Assign Ledger Account Dimension Values

1.Click the right arrow next to USMF.
2.Click General ledger.
3.In Common, click  Main accounts.
4.In the Quick filter box, "605110" has been typed for you.
5.Make sure that in the Quick filter drop-down list, Main account is set.
6.Press the Enter key.
7.Click Edit in the  Maintain group of the Action pane.
8.In the Select the level of main account to display field, click the drop-down arrow.
9.Select Companies.
10.Click the green plus icon next to the Companies field.
11.Select USMF.
12.Scroll down until you see the Financial dimensions FastTab.
13.Expand the Financial dimensions FastTab.
14.In the CostCenter field, click the drop-down arrow.
15.Select 009.
16.Scroll right to see more elements of the CostCenter field.
17.In the far right of the CostCenter field, click the drop-down arrow.
18.Select Fixed value.
19.Click Yes.
20.Click Close.
21.The Practice has been completed.

Create new monthly periods in a 2015 fiscal year for the USMF Company.

1.Click the right arrow next to USMF.
2.Click General ledger.
3.In Setup, click  Fiscal calendars.
4.Click the New fiscal calendar button.
5.In the Calendar field, type "FS-2015".
6.Click the Description field.
7.Type "Fiscal Year 2015".
8.Click the Start of fiscal year field.
9.Enter "7/1/2014".
10.Click the End of fiscal year field.
11.Enter "6/30/2015".
12.Click the Fiscal year name field.
13.Type "2015".
14.Make sure that the value of the Length of period field is 1.
15.Make sure that the value of the Unit field is Months.
16.Click the Create button to create the year.
17.Click Close to close the  Fiscal calendars form.
18.The Practice has been completed.

8 Steps to Successful ERP Implementation

Watch out for any ERP Implementation which has not seen the light of the day! Time and cost over runs, built up frustrations, low user acceptance levels is common in such environments. Analyzing failed implementations is itself an education. Some common factors emerge which are simple to understand but difficult to practice. A little care by organisations at time of implementations will help in avoiding such pitfalls and save the embarrassment for all stakeholders. The key payoffs for a successfully deployed ERP system includes increased productivity, shorter cycle times, lower inventory and higher operating profits. Implementing ERP means huge changes to culture and processes. This is the key area where SME's falter.

1.  Ensure the business case always comes up first.
      Answer the questions
 • Why does the enterprise need ERP?
• What business problems will ERP solve?
• What are your business priorities?
• What is the business value you hope to receive in concrete
and measurable terms?
Unless it is measured it is not done. many ERP implementations fail due to lack of well laid policies.

2. Executive Sponsorship
Securing executive sponsorship is critical. The executive sponsoring the ERP project must have the political clout to initiate and fund the project and sustain it through implementation. In many small businesses, this executive will be the CEO. The executive sponsor instills a sense of urgency and holds others accountable for completing project activities on time. The executive sponsor should:
• Clearly outline the organization’s strategic priorities in line
with the proposed system.
• Involve members of the organization at appropriate levels.
• Link management controls and incentives to project success

3. End users make or break ERP projects
This is an important aspect of failed implementations if right team members are not part of the project team. End users tend to "hijack" the implementation if there is no proper control over the project. Proper briefing and communication protocol among all layers of the team is essential to keep end users in control.

4. Build the Right Project Team
 Get process champions from the business not from IT! get those who are good not just those who are available.

5. Dealing with Consultants
Identify and Resolve Potential issues before they become Big. Ensure that the consultants contracted have “trench experience” in your industry and thoroughly understand the solution you’ve selected.

6. Estimating Time and Resources
Most organisations underestimate the time and resources required to implement an ERP solution. Drawn-out
implementations increase the risk of project failure. Lengthy implementations may also reduce management commitment and confidence in the project team’s ability to deliver quick business results. Don’t start by designing an ERP system that is beyond the capability of your company to absorb. Deciding what not to
do is just as critical to delivering a successful project.

7. Don’t Hedge on Training
Not providing quality training is a surefire way to set your implementation up for failure. The consequences of inadequate training can be problems with end-user acceptance and the system not delivering expected results.  Organisations must realize that training expenses are high (10 percent to 15 percent of the total project outlay)because the training must address organizational changes and learning new business processes — not just how to use the new
software.

8. Continuous Improvement
Don’t disassemble the ERP project team after implementation.Bring the team back periodically for iterative review of the system’s performance to ensure continuous improvement and maximum ROI. Comparing actual numbers with previously established benchmarks will reveal whether the system is or isn’t doing what it was originally intended to do. ERP is not a static process or mind-set. ERP only lays the foundation for more substantial improvements that can provide true distinction and
competitive advantage.
Bottom Line: SMBs should develop a well-thought-out and
comprehensive plan to help guide and control their ERP
implementation effort. Upfront, pre-implementation work is critical
for being successful.  

Set a blank date for the exchange rate entry.

1.In Setup, click  Currency exchange rates.
2.Click the Exchange rate type drop-down arrow.
3.Select Default.
4.Click New.
5.Click the From currency drop-down arrow.
6.Select USD.
7.Click the To currency drop-down arrow.
8.Select AM.
9.Click Add.
10.In the Start Date field, click the calendar icon.
11.Click Today.
12.Click the Exchange rate field.
13.Type "5.00".

Create and assign the currency posting accounts.

1. In Setup, click Currency revaluation accounts.
2. Click the Ledger drop-down arrow.
3. Select USMF.
4. Select AM.
5. In the Realized gain line, click the Main account field.
6. Type "801500".
7. Select 801500.
8. In the Realized loss line, click the Main account field.
9. Type "801300".
10. Select 801300.
11. In the Unrealized gain line, click the Main account field.
12. Type "801600".
13. Select 801600.
14. In the Unrealized loss line, click the Main account field.
15. Type "801400".
16. Select801400.
17. Click Close to close the Currency revaluation accounts form.

Create currency rounding options

Create currency rounding options

1. Click the right arrow next to USMF.
2. Click General ledger.
3. In Setup, click Currency.
4. Click Currencies.
5. Click New.
6. Click the Currency field.
7. Type "AM".
8. In infolog about non-ISO code, click Yes.
9. Click the Name field.
10. Type "Airline".
11. Click the Symbol field.
12. Type "a$".
13. Click the Currency code drop-down arrow.
14. Select USD.
15. Expand the Rounding rules FastTab.
16. In the General rounding rule field, type ".01".
17. Click Close to close the Currencies form.

Enter a Main Account

Enter a Main Account

1. Click the right arrow next to USMF.
2. Click General ledger.
3. In Common, click Main accounts. 
4. In the New group on the Action pane, click Main account.  
5. Click the Main account field.
6. Type "131150".
7. Click the Name field.
8. Type "Prepaid rent".
9. Click the Main account type drop-down arrow.
10. Select Balance sheet.
11. Click the Main account category drop-down arrow.
12. Select PREPAIDEXP for Prepaid Expenses. 
13. Expand the Setup FastTab. 
14. Click the Currency drop-down arrow.
15. Select USD.
16. Click Close to close the Main accounts form.