Book Image

Microsoft Dynamics NAV 2016 Financial Management - Second Edition

By : Anju Bala, Cristina Nicolas Lorente, Laura Nicolàs Lorente
Book Image

Microsoft Dynamics NAV 2016 Financial Management - Second Edition

By: Anju Bala, Cristina Nicolas Lorente, Laura Nicolàs Lorente

Overview of this book

Microsoft Dynamics NAV is a global Enterprise Resource Planning (ERP) solution that provides small and mid-size businesses with greater control over their finances and a way to simplify their supply chain, manufacturing, and operations. Microsoft Dynamics NAV Financial Management explains all you need to know in order to successfully handle your daily financial management tasks. This book walks you through all the improvements in the latest release and shows you how to apply them in your workplace. You will learn about functionalities including sales and purchase processes, payments, bank account management, reporting taxes, budgets, cash flow, fixed assets, cost accounting, inventory valuation, workflows, sending and receiving electronic documents, and business intelligence. This book comprehensively covers all the financial management features inside the latest version of Dynamics NAV and follows a logical schema. By the time you’re finished this book you will have learned about budgets, cash flow management, currencies, intercompany postings, and accounting implications in areas such as jobs, services, warehousing, and manufacturing.
Table of Contents (15 chapters)
Microsoft Dynamics NAV 2016 Financial Management - Second Edition
Credits
About the Authors
About the Reviewer
www.PacktPub.com
Customer Feedback
Preface
5
Foretelling - Budgeting and Cash Flow Management

Closing the accounting year


When a fiscal year reaches its end and accountants have finished posting all the needed transactions, it is time to perform the required tasks to close the year.

In Dynamics NAV, this can be accomplished in just a couple of steps: closing the accounting periods and running the Close Income Statement batch process. After that, it is advisable to restrict allowed posting dates to prevent users from posting any transaction in a closed year. If needed, though, further transactions can be posted.

Closing accounting periods

To close the accounting periods, we perform the following steps:

  1. Navigate to Financial Management | Periodic Activities | Fiscal Year | Accounting Periods.

  2. Run the Close Year process found on the ribbon.

  3. You will be prompted to confirm that you want to close the fiscal year. You cannot choose which fiscal year to close. The system will close the first open fiscal year. Click on Yes. Refer to the following screenshot:

  4. The fiscal year has been closed. Notice...