This module streamlines the handling of information as well as typical finance processes, such as posting financial transactions, generating financial statements, managing inventory and manufacturing costs, fixed assets and bank accounts.
Chart of Accounts
The chart of accounts displays all the accounts (balance sheet accounts and income statements accounts) used to post transactions to the general ledger. Apart from default setup, advanced features for VAT or tax processing can be used. It is possible to define dimensions and add values in entries, which leads to increased report accuracy, as well as to create custom general ledger accounts. Such accounts are used in sales and purchase documents, and in general journals for posting transactions in the general ledger.
Once the appropriate setup is complete in Dynamics 365 Business Central, dimensions can be used in complex financial analyses. Default dimensions can be assigned to customers, items, vendors, G/L accounts, jobs or resources and numerous dimension values can be created for each dimension defined. For example, a customer group dimension can be assigned to a sales document before posting a sales transaction. A department can be assigned when posting expenses in order to facilitate the analysis and comparison of expenses in regard to specific departments.
Dynamics 365 Business Central provides enhancements in the area of payment processing. You can enter and manage the payment on the same page. The option of marking your invoices as paid and running automated account reconciliation is just a few clicks away. The payment journal, covering advanced features such as vendor priority setup and payment due dates, is used to settle payments for vendors, as well as to process and reconcile bank statement transactions at the same time. To process payment reconciliation, run the suggest vendor payments batch. Payments can be made electronically or by check, if needed, after modifying the payment journal lines. To do this, simply import bank statement files and transactions will be settled automatically, in accordance with all the advanced rules that you have defined.
Cash Flow Forecast
For companies, to ensure a deeper insight into cash availability, improved cash flow forecasting is a must. As part of Dynamics 365 Business Central, the cash flow forecast functionality enables users to calculate estimated cash flows. A variety of cash sources can be considered, such as sales orders, purchase orders, receivables, payments. The system analyses the possible implications of planned loans or investment based on expense and revenue information. With in-built Cortana Intelligence and machine learning tools using historical revenues and expenses, users can generate cash flow forecasts.
Users can take advantage of budgeting features that are available for costs, sales, purchases and general ledger accounts.
The system provides the ability to set up deferral templates that allow users to automate the deferral settlement process for revenues and expenses, in compliance with a predefined schedule.
You can get an in-depth look into the fixed asset management by monitoring fixed asset transactions, such as appreciations, disposals, acquisitions, depreciations and write-downs.
With Dynamics 365 Business Central, it is possible to assign audit trails and transaction posting descriptions automatically. Furthermore, users can set up customized reason codes that are used to create additional audit trails.
Bank Account Management
Dynamics 365 Business Central helps to respond to various demands from multiple business sectors and supports handling of different currencies, empowering users to set up and manage numerous bank accounts.