Business Central Finance Management
It’s a mature and functionally rich finance solution, providing core functionality as well as addressing the more complex requirements such as multi-currency and multi-company. It not only gives executives and other users an optimal platform for operating their business, but also provides deep insight into the business to help guide operations and strategic initiatives through rich reports and analytics. The Financial Management element of Dynamics 365 Business Central is the most commonly used function. Both the sales and purchase ledgers are fully integrated with the stock and order processing features, however both sales and purchasing ledger can operate independently of the stock and order processing functions.
Dynamics 365 Financial Management Capabilities:
Set up companies and how to post to the general ledger though general journals. Use features for VAT and sales tax, recurring journals, and background posting of journals. Posting and reporting can be done in one additional reporting currency. Use built-in reports, customized reports (both RDCL and Word), refreshable data in Excel, and Power BI reports and charts. View and edit the data in most pages using Microsoft Excel
Use unlimited dimensions in transactions in all ledgers for important parts of your business, such as your departments, projects,
sales channel, and geographical areas. Set up rules for how to combine dimensions and dimension values.
Control the use of dimensions and increase the reliability of output based on dimensions. Assign default
dimensions values to master data such as general ledger accounts, customers, vendors, fixed assets, resources, and items. Set up rules to prioritize the use of default values.
Use data from dimensions in reports for filtering, account schedules to analyze your general ledger, and in data sent to Power BI.
Conduct business with customers and vendors in any number of currencies. Use multiple currencies on sales and purchase documents and in bank transactions and payments in payables and receivables. Store currency details for transactions in receivables and payables are stored in local and foreign currencies. Adjust currency values in local and foreign currencies for unrealized gains and losses to keep aging reports correct for receivables and payables.
Track business progress using budgets in the general ledger. Use budgets in financial reports, user-defined analysis in account schedules, or in data sent to Power BI for data sharing and analysis.
Import budget information to and from Excel for enhanced calculation capabilities when you prepare budgets.
Use account schedules as a powerful financial reporting tool. Accountants and controllers can include essential business data from the chart of accounts, budgets, cash flow accounts and cost types in financial reports. Use the data to efficiently monitor the health of the business and provide valuable input for business decision makers. Define row and column layouts and combinations to generate the report you need. Calculate totals and sub-totals and control the print output, for example, to compare current and historical budget figures.
Consolidate companies from the same Business Central tenant and pull data directly into the consolidation company, or use XML files to pull data from other Business Central tenants, databases, or third party business management application. Use multiple currencies, dimensions, and budgets for the consolidation.
Manage accounting for more than one company in a posting process that includes one or more Business Central tenants or databases. Send sales and purchase documents to partner companies and post journals transactions through a mapping to shared charts of accounts and dimensions. Control the document flow through an Inbox/Outbox feature that automates sending and receipt. Use sales and purchase documents with multiple currencies to reconcile intercompany balances.
Cash Flow Forecast
Predict how your company’s liquidity will evolve over time. Forecast expected cash receipts and disbursements plus available liquid funds. Create basic cash flow forecast set ups that you can extend and adjust. Use an assisted setup guide for help completing tasks and take advantage of automatic daily or weekly data updates. Include data from jobs and taxes as sources for the cash flow forecast. Use Azure ML capabilities to let Business Central generate cashflow predictions.
Track fixed assets such as buildings, machinery, and equipment. Post fixed-asset transactions such as acquisitions, depreciation, write-downs, appreciation, and disposal. Assign one or more depreciation books to define methods and conditions for calculating depreciation. Use depreciation books to meet managerial, internal accounting, and legal reporting requirements. Register maintenance costs, insurance coverage, and cost allocations for assets.
Fixed Assets Allocations
Use allocation keys to distribute percentages of fixed asset transactions, such as acquisition cost and depreciation, to departments or projects.
Fixed Assets - Insurance
Track insurance coverage and annual insurance premiums for fixed assets and easily determine whether they are under- or over-insured. Attach assets to one or more insurance policies and index insurance amounts.
Fixed Assets - Maintenance
Record maintenance and service expenses for fixed assets. Get detailed information to analyze and make decisions about fixed asset renewal and disposal.
Get insight into costs through the visibility of actual and budgeted costs of operations, departments, products, and projects. Combine base data in
general ledger transactions with dimensions with known future costs and define a hierarchy of cost centers and cost objects. Allocate costs using
allocation runs with different allocation keys and methods.
Analyze general ledger actuals and budgets in user-defined scenarios. Explore the scenarios to gain insight into the business that is not immediately reflected in your chart of accounts.
Set up deferral templates that automate the process of deferring revenues and expenses based on a schedule. Recognize revenues and expenses in periods other than the period in which the transaction is posted.
Bank Account Management
Create, operate, and manage multiple bank accounts to cater to diverse business needs and across different currencies.
Electronic Payments and Direct Debits
Create payment proposals based on vendor documents and generate bank payment files in ISO20022/SEPA format or use the AMC Banking Service to generate electronic payment files in the format your banks require. Create direct debit collections for a bank direct debit file in the ISO20022/SEPA format.
Easy Payment Process for your customers
Give customers an efficient way to submit payments by adding links to online payment services to invoices in the online version of Business Central.
Use the PayPal extension for access to a trustworthy global payment service that offers multiple ways to accept payments, including credit card processing and PayPal accounts.
Reconciliation of Incoming and Outgoing Bank Transactions
Import bank transaction data from electronic files sent from your bank in ISO20022/SEPA
format or other file types. Apply transactions automatically to open customer and vendor
ledger entries and create your own matching rules. Review proposed applications and account
matches. Change the algorithm behind the record matching by modifying, removing, or adding
Reconcile bank payments from the Payment Reconciliation Journal in one step, and in one place.
Bank Account Reconciliation
Import bank statement data from electronic files sent from you bank in ISO20022/SEPA format or
other file types. Reconcile bank statement data automatically to open bank account ledger entries
and keep track of all bank statements.
Filter bank statement information to view only the transactions that need attention. Summarize outstanding bank information and drill-down to the details of each bank transaction.
Business Central Sales & Marketing
Sales & Marketing in Microsoft Dynamics NAV provides access to contacts, salespeople, teams and campaigns.
All the sales that we carry out in the company are carried out through this module. This module especially designed for the companies that want to track customer orders and determine when the items can be promised to be delivered to the customer. This area covers customers, order processing, expected delivery, order promises, sales returns, pricing, contacts, marketing campaigns, and many more.
Dynamics 365 Sales & Marketing Capabilities:
Maintain an overview of your contacts and personalize your approach to them. Record contact information for all business relationships, and specify the individual people related to each contact. Be alerted if you enter duplicate contact information. Get a precise view of prospects and customers by categorizing your contacts based on weighted profiling questions (assign the weights of two questions to identify the value of a third question). Divide customers into ABC segments and even use this module for rating. Use the information to target contacts for campaigns. Issue quotes to prospects and create sales documents for specific contacts.
Organize campaigns for segments of your contacts that you define based on reusable criteria, such as sales, contact profiles, and interactions, and reuse existing segments. Send documents to people of different nationalities in their native language by using Campaign Management with Interaction/Document Management.
Interaction and Document Management
Record interactions that you have with your contacts, such as telephone calls, meetings, or letters, and attach documents such as Word, Excel, or TXT files. Automatically log other interactions, such as the sales orders and quotes that you exchange contacts, and revisit them if needed.
Email Logging for Microsoft Exchange Server
Log all inbound and outbound email messages sent through Business Central or Microsoft Outlook®. Logging can be manual, or automated. Use a server-based solution with Microsoft Exchange Server to keep email messages in their natural environment and ease administration.
Keep track of sales opportunities. Section your sales processes into different stages to get an overview of and manage your sales opportunities.
Microsoft Dynamics Sales integration
Enabling integration between Business Central and Sales allows for a more efficient lead-to-cash process and enables users to make more informed
decisions without switching products. Gain efficiency by ensuring tight integration between accounts and customers and adding cross-product
features for the lead-to-cash flow.
Use an assisted setup guide for help setting up the integration and coupling records in Business Central with corresponding records in Sales. Work with prices in currencies that differ from the local currency, using the coupling of the Customer Price Group record in Business Central with the Price List in Sales.
Set up, post, and print customer invoices and sales credit memos.
Sales Order Management
Manage sales quotes, blanket sales orders, and sales order processes. Create partial shipments, ship and invoice separately, create prepayment invoices for the sales order, and use quotes and blanket orders.
Sales Line Pricing and Discounting
Manage flexible item price and discount structures that differentiate between special agreements with customers and customer groups and are
conditioned by parameters such as minimum quantity, unit of measure, currency, item variant, and time period.
Offer the lowest price on sales lines when the sales order meets the conditions you specify on for sales prices. Update the price agreements by using the sales price worksheet.
Connect sales prices and sales line discounts to sales campaigns to give special pricing and discounts to customers and contacts in campaign segments. Specify periods for which prices are valid. Apply campaign pricing and discounts to sales and service orders.
Sales Invoice Discounts
Calculate invoice discounts automatically. Set up any number of invoice discount terms, including a certain minimum amount, discount percentage, and/or a service charge. The discount is calculated on the individual item lines and becomes part of the net sum of the invoice. Calculations can be done in both local and foreign currencies.
Alternative Shipping Addresses
Set up multiple ship-to addresses for customers who receive goods at more than one site. The person creating a sales order or invoice can specify exactly where to send it.
Sales Return Order Management
Create sales return orders to compensate customers who received incorrect or damaged items, receive return items for the orders, and link the orders to a replacement sales order. Create a partial return receipt or combine return receipts on one credit memo.
Bulk Invoicing from Microsoft Bookings
For companies using the Microsoft Bookings in Office 365, it’s possible to do bulk invoicing for bookings. The Un-invoiced Bookings page in Microsoft Dynamics Business Central provides a list of the company’s completed bookings. In this page you can quickly select the bookings you want to invoice and create draft invoices for the services provided.
Business Central Project Management
Business Central provides functionality that enables you to perform all the usual types of project management tasks, such as job configuration and resource planning, as well as providing all the information needed to control and manage budgets and monitor ongoing progress. By using time sheets, you also have the opportunity to track the amount of work hours for both your employees and machines on the project.
Dynamics 365 Project Management Capabilities:
Keep track of resources and prices. Register and sell resources, combine related resources into one resource group, or track individual resources. Divide resources into labor and equipment and allocate resources to a specific job in a time schedule.
Plan capacity and sales and manage usage statistics and the profitability of resources. Create your plan in a calendar system with the required level of detail and for the period you need. Monitor resource usage and get a complete overview of resource capacity including availability and planned costs on orders and quotes.
Manage alternative costs for resources and resource groups. Costs can be fixed, percentage based, or an additional fixed charge. Define as many work types as you need.
Track usage on jobs and data for invoicing the customer. Manage fixed-price jobs and time-and-materials jobs:
- Create a plan for a job with multiple tasks and task groupings. Each task can have a budget and can be done for whatever period you need
- Copy a budget from one job to another and set up a job-specific price list for item and resource charges and general ledger account expenses for the customer
- View suggested WIP and recognition postings for a job.
- Plan and invoice job in multiple currencies.
- Assign a specific job to a specific customer and invoice the job completely or partially.
- Use an assisted setup guide to set up jobs, easily enter time sheets and job journals, and use the Project Manager Role Center to access common tasks, new charts, and the list of your jobs.
- Use the Job page to access tasks, assign job ownership, and get visibility into costs and billings.
- Use the Job Quote report to quickly email a customer the price for a project.
Register time spent and get manager approval using the simple and flexible Time Sheet. Time Sheet integrates with Service and Project Management and can include resources.
Business Central Warehouse Management
The Storage module in Dynamics NAV allows you to gain control over your warehouse. Store details are tracked over in this module. Material inward acceptance and Material issues according to work order are done here. Warehouse area, you will find inventory, shipping and receiving, locations, warehouse bin contents, picking, put-aways, assembly, and many more.
You do not alone get overview of each shipment or process, but also the most efficient use of your storage room. As the system keeps getting reports from real-time data, it is easy to give accurate feedback on the status inquiries.
Dynamics 365 Warehouse Management Capabilities:
Organize your warehouse by assigning items to bins, the smallest unit in the warehouse logical structure. Use item journals to assign bin directly on document lines.
Set up and maintain bins by defining both the layout of your warehouse and the dimensions of your racks, columns, and shelves. Give input to planning by defining characteristics for bins.
Inventory Pick and Inventory Put Away
Create pick lists from released sales orders and put away work from released purchase orders. Manage picking and put away work without opening sales and purchase orders when handling shipments.
Create a put-away work directly from receipts. Manage receipts from a separate user interface in a multi-order environment.
Create picking lists from shipments. Manage warehouse shipments from a separate user interface in a multi-order environment.
Internal Picks and Put-Aways
Create pick and put-away orders for internal purposes, such as testing put-away for production output, without using a source document (such as a purchase order or a sales order).
Warehouse Management Systems
Manage items on a bin level. Receive and put away items in bins, pick items from bins according to put-away templates, and pick items based on zone and bin rankings. Move items between bins using a report that optimizes the picking process and the use of space or move items manually. Create warehouse instruction documents for pick and put-away processes for sales, purchases, transfers, returns, and production orders.
Business Central Supply Chain Management
Purchase module deals with Supply chain Management that is purchase of materials needed for production of the finished goods. Purchase module is required when you buy goods and services and you want to keep track of what you have ordered from your vendors and when the goods should be delivered to your door, so you can make the stuff or ship the stuff to your customers. This includes vendors, order processing, approvals, planning, costing, and many more.
With the purchase module in Dynamics NAV, you also get an accurate assessment of the stock levels. Therefore, this module is ideal for companies with the aim of achieving minimum inventory. Ordering lists, inquiries, orders, invoices and incoming goods from suppliers can simply and easily be handled and treated in this module.
Dynamics 365 Supply Chain Capabilities:
Set up, post, and print purchase invoices and purchase credit memos.
Purchase Order Management
Manage purchase quotes, blanket orders, and purchase order processes. Creating a purchase order differs from creating a purchase invoice directly. The quantity available is adjusted as soon as an amount is entered on a purchase order line, but it is not affected by a purchase invoice until the invoice is posted. Use this functionality to manage partial receipts, receive and invoice separately and create prepayment invoices for the purchase order, use quotes and blanket orders in the purchase phase. Quotes and blanket orders do not affect inventory figures.
Purchase Return Order Management
Create a purchase return order in order to compensate your own company for wrong or damaged items. Items can then be picked from the purchase return order. You can set up partial return shipments or combine return shipments in one credit memo and link purchase return orders with replacement purchase orders.
Alternative Order Addresses
Set up multiple addresses to manage orders from vendors that in addition to a main business address have more than one site from which they ship orders. These additional locations can then be selected by the purchasing agent when creating a purchase order or invoice.
Purchase Invoice Discounts
Calculate invoice discounts automatically. The discount can differ from vendor to vendor with different minimum amounts (also in different currencies) and different rates, depending on the size of the invoice. The discount is calculated on the individual item lines and becomes part of the net sum of the invoice.
Purchase Line Discounting
Manage multiple item purchase price discounts that you have negotiated with individual vendors as based on such parameters as minimum quantity, unit of measure, currency, item variant and time period. The best, as based on the highest discount, unit cost is calculated for the purchase line when the order details meet the conditions specified in the purchase line discounts table.
Business Central Retail & Manufacturing
This module handles with planning of material production in a company. The Planning team will be producing the finished goods considering the customer requirement and Production forecast. The production works in a company are also carried out in this module
Manufacturing module handles with planning of material production in a company. The Planning team will be producing the finished goods considering the customer requirement and Production forecast. The production works in a company are also carried out in this module. Manufacturing module includes product design, bills of materials, routing, capacities, forecast, production planning, production order, costing, subcontracting, and many more.
Dynamics 365 your optimal level of output Capabilities:
Specify a list of sellable the items, raw materials, subassemblies, and resources as an assembly bill of materials that make up a finished item or a kit. Use assembly orders to replenish assembly items. Capture customer requirements for the kit’s bill of materials directly from sales quotes, blanket orders, and order lines in the assembly-to-order processes.
Standard Cost Worksheet
Give company controllers a reliable and efficient way to maintain accurate inventory costs. Work with standard cost updates in Business Central in the same way you would in an Excel spreadsheet. Prepare for cost updates without changing data until you’re ready.
Production Bill of Materials
Create bills of materials and calculate their standard costs.
Basic Capacity Planning
Add capacities (work centers) to the manufacturing process. Set up routings for production orders and material requirements planning. View loads and the task list for the capacities.
Add machine centers as capacities in the manufacturing process. Manage capacity for each machine or production resource on a detailed level for machine centers, and on a consolidated level for work centers. Use machine centers to store default information about manufacturing processes, such as setup times and default scrap percentages.
Create versions of manufacturing bills of materials and routings.
Create production orders and post consumption and output. Calculate net requirements based on production orders. Use a manual supply planning tool as an alternative to automatic planning. Get visibility and tools to manually plan for demand from sales lines and to create supply orders.
Manage finite loading of capacity-constraint resources. Account for capacity constraints for periods to avoid overloading work centers. Calculate capableto-promise (CTP).
Business Central Service Management
The Customer service module in Dynamics NAV is designed to help you optimize all facets of service management from service contacts to inventory management.
Service Module is for a company that sells items to their customers that need to be serviced periodically, with or without warranty. Within this service area, you can manage service items, contract management, order processing, planning and dispatching, service tasks, etc.
Dynamics 365 your service promises Capabilities:
Planning and Dispatching
Assign personnel to work orders and log details such as work order handling and work order status. For dispatching, manage service personnel and field technician information, and filter according to availability, skills, and stock items. Gain an overview of service task prioritization, service loads, and task escalations.
Service Contract Management
Set up agreements with the customers about service levels:
- Maintain information on contract history, contract renewal, and contract templates.
- Manage warranties for service items and spare parts.
- Record details on service levels, response times, discount levels, and the service history of each contract, including service items and parts used and labor hours.
- Measure service contract profitability.
- Generate service contract quotes.
Service Item Management
Record and keep track of all your service items, including contract information, component management, and BOM reference and warranty information. Use the Trendscape Analysis feature to view key performance indicators for service items during various periods.
Service Order Management
Register post-sales issues including service requests, services due,
service orders, and repair requests. Let customers initiate service requests or create them
automatically according to the terms of service agreements.
Register and manage equipment loans to customers. Get a complete history of service orders and service order quotes through the Service Order Log.
Service Price Management
Set up, maintain, and monitor service prices. Set up price groups based on criteria, such as the service item (or several item groups), the service tasks, or the type of fault for a period of time or for specific customers or currencies. Define price calculation structures that include all parameters involved in providing service, such as the parts used, the types of work, and the service charges. Automatically assign the correct price structure to service orders that match the price group criteria. Assign fixed prices, minimum prices, or maximum prices to price groups and view statistics about profitability.
Business Central Human Resources
Employing new employees, futher education, ongoing assessment and administration of the workforce are all factors that together form an important part of the company's continued growth and success. Business Central lets you monitor and track employee performance and efficiency, and supports the entire employee lifecycle, from recruitment to ongoing administration and competence development.
Dynamics 365 Human Resources Capabilities:
HR management in Business Central
HR management in Business Central gives control over the demanding and complicated HR processes,
so that the staff administration becomes precise and the company lives up to the increasingly
comprehensive and complex requirements for compliance, regulation and reporting. Business Central
also gives you opportunity to keep detailed records of the individual employee, record and maintain
information, such as employment contracts, employee qualifications, employee contacts and confidential
information. You also have the option of registering the employees' absence, which allows you to analyze
the absence if needed.
The important personnel data is available to the company's Human Resource department when they need it and wherever they are and the combination of the tight security functionality and user-tailored role-based client access ensures that personal sensitive information is only delivered to the right and pre-approved users.
To start using the Human Resources functionality in Business Central, you must first register and configure each employee with all basic and relevant information. Subsequently, you can add different codes to an employee, which allows you to filter information for specific employees. Information about the individual employee can be changed at any time and maintenance and updating of employee records will in many cases also simplify the HR employees' staff assignments. For example, if an employee receives new contact information, you can register this on the employee card in Business Central.
Business Central has been developed so that the solution is highly integrated with other Microsoft solutions. This means that your custom schedules, payment rates and hiring process functionality in Business Central will both work with and as your other Microsoft products and your employees, therefore, quickly will adapt to the solution.
With the HR functionalities in Business Central, you can:
- Keep detailed records of all the employees in your company
- Streamline your business management of human resources management and achieve significant administrative time savings
- Streamline the human resources management in your company and achieve significant administrative time savings
- Continuous registration and maintenance of employee information, for example information on qualifications, employment contracts and confidential information
- Make it easier for your HR staff to select and recruit candidates as well as share the information with the workforce responsible for hiring
- Get insight into the employees' professional development and an overview of any further education, where the HR staff can ensure that the individual employee completes the training course
- Achieve a greater degree of security around the personal data of your co-workers
- Record your employees' absence and subsequently analyze the registered absence as needed
Business Central Reporting And Analysis
Insight into the business and the ability to make the right decisions at the right time, quickly and efficiently, is extremely important for any company that wants to be leading in the market in which it operates. This insight can only be achieved with an integrable business management solution that is at the forefront of the latest technology, such as Dynamics 365 Business Central.
Dynamics 365 Reporting And Analysis Capabilities:
Data analysis and reporting
Reporting and analytics involve many business areas across the company and it is important to ensure that all
relevant employees have access to the data they need. For example, finance and accounting officers need
accounting data from the general ledger; a warehouse manager, on the other hand, will need to use
inventory-related data, while the head of the company will need specific information from data regarding the
company's efforts and performance goals, also called KPIs, which provide information on the direction and speed
of meeting the company's strategic objectives.
However, it is important that all data is easily accessible, quickly retrieved and that impacts on important business areas are highlighted. However, that data is made available to relevant employees is not enough alone, the data streams provided are only useful to the individual employee when presented in a way that highlights the information that ultimately influences their decisions.
Data analysis and reporting in Business Central
As a common part of daily business activities, companies today collects large amounts of data. This data can be extremely valuable to business decision makers and provide important information that provides insight into the business and its operations. Business Central has built-in functionality and useful tools that let you collect, analyze and share the important data og informations.
As mentioned, the company's various responsible executives have different needs for what data they must have presented. For example, the warehouse manager must be able to obtain information on inventory turnover, stock movement analysis and inventory value statistics, whereas sales managers must be able to regularly analyze sales, gross profit and other key figures on sales performance. In Business Central, it is possible to use analysis reports on an ongoing basis to create customized reports on the basis of items for book transactions, such as purchases, sales, inventory adjustments, etc. A customized report can combine, compare and display source information from a product record in different ways, thus conveying important and meaningful information.
You also have the option of creating a customized analysis report that focuses exclusively on the company's financial budget account (key accounts) within this month's net sales, both in allocated amount and quantity, gross profit and gross profit percentage. This way you can compare the figures with the results for the previous months or with the same month last year as well as make calculations for any deviations. This is done in Business Central in one view. Further down the page, you will be able to identify the cause of the problem areas you may have identified and access the information at each transaction level.
An analysis report is composed of the objects the user wants to analyze, for example, the seller or customer, which is represented by the analysis parameters and lines. This means that the way in which you want to analyze your items is shown by columns such as eriodic comparison of sales amount and sales volume, calculation of profit on sale of a product (profit), or of the actual and budgeted figures.
When analyzing data in Business Intelligence, dimensional functionality plays a significant role. In short, a dimension consists of data that can be added to a record as a kind of marker, so records with similar properties can be grouped and retrieved for analysis purposes easily and quickly. Dimensions are used, for example, when creating account forms for reporting or defining the individual analysis views and are used across Business Central for entries in drafts, documents and budgets. In each dimension, you can have an unlimited range of dimension values, which are sub-units for each dimension, for example, a dimension called Department, can have dimension values such as Administration, Sales, etc. as department names. Both dimensions and dimension values are user defined and unlimited, which means that the dimension functionality in Business Central can be used by all companies.
Reporting in Power BI
Both Business Central and Power BI are designed with integration in mind and therefore it is easy to gain insight into data from Business Central from Power BI. Data is retrieved from Power BI and then a dashboard is created as well as reports based on the retrieved data.
The advantage of an integrated Power BI solution for Business Central is that you get better and more advanced reporting functionality. Power BI is a free business intelligence application that easily and quickly enables you to generate credible and compelling reports or collect data from widely different data sources and create data models that can be shared as reports with your colleagues across the company.
Power BI can be used in the following areas:
- Connect to your data from Business Central
- Transform this data and create data models
- Create various visual elements that present your data, such as charts or graphs
- Collect the visual elements in reports, on one or more report pages
- Share your reports across the company through the Power BI service