Microsoft D365-Business Central-Financial Management -

Microsoft D365-Business Central-Financial Management

Locus IT ServicesMicrosoft D365-Business Central-Financial Management

Lesson 1: Financial Management Setup

Financial Management Setup

Financial Management Setup: To help you get going quickly, Business Central includes standard configurations for most financial processes. If you need to change the configurations to suit your business, go right ahead. For example, from the Role Center, you can use an assisted setup guide to set up sales tax rate for your location.

However, there are some things you need to set up yourself. For example, if you want to use dimensions as a basis for business intelligence.

The following table describes a sequence of tasks, with links to the topics that describe them.

To See
Choose how you pay your vendors. Defining Payment Methods
Specify the posting groups that map entities like customers, vendors, items, resources, and sales and purchase documents to general ledger accounts. Setting Up Posting Groups
Create account schedules and define account categories to define the contents of financial charts and reports, such as the Balance Sheet and Income Statement reports. Prepare Financial Reporting with Account Schedules and Account Categories
Set up a tolerance by which the system closes an invoice even though the payment, including any discount, does not fully cover the amount on the invoice. Work with Payment Tolerances and Payment Discount Tolerances
Set up fiscal periods. Open a New Fiscal Year
Define how you report value-added tax amounts that you have collected for sales to the tax authorities. Setting Up Calculations and Posting Methods for Value-Added Tax
Prepare to handle unrealized VAT in connection with cash-based accounting methods. Set Up Unrealized VAT for Cash-Based Accounting
Set your Sales and Purchases features up to handle payments in foreign currencies. Enable Application of Ledger Entries in Different Currencies
Define one or more additional currencies so that amounts are automatically reported in both LCY and an additional reporting currency on each G/L entry and on other entries. Set Up an Additional Reporting Currency
Periodically adjust additional currency equivalents to make up for fluctuating exchange rates. Update Currency Exchange Rates
Define multiple interest rates to be used for different periods for delayed payments in trade transactions. Set Up Multiple Interest Rates
Prepare to round invoice amounts automatically when you create invoices. Set Up Invoice Rounding
Add new accounts to the existing chart of accounts. Setting Up the Chart of Accounts
Set up business intelligence (BI) charts to analyze cash flow. Setting Up Cash Flow Analysis
Enable invoicing of a customer who is not set up in the system. Set Up Cash Customers
Set up Intrastat reporting, and submit the report to an authority Set Up and Report Intrastat
Make sure an entry in a general journal is allocated to several different accounts when you post the journal, either quantity, percentage, or amount. Use Allocation Keys in General Journals


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