Originally Posted 3/29/12
As a user, my business partner was always asking “Where does our cash go?” With the use of Smartlist, I was able to efficiently answer that question. To give him a year or month’s worth of data was basically the same as saying “I don’t know.” It’s too much information to process easily. So what did I do?
I created a Smartlist in Microsoft Dynamics GP for the operating bank account, and as I reconcile to the bank (which I do almost daily) I send him a list of everything that was entered since I last reconciled. This is a MUCH smaller list of data and it’s more easily digested and answers his questions just the same.
If you chose to do this, do not create your restriction based on the transaction date, as today I may be entering something from yesterday or something for tomorrow. Instead, use “POSTED DATE” which is the actual date the transaction was posted. This way you are giving a list of all transactions that were posted since the last bank reconciliation, regardless of the transaction date. Also, for consistency, use the previous day as the ending date because you may be posting something else today but yesterday is completed forever! This concept works even if you do not reconcile to the bank daily.
The next time someone says “where does our cash go?” Answer “Let’s watch it together for a while and see!”