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

GL account cards


A G/L account is used to record all the financial transactions in Dynamics NAV. An account is a unique record for each type of asset, liability, revenue, and expense.

Now, let's take a look at a G/L card to see what kind of information is stored in Dynamics NAV. To open a G/L card, follow these steps:

  1. Navigate to Departments/Financial Management/General Ledger/Chart of Account.

  2. You will see a list of G/L accounts. Find 11600 Bank Operations Cash.

  3. Double-click on it to open its card.

The following screenshot shows the G/L account card for 11600 Bank Operation Cash Account:

The chart of accounts window displays all the accounts, and the G/L account card window has a card for each line in the chart of accounts, so you can work with only one account at a time.

G/L accounts are always referred to by their No., which is a code that identifies them. We can also provide the following information:

  • The General tab: This is used for information about G/L account number, name, and account type (balance sheet of income account)

  • The Posting tab: This is used for information about the general posting group and tax posting group

  • The Consolidation tab: This is used for information about the consolidation debit or credit account and the translation method

  • The Cost Accounting tab: This is used to show with which cost account G/L is linked

The G/L card window includes the following actions on the ribbon:

General Journal

General journals are used to post to general ledger accounts and other accounts such as bank, customer, vendor, and fixed asset accounts. Posting with a general journal always creates entries on general ledger accounts.

The following are the types of journal entries:

  • General Journal: This is used to post simple expense and revenue transactions.

  • Standard Journal: This is used to save the transaction that you might need to reuse again. Standard journals are used for time saving.

  • Recurring Journal: This is used for periodic or recurring transaction for expenses and revenue.

  • Reversing Journal: This is used to cancel or reverse the wrong posted transaction.

Follow these steps to enter and post in the General Journal:

  1. Go to General Journal (Departments/Financial Management/General Ledger/General Journal).

  2. Enter the Posting Date.

  3. Select the G/L account as Account Type and select 61100 (advertising) account.

  4. Enter 100 in the Amount field.

  5. And then select cash account as offset account.

  6. Post the General Journal.

Audit report

Navigate to Departments/Financial Management/General Ledger/ History/G/L Register.