Dynamics 365 Business Central is a money financial management software arrangement, making it easy to connect monetary exchanges and data easily across affiliate companies and multi-site and international deployments.
It’s a mature and practically rich finance arrangement, giving core functionality just as addressing the more complex requirements, for example, multi-currency and multi-organization. It does not just give executives and other users an ideal stage for operating their business, yet also provides a deep understanding of the business to help guide operations and strategic initiatives through rich reports and investigation.
The Financial Management element of Microsoft Dynamics 365 Business Central is the most generally used functions. Both the sales and purchase ledgers are completely integrated with the stock and order processing features, however, the two sales and buying ledger can operate independently of the stock and order processing tasks.
The features in a Dynamics 365 Business Central Financial Management suite include:
- General Ledger
- Purchase Ledger
- Sales Ledger
- Cash Book
- Fixed Assets
- Inter-company Trading
- Credit Control
- Multidimensional Analysis, etc.
Financial Management Operations with Dynamics 365 Business Central are:
- Sales invoices (or credits) can be raised against General Ledger to invoice customers for non-stock activities, for example, commission, expenses, and other miscellaneous items.
- Essentially, purchase invoices can be entered directly for non-stock activities (expenses, service charges, phones, etc.). The non-stock process can likewise be started as a non-stock Purchase Order, which is later matched with the purchase invoice.
- Purchase invoice lines can be spread over multiple cost centers and can be posted to prepayment accounts for release over future periods. Both cost center, spreading and future period releases can be set up as templates.
- Costing of merchandise is consequently worked through to the finance system by esteeming stock purchases at the time of receipt where it is first accrued as products received not invoiced before being finalized on invoicing.
- The expense of merchandise sold is automatically released on posting a sales shipment and costing methods of FIFO, LIFO, Standard, and Average are available depending on the business preference.
- The G/L provides the undeniable general journal feature, which in Dynamics 365 Business Central can journal between any sub-ledger – e.g. between sales ledger, purchase ledgers, G/L, money book, or fixed asset ledger.
- Journals can be saved as templates for repeated use and recurring journals take care of the month to month collections and prepayment activities.
- Data is posted into the general ledger consequently whenever an exchange with a financial effect is recorded e.g. where stock is purchased or sold, or adjusted on/off, money is paid in or out, or a miscellaneous invoice is entered either on the sales or purchase ledger. In parallel, the system is additionally posting any relevant VAT in a VAT sub-ledger for later reporting.
- The G/L account structure considers a nominal account to be supported by unlimited dimensions to sub analyse the business. Regular dimensions may be Cost Center, Project, Employee, Sales Channel, Product Type.
- The G/L is supported by a feature-rich Cash Forecasting module that takes its source data from the sales and purchases details held in Dynamics 365 Business Central.