Chart of accounts
Every financial system starts with a Chart of Accounts and although the numbering might differ from country to country, we all have income statements and balance accounts.
Microsoft Dynamics NAV also has some other special accounts; Heading, Begin-total, and End-total accounts.
With these accounts you can make the Chart of Accounts more readable. The accounts within the total accounts are automatically indented.
Posting accounts
When creating a new posting account, there are several options to choose from. Most of them are not mandatory but make it easier to push the end users to using the correct account while generating entries.
Let's have a look at the options by opening a G/L Account Card:
The first and most important decision to make is the type of account. It can be an Income Statement or a Balance Sheet. Income statement accounts are reset to zero every new fiscal year while balance sheet accounts continue indefinitely. The total...