Companies need the ability to identify budget deviations as soon as they occur and take the appropriate action. Synchronizing cost information with the General Ledger and then allocating that information into different costs centers and cost objects, Cost Accounting in NAV 2013 provides management with an accurate and immediate overview of the company’s expenditures, including from where the costs are coming, which departments, projects and items, and how much they are spending.
Managers can see how the company is doing – whether the company is profitable or not – and have this analysis available at any time rather than at the end of the year. They are able to make informed decisions faster and more efficiently regarding performance, reducing and managing costs, adjusting sales prices for goods and services, or deciding to discontinue a product or project.
The Cost Accounting functionality has different possibilities to manage costs:
- Transfer costs from G/L
- Enter and post internal charges and allocations directly in the Cost Accounting Cost journal
- Predefine recurring cost allocation rules on Cost Allocation cards and execute in a batch job
- Undo allocations
- Cost budgets and transfer cost budget entries to actual entries
The Cost Accounting functionality retrieves data from the G/L but works independently. Therefore transactions posted in Cost Accounting will not affect the data in the G/L.
Cost Accounting in NAV 2013 includes other functionalities, which have been added to align the feature with the overall application, including a budget feature for cost accounting which works like the budget feature for G/L. Also included is the ability to import and export cost accounting budget data to Excel, create reports, aligning to multiple dimensions, and other enhancements.
Posted by iCepts Technology Group, Inc.-a Microsoft Gold Certified Partner in Pennsylvania