SQL views I've created and I'm happy to share them if you adopt AA.
    5. It works with Management Reporter.

    MDA has some advantages in terms of ease of setup and use. But it doesn't have as much reporting out of the box as AA. It also does not work with Management Reporter.


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    Charles Allen
    Senior Managing Consultant
    BKD Technologies
    Houston, TX
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