Microsoft Dynamics NAV 2017 has introduced the concept of G/L Account Categories. This gives an extra layer of categorising G/L accounts and the system will maintain financial statements used for reporting on these categories for P&L, Balance Sheet and cash flow statements.
Previously each G/L account was identified as either a Balance Sheet or Income Statement account, then based on your chart of accounts grouping would give you the reporting layout. In NAV 2017 using account categories, you can assign to the G/L account level, regardless of the begin and end total accounts ranges. For example, grouping together any operating and non-operating expenses.
There is a handy new page which will give you an overview of all the categories. You can setup any new category, linking that to a predefined list of major categories, eg Income or Expense.
You can also see here how the system will maintain the range of accounts for you, for example it will know all prepaid expenses are in the range 2200|2400..2440
There is also a fact box on the right hand side which will clearly show any accounts missing a category and also the accounts assigned to the highlighted category. For example below, which G/L accounts are assigned to the Advertising and Marketing sub category. Then G/L accounts 8920 and 8930 are not assigned to a category.
To assign a G/L account to a category, simply access the Chart of accounts page, edit the account and assign to the account category and sub category. For example, fundraising income.
Once the categories have been setup and all G/L accounts assigned, you can select to “Generate Accounts Schedules”.
The system will auto generate all of the account schedule rows to match the assigned groupings.
The general ledger setup reporting tab tells the system what accounts schedules will be system maintained. They all begin with “M-“ in the standard setup.
There is also the ability to assign “Additional Report Definition” which is used for Cash Flow reporting. So now NAV has a standard Cash Flow Statement report.
All of these reports can be accessed from the Business Manager role centre under Financials Statement. These four reports are running the matching account schedule reports.
Below is a sample of the standard cash flow statement and Income Statement which was completely system generated without any need to build the account schedules.
For more information about Microsoft Dynamics NAV please call Paul Woods at EBS for an obligation free discussion on 1300 303 973.
This blog was written by Daniel Argus, Solution Specialist at EBS.
Microsoft Dynamics NAV is global enterprise resource planning (ERP) software that helps more than 100,000 companies worldwide manage their accounting and finances, supply chain, and operations. Start with what you need now, and easily adapt as your business needs change. In the Microsoft cloud or on your servers—the choice is yours.
Evolution Business Systems (EBS) is a Microsoft Gold ERP Partner and business management software specialist that equips its clients with software designed to achieve their business goals. EBS offers small to medium sized businesses a complete, fully featured, whole of business solution to meet their needs with Microsoft Dynamics NAV, O365, Power BI, Dynamics CRM and Microsoft Dynamics 365. It’s available for deployment on Microsoft’s own Cloud servers – Azure – and packaged at an affordable monthly subscription price. EBS works alongside its clients to understand their business and vision, and offer solutions to support these both now and into the future.
Subscribe here to get our free EBS monthly enewsletter to get valuable blog articles from EBS and the latest updates on the Microsoft Dynamics product suite.