KB1: Microsoft Dynamics Business Central Feature in Finance/General Ledger

KB1: Microsoft Dynamics Business Central Feature in Finance/General Ledger

KB1: Microsoft Dynamics Business Central Feature in Finance/General Ledger Nilesh Mandani
[rt_quote_box_style quote_box_quotation=”Implementing Microsoft Dynamics 365 Business Central, Finance/General ledger consists of Chart of Accounts (COA), G/L Budgets, Account Schedules and Dimensions. Let’s discuss each of these features in detail:” quote_box_name=””]
  • Chart of Account

Chart of Account consists of ledgers and validations to allow general ledger entries. The accounts can be of various types including assets, expense, revenue or liability. Moreover, for consolidation purposes, you can define debit/credit account for consolidation purpose. Chart of accounts can be implemented with multiple level grouping for totaling purpose.

Chart of account - screenshot

  • Account Schedule for Financial Statement

This is a finance executive reporting tool in your organization. Here the organization can generate financial reports in their format to publish steering committee, banks etc. Account schedule can represent cash flow, grouping of cost-center, revenue centers, and different dimensions tagged with each transactions. Account schedule would always build live information with filtration options. It also provides pivot reports in Microsoft Excel. You can build report by applying more formulae and aggregation.

Building profit and loss statements with multiple variants to slice and dice information requires review by different steering committee members.

Account schedule - screenshot

  • G/L Budget

Budget is an essential part of the business. A better control on it can help a company in the long run. Microsoft Dynamics 365 Business Central helps in providing a clearer picture to the organization of its actual vs budgeted financial data. MSD365 BC also helps to maintain budget control over various departments. Additionally, It provides a budget application to ledger accounts which enables the detailed reporting option. Build budget and track variances to match budget v/s actual numbers of your business financials.

G/L Budget screenshot

  • Dimensions

Dimensions allow the bifurcation of ledger accounts into different departments, cost centers, business units etc. This helps in efficient transaction recording and an easier yet detailed report generation option. Also, the dimensions can be used to analyze in detail. The data entered into various processes throughout the business time period.

Dimensions - screenshot

At Dhyey, we implement above features based on your requirements. Most of the time our expertise being used to design chart of account which is well define structure provide scalability for future purpose.