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iCepts Technology Group, Inc.

Better Financial Management in Wholesale Distribution Utilizing Microsoft Dynamics NAV


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    Microsoft Dynamics NAV brings together an array of functionality and features so users can capture, organize, share, and leverage critical business information across the company, as well as with key partners. The fully integrated business solution is easy to customize and simple to use and maintain. As organizations grow or diversify they can simply add additional Microsoft Dynamics NAV functionality to their deployment.

    Built on Microsoft technology, Microsoft Dynamics NAV integrates with a number of Microsoft programs and technologies to help companies realize business success by enabling employees to work more productively in a cost-efficient way, connecting people, processes, and information throughout the business, and providing employees with better insight so they can make informed decisions.

    Microsoft Dynamics NAV's Financial Management functionality for Distributors offers a full general ledger solution that provides the basic facilities necessary for setting up a company and posting to the general ledger: chart of accounts, general journals, value-added tax (VAT) facilities, recurring journals, and source codes. Microsoft Dynamics NAV makes it easy to accomplish a spectrum of financial management tasks, such as:

    • Setting up accounts in the chart of accounts. For each account established, there is a balance/ budget window that shows budget figures and/or actual figures for the entire chart of accounts, or for individual accounts.
    • Viewing continually updated balances and net changes.
    • Checking how journal entries will affect the liquid accounts before they are posted. Easily track posted general ledger entries and reverse entries that were posted with incorrect information.
    • Entering figures in the general journal in any currency.
    • Defining the fiscal year as beginning on any date and dividing it into accounting periods.
    • Creating budgets in a matrix window, for a day, week, month, quarter, year, or any accounting period.
    • Developing budgets based on department,project, or business unit.

    A Wholesale Distribution organization can easily customize the design of its financial management solutions by changing the appearance of forms, adding additional fields and tables, and creating user-specific menus. It also can automate many of the financial practices and procedures according to organizational needs.

    Businesses can define the level of control that they want by setting up business rules. For example, they can specify payment terms and discounts for individual customers and vendors. Furthermore, businesses can handle the full range of legal requirements and currency issues inherent in international trade, including business transactions in euro, and report to authorities in the currencies of their choice.

    Microsoft Dynamics NAV provides a wealth of other financial management features for Wholesale Distribution including:

    FlowFields—Helps ensure that users receive the most up-to-date financial data and continually updates and recalculates the contents of a FlowField online. Users can drill down from all FlowField amounts to view which entries were included in the calculation of the amount.

    Lookup Buttons—Gives users direct access to information in a table. For example, from a journal line users only have to enter information correctly once, and it can be reused consistently on all subsequent occasions. This makes data input quick because there is no need for data reentry.

    Cash Manager—Includes bank account management, enabling organizations to create, modify, and delete bank accounts, transfer between bank accounts, and set up customer/vendor bank account cards. Cash Manager automates and controls the entire check-writing process and enables users to write checks in more than one currency.

    Traceability—Helps ensure all transactions have a complete audit trail, so even complex business transactions become transparent. The Change Log records all direct user changes to master data. A chronological list of all changes to any field, in any table shows who made the changes.

    Security Features and Business Rules—Specifies which personnel and roles may see which information using record-level security. For example, a salesperson may see only sales figures for their region or managers may see only budgetary amounts for their departments.1

    Intercompany Postings—Creates intercompany transactions between any two companies within a group controlled by the same legal entity. The Intercompany Transaction report documents all intercompany transactions, simplifies the intercompany reconciliation process, and provides an audit trail.

    Receivables and Payables—Defines flexible payment terms, discount periods, and payment methods, and takes advantage of other functionality including defining flexible payment application policies and finance charge terms. It also reverses incorrect applications and customer and vendor transactions posted manually in journals, including all related ledger entries, VAT entries, and bank account entries.

    VAT, Sales Tax, and Other Use Taxes—Uses posting groups to automatically calculate VAT, sales tax, excise tax, or other use taxes for customers and vendors. Specify whether unit prices on sales and purchase lines should include or exclude the tax. For VAT,  it checks that VAT registration numbers fit country standards and are not incorrectly duplicated for another customer or vendor in the database.

    Fixed Assets—Defines information for an asset and group assets anddentifies an unlimited number of depreciation books for each fixed asset, and describes the required depreciation conditions. Businesses can choose from several standard depreciation methods: straight-line, declining-balance, and accelerated. Also it sets up maintenance information and record maintenance performed on fixed assets.

    Next Steps:  Access more information on proper Financial Management for your Distribution Company

    Contact Us:  Contact us with any questions about this post for better Financial Management in Wholesale Distribution

    By iCepts Technology Group-A Microsoft Dynamics NAV Gold Partner in Pennsylvania

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