Microsoft Dynamics 365 for Accountants
When it comes to keeping your business on track, accountants are essential. That’s why it’s so important to provide your organization’s accounting department with the right tools. As we’ll see below, Dynamics 365 Business Central is the perfect solution when it comes to a wide range of accountings tasks.
In this blog, we’ll look at how accountants can use Microsoft Dynamics 365 to:
- Quickly access business financials
- Add a new account to the general ledger
- Create a journal expense (both within Business Central as well as via Excel import)
- Analyze an account for accuracy
Are you considering making the switch to Microsoft Dynamics 365? If so, JourneyTEAM is here to help!
Access Business Financials Quickly with Dynamics 365 Business Central
Your accountants need quick access to your business’s financials. With Dynamics 365 Business Central, it’s never been easier or faster for accounting professionals to get access to important financial data.
In Business Central, creating an accountant-focused, role-tailored homepage is simple. This custom start page provides an accounting professional with a range of useful financial information, including options related to: cash management, cash flow, cost accounting, fixed assets, and more. It’s also easy to add role-specific data to the homepage such as payment-related information, incoming documents, and other items.
Scrolling down the Business Central homepage, you’ll find a collection of helpful charts and graphs including: finance performance, cash flow forecast, a vendor list, and more. It’s also easy for accountants to drill down into specific data from the homepage. For example, hovering your mouse over the Cash Flow Forecast graph will provide you with additional data insights. You can then simply click on a particular data set -- for example, Receivables or Payables -- and be taken to a list of all the associated journal entries. Viewing specific journal entry information is then just a click away.
The Business Central homepage also makes it easy for accountants to take control of data entry. By selecting Administration from the ribbon at the top of the Business Central start page and then clicking on Accounting Periods, an accountant can close a given accounting period in order to prevent further data entry. This reduces error and gives your accounting department better control over your financials.
Add a New Account to the General Ledger
As your business grows, you’ll need to add new accounts to your general ledger. The last thing you want is for this process to be onerous or inefficient: growth should be a good thing. With Business Central, adding a new account to the general ledger has never been simpler.
Let’s say that your business needs a new account to track travel-related business expenses. From the top of the Business Central homepage, an accountant would first select Chart of Accounts and then click on the New button. From here, it’s simply a matter of entering the appropriate account information (such as the account name, category, and so on). Your new travel account is now saved and will show up on your income statement within Dynamics 365.
Create a Journal Entry in Dynamics 365 Business Central
With Dynamics 365 Business Central, accountants have the option of either creating journal entries by hand or importing them via an Excel spreadsheet.
To create a journal entry manually, access the Chart of Accounts page and then click General Journals. Open the appropriate journal batch and select the relevant account number. Finally, enter the amount of the transaction.
While it’s possible to stop here with your journal entry, there are other useful features of Business Central that you’ll want to take advantage of. By clicking the Navigate tab at the top of your screen and then selecting Dimensions, you can apply a dimension code to the journal entry in question. For example, you can assign a given journal entry to your sales, production, or administration department. These sorts of rich features are what make Dynamics 365 Business Central so useful for organizations of all types and sizes.
To finish creating your journal entry, simply click Post. That’s it: you’re done! If you want to confirm that the entry has posted, you can also select Report from the General Journals page and view a detailed trial balance for the account.
What if you already have a list of transactions contained in an Excel spreadsheet? Entering these transactions as journal entries one by one would be a tedious and time consuming process. Fortunately, Dynamics 365 Business Central makes it easy for accountants to simply import them in bulk directly from Excel.
To do this, select General Journals, open the appropriate batch, and click the Edit in Excel button at the top of the screen. You can then simply copy and paste the appropriate transaction data from an existing Excel spreadsheet directly into the Excel sheet provided via Business Central. When you’re ready, click Publish, minimize Excel, and you’ll see that the data entered into the Excel sheet was imported directly into Business Central.
Analyze an Account Using Dynamics 365 Business Central
Analyzing accounts for errors and/or uncategorized expenses is an important accounting task. With Business Central, you can quickly and easily analyze your accounts and make adjustments as needed.
To access the account you’d like to review — for instance, Accounts Payable — from the Business Central homepage, select the Ledger Entries button. You can quickly see a list of all the individual entries associated with the account. You can also click the G/L Account Balance button to see the general ledger account balances. This makes it easy for an accountant to analyze and make corrections to any account.
The Benefits of Dynamics 365 Business Central for Accountants
Dynamics 365 Business Central allows accountants to perform their job tasks quickly and efficiently. The Business Central interface reduces the number of clicks it takes to complete a given task while simultaneously improving an accountant’s control over important financial data. Dynamics 365 also makes it easy to reduce overall error and improve the accuracy of data entry.
Are you ready to make the switch to Dynamics 365? If so, JourneyTEAM is here to help!
Article by: Dave Bollard - Head of Marketing | 801-436-6636
JourneyTEAM is an award-winning consulting firm with proven technology and measurable results. They take Microsoft products; Dynamics 365, SharePoint intranet, Office 365, Azure, CRM, GP, NAV, SL, AX, and modify them to work for you. The team has expert level, Microsoft Gold certified consultants that dive deep into the dynamics of your organization and solve complex issues. They have solutions for sales, marketing, productivity, collaboration, analytics, accounting, security and more.