Posts Tagged ‘: Dynamics AX Financial controls’

5 Great things about Dynamics AX from a finance users point of view

March 23rd, 2010 Tahara Mitchell No comments

About 11 months ago we switched over our ERP system from 3 different systems at our various facilities in North America, Philippines, India to a single consolidated system Microsoft Dynamics AX ERP at Ignify. Although it was a little bit scary for the everyday user it was a much needed change. There were many things not being offered in our previous system that we desperately needed. To ensure we chose the right system we shortlisted 3 potential candidates including GP, AX and Netsuite – a SAAS offering. After comparing and contrasting between GP, AX and Netsuite we made the decision to select Dynamics AX based on the richness of the functionality and the level of financial control it offered. Here are some of the benefits I am finding in Dynamics AX as a finance user.

  1. Security - While most accounting systems now have role based security, Dynamics AX goes a step further in security. For example an Accounts Payable clerk can enter invoices and validate that the transaction balances but not post transactions. Only I and the financial controller have the ability to post transactions. This reduces the amount of errors. In addition, we can give restricted access to many different users by creating different roles. Also, in our previous ERP we could edit transactions after they were “posted” and change accounts and even delete whole transactions. With Dynamics AX we have been able to establish strict policies about postings so that our numbers do not change.
  2. Document Management- Dynamics AX comes with a native document management capability. You can attach documents to various transactions such as vendor records, customer records, and invoice journals. Having easy access to invoices and vendor contracts has been a great asset from an audit stand point. Since moving to Dynamics AX we have set in place a process that all invoices over fifty dollars must have supporting documentation and receipts attached.
  3. Automated Expense Management- Dynamics AX offers a web based expense management tool that allows user to enter expenses by project, attach receipts, gather approvals, and alert managers when approvals are waiting. Once approved by accounting it seamlessly moves into AX and a general journal is created for posting to payment.
  4. Visibility and Integration with Excel- The ability to navigate through menus with ease and export excel documents from just about any form is extremely useful.
  5. Training Documents- Previously I had to go in an arduously take screen shots and write up training documents. Dynamics AX comes with an inbuilt training tool called task recorder. You simply click a button and go through your normal process of whatever transaction you want document and the tool records all your clicks and gives you a full document in easy to use formats like Word doc or PowerPoint. The document below was created on how to reverse a vendor invoice journal by Dynamics AX in about 2 minutes.
Reversing Invoice Journal
Recorded date: 11/4/2009
Document created: 11/4/2009
Task notes:  
  1. Click Area Page node: Accounts payable -> Vendor Details.

    Form name: Vendors


    Form name: Find: Vendor account

    Vendor Account

  2. Right click on Vendor column and choose filter by field
  3. Search box will come up and type in vendor name Click the OK button.
  4. Click the Transactions button.

    Form name: Vendor transactions

    Vendor Transactions

  5. Find and highlight the invoice journal to be reversed
  6. Click the Reverse transaction (g) button.

    Form name: Transaction reversal

    Transaction Reversal

  7. Set date for reversal, default date will be date of invoice and Click the OK button.

    Form name: Infolog


  8. Click the Close button.
  9. Close the Vendors form.

Tahara Mitchell is an Accounting Supervisor in the Finance team at Ignify. Ignify is a technology provider of ERP, CRM, and eCommerce software solutions to businesses and public sector organizations. Ignify has been ranked as the fastest growing business in North America for 3 years in a row.